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Author Topic: Eni, Hit by Falling Oil Prices, Reports $9.4 Billion Loss  (Read 715 times)
xht
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March 01, 2016, 03:21:38 AM
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LONDON — The Italian oil giant Eni reported on Friday a loss of 8.5 billion euros, or about $9.4 billion, in the fourth quarter of 2015, becoming the latest energy company to be hit by sharply lower crude prices that have slashed revenue and led to asset write-downs.

For the year, it lost €8.8 billion, compared with a €1.3 billion profit the previous year, Eni said.

Oil prices, which have fallen by around 70 percent since the summer of 2014, are sharply reducing the profitability of all oil companies. The expectation that prices will remain low is forcing them to take major write-downs on the value of their assets, with big impacts on their earnings.

Eni is no exception, and the company said on Friday that it now expected that crude oil prices would “continue to be weak due to structural imbalances in the marketplace.”

The company revised its view of prices for 2016-19 to $65 a barrel, from its previous forecast of $90 a barrel. That lower figure, however, is still substantially above the current price of about $35 a barrel for Brent crude, an international benchmark.

Because lower prices would translate into reduced cash flows, Eni said it had taken €4.7 billion in write-downs in the fourth quarter, with the largest impairments coming in countries including Algeria, Republic of Congo and Turkmenistan. The company also said it had taken write-downs in Angola, Britain, Norway and the United States.

http://www.nytimes.com/2016/02/27/business/energy-environment/eni-earnings-oil.html?ref=energy-environment

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March 01, 2016, 04:21:16 PM
 #2

$9.4Bn loss. That is more than Bitcoin's market capitalization!!
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.  Smiley
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May 01, 2016, 08:22:47 AM
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$9.4Bn loss. That is more than Bitcoin's market capitalization!!
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.  Smiley

That is right. Even if the bitcoin price is $1m each, it is just $20 trilllion. That is just similar to the US state debt.

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May 01, 2016, 08:34:16 AM
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$9.4Bn loss. That is more than Bitcoin's market capitalization!!
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.  Smiley

And compare that to Warren Buffet's net worth Tongue

If he decided to buy BTC he could buy the entire coin supply 6 times over, lol Undecided
criptix
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May 01, 2016, 11:08:53 AM
 #5

$9.4Bn loss. That is more than Bitcoin's market capitalization!!
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.  Smiley

And compare that to Warren Buffet's net worth Tongue

If he decided to buy BTC he could buy the entire coin supply 6 times over, lol Undecided

He trying to do that would catapult btc into trillion marketcap.
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May 14, 2016, 10:46:48 AM
 #6

$9.4Bn loss. That is more than Bitcoin's market capitalization!!
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.  Smiley

And compare that to Warren Buffet's net worth Tongue

If he decided to buy BTC he could buy the entire coin supply 6 times over, lol Undecided

When he wants to buy 1% of the total supply of bitcoin, the bitcoin price will be at least $100,000 each.

MICROMONEYTOKEN CROWDSALE - 18TH of OCTOBER 2017
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BitHodler
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May 14, 2016, 01:06:23 PM
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I'm not surprised by this at all. Yes, the loss is huge, but it's expected.

Some companies and countries depend too much on the price of oil being much higher than now.

As soon as the oil price slips you'll notice how quick they seem to fall into losses.
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May 15, 2016, 09:10:11 AM
 #8

9.4 B is huge  Cry

The problem with oil price is because of over supply from the OPEC countries. Also Iran has started supplying as all the ban has been withdrawn from them. The situation is not going to change anytime soon.

Many people have lost their jobs due to the sharply falling oil price. But on the other hand, general people is getting cheaper oil, which is good for them.

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botany
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May 15, 2016, 11:26:51 AM
 #9

$9.4Bn loss. That is more than Bitcoin's market capitalization!!
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.  Smiley

And compare that to Warren Buffet's net worth Tongue

If he decided to buy BTC he could buy the entire coin supply 6 times over, lol Undecided

When he wants to buy 1% of the total supply of bitcoin, the bitcoin price will be at least $100,000 each.

A lot of people follow Warren Buffet blindly.
He doesn't have to buy bitcoins - he just has to say that he intends to buy bitcoins and the price will skyrocket.  Smiley
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May 28, 2016, 11:25:16 AM
 #10

$9.4Bn loss. That is more than Bitcoin's market capitalization!!
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.  Smiley

And compare that to Warren Buffet's net worth Tongue

If he decided to buy BTC he could buy the entire coin supply 6 times over, lol Undecided

When he wants to buy 1% of the total supply of bitcoin, the bitcoin price will be at least $100,000 each.

A lot of people follow Warren Buffet blindly.
He doesn't have to buy bitcoins - he just has to say that he intends to buy bitcoins and the price will skyrocket.  Smiley

If Warren Buffet does not have bitcoin, he will not say bitcoin is good. He will only say after he has accumulated enough.

MICROMONEYTOKEN CROWDSALE - 18TH of OCTOBER 2017
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May 28, 2016, 03:47:42 PM
 #11

...

Great news item, xht.

9.4 billion is indeed a huge amount of money.  But, the biggest financial problems in Italy are the BANKS.  The banks have their grubby little fingers in all sectors of an economy.  And of all the large countries, I hear that Italy has the most severe problems with their banks.

But, should the Italian banks fall hard, that would spread to France and then to Germany, especially Douche Bank (Deutsche Bank) which has gigantic derivative exposure.  I do not see how Europe avoids big problems if Italy's banks fall...
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