Italian Eni posted a net loss of around $8.6 billion for the full year of 2020 compared to a $148 million profit in 2019 mainly due to write-offs, according to its financial results statement released on Friday.
The company also recorded a fourth-quarter 2020 loss of $725 million, up from a third-quarter 2020 loss of $503 million, but down from a loss of $1.9 billion in the fourth quarter of 2019.
"In a year like no other in the history of the energy industry, Eni has proven the robustness and flexibility of its business model by reacting swiftly and effectively to the extraordinary crisis context, while progressing the Company’s irreversible path for the energy transition," Eni CEO Claudio Descalzi said.
Full-year revenue in 2020 amounted to $44.9 billion, marking a 36.7% fall from $71.04 billion in 2019.
The revenue of the company for the October-December period of last year reached $11.9 billion compared to $16.5 billion for the same quarter of 2019 and $10.5 billion for the third quarter of 2020.
The company said it formed a new organization as per its newly-agreed policies.
The company's natural resources business will be tasked with valorizing the oil and gas portfolio in a sustainable way and of managing the projects of forestry conservation and carbon dioxide (CO2) capture while the energy evolution business will be responsible for power generation, products manufacturing and retail marketing, as well as expanding the generation of green power.
By Firdevs Yuksel and Sibel Morrow