Italian energy giant Eni saw its 2019 profit decline 96% and its revenue fall 7.6% compared to 2018, according to its financial results statement released on Friday.
The company posted a net profit of €148 million ($163 million) for the full year of 2019, a drop from approximately €4.13 billion ($4.55 billion) recorded in 2018.
Revenue came in at €71.04 billion ($78.25 billion) last year, down from €76.94 billion ($84.74 billion) in 2018.
Eni CEO Claudio Descalzi defined 2019 in the statement as 'a tough period characterized by geopolitical tensions and much less favorable commodity prices than in 2018.'
Due to lower oil prices, Eni saw both its profit and revenue decline year-over-year despite higher production.
Annual hydrocarbon production averaged 1.87 million barrels of oil equivalent per day (boe/d) in 2019, which was up by 5% year-over-year, according to the statement.
€1 was equal to $1.10 on Friday at 0840 GMT.
By Ovunc Kutlu
Anadolu Agency
energy@aa.com.tr