Eni misses expectations in Q2 as profits drop 27%

MILAN: Italian energy group Eni said its adjusted net profit in the second quarter fell 27% on the year to miss expectations as lower oil and gas prices took their toll.

Adjusted net profit in the quarter came in at 0.56 billion euros ($624 million) below an analyst consensus provided by the company of 0.95 billion euros.

The oil major, which said it was cutting its previous 8 billion euro investment target for the year, said it expected oil and gas production this year to grow by 2.0-2.5% with Brent at $62 per barrel and net of portfolio transactions.