ROME (dpa-AFX) - Oil and gas company ENI SpA (E) reported second-quarter net profit of 0.66 billion euros. On an adjusted basis, net profit totaled 0.87 billion euros for the quarter.
The company said its adjusted operating profit amounted to 2.73 billion euros during the quarter.
Quarterly oil and gas production was 1.58 mmboe/d, substantially unchanged from the prior-year quarter on a homogeneous basis.
Commenting on the result, Claudio Descalzi, CEO, said: 'In 2014 the overall market environment has deteriorated compared to last year, in particular in the European refining sector where margins have collapsed owing to excess capacity, causing us to accelerate the restructuring of our plants. Despite this negative backdrop, Eni reported a significant increase in cash flow thanks to the renegotiation of long-term gas supply contracts, which will bring Gas & Power break-even forwards to 2014.'
The board proposed an interim dividend per share of 0.56 euros.
Copyright RTT News/dpa-AFX