Italy's Eni says that its first-quarter profits dropped 16 percent due to sluggish domestic sales and volatility in Libya.
Production was even thanks to ramp-ups in the United Kingdom and Algeria that helped offset declines in Libya.
Eni CEO Paolo Scaroni (pictured), whose tenure ends next month, said:
“Eni delivered solid results in the first quarter 2014, despite a difficult market environment, thanks to a good performance in E&P and progress in the mid and downstream businesses, in particular with the renegotiation of the Statoil gas supply contract.
The outlook for 2014 is in line with our expectations, benefiting from the ramp-up of new projects and restructuring activities in G&P, R&M and Chemicals, in the context of continued volatility in Libya and weakness in European demand."
(Source: Associated Press, Eni)