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Eni SpA Q4 Profit Declines With Weak Revenue, Production; Lifts Dividend

Italian oil and gas company Eni SpA (E) reported Friday that its fourth-quarter net profit attributable to shareholders plunged 76 percent to 499 million euros from last year's 2.05 billion euros. Earnings per share were 0.14 euro, down from 0.57 euro a year ago.

Adjusted net profit was 1.46 billion euros or 0.41 euro per share, compared to 943 million euros or 0.26 euro per share last year.

Adjusted operating profit grew 49 percent to 2.99 billion euros from 2.00 billion euros in the prior year.

Total revenues dropped to 20.11 billion euros from 20.88 billion euros a year ago. Hydrocarbon production was 1.87 million boe/d in the fourth quarter, down by 1%.

Further, the company said it will propose payment of a dividend of 0.83 euro per share at the Board of Directors' meeting to be held on March 15. This is higher than last year's 0.80 euro.

Regarding outlook, the company said its business outlook and financial and operational targets for the 2019-2022 industrial plan will be unveiled at a Strategy Presentation on March 15, 2019 as well as disclosed in 2018 Annual Report.

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