Italian energy giant Eni posted a net loss of €4.4 billion ($5.18 billion) in the second quarter of 2020, according to its financial results statement announced on Thursday.
The company had a net income of €424 million ($498 million) in the April-June period of last year.
The firms's revenue declined to €8.41 billion ($9.89 billion) in the second quarter of 2020, which was down 55.3% from €18.82 billion ($22.14 billion) the same period of 2019.
Eni CEO Claudio Descalzi said in the statement the company is going through 'what is likely to be one of the most challenging quarters the oil and gas industry has faced in its history.'
'Prices collapsed along with demand due to both the pandemic crisis and geopolitical tensions. While actions taken by OPEC+ have allowed the market to reach
some stability, emerging from the pandemic will be difficult, with signs of great uncertainty still to come,' he added.
With the second quarter results, Eni's net loss in the first half of 2020 widened to €7.33 billion ($8.62 billion). The company had posted a net income of €1.51 billion ($1.78 billion) in the January-June period of 2019.
The firm's revenue came at €22.49 billion ($26.45 billion) for the first six months of this year, which is 40.2% less than €37.62 billion ($44.25 billion) recorded in the first half of last year.
€1 was equal to approximately $1.18 as of 0800 GMT on July 30.
By Ovunc Kutlu