Eni sticks to targets in lackluster quarter

摘要

London-Italian oil major Eni posted lackluster first quarter 2016 earnings Friday despite continued strong output growth and progress on trimming spending and costs to ride out the impact of low oil prices. The Rome-based group said oil and gas production grew 3.4% on the year in the first quarter of 2016 and confirmed its key spending targets needed to balance its cash flows at $50/b. Hydrocarbons production in the quarter grew to 1.75 million b/d of oil equivalent, helped by the startup of the Goliat field offshore Norway, the company said.