⁍ Eni booked an adjusted net loss of 0.15 billion euros ($177 million), down from a 0.78 billion euro profit a year ago.

---

⁍ Production in the period fell 10% to 1.7 million barrels of oil equivalent per day.

---

⁍ Eni said the operating environment remained challenging but added the group was making progress with its decarbonisation strategy.

---

– Italian oil and gas giant Eni posted a $177 million third-quarter net loss on Wednesday, the same quarter it reported a profit a year ago as the H1N1 virus wiped out demand for oil and gas, Reuters reports. The company, which cut its dividend and announced spending cuts earlier this year, said it has “lots of tools we can use to defend our floor dividend” should the virus continue to affect demand. “Even if the crisis is longer than expected, we have lots of tools we can use to defend our floor dividend,” Chief Financial Officer Francesco Gattei said on a conference call. Eni’s balance sheet remains strong with plenty of headroom to defend shareholder returns should the virus persist, the company said. The company, which is sitting on about $21 billion in liquidity, said its operating cash in the first nine months fell 44% on the year to $5.8 billion. Production in the period fell 10% to 1.7 million barrels of oil equivalent per day, but it confirmed its full-year target of 1.72-1.74 million barrels per day. Eni said the operating environment remained challenging but added the group was making progress with its decarbonization strategy. Earlier this year Eni pledged to slash its greenhouse gas emissions by 80% in one of the most ambitious clean-up drives in an industry under pressure from investors to go green. “Their outlook remains cautious for 4Q,” analysts at Bernstein said in a note. “But the business is set up strongly for cyclical recovery in 2021 we believe.”