September 12, 2024 14:02 GMT
Sources Report Eni To Cut Refining Rates
ENERGY SECTOR
Refining has only had a small contribution to op profits in recent times given the weakness in margins so this wouldn’t affect the outlook much though is reflective of the broader weakness in downstream performance.
- Short BBG sources article indicating that Eni SpA plans to reduce refinery run rates by up to 10% at some locations due to declining margins.
- An Eni spokesperson stated that “We are implementing measures to mitigate the reduction of refining margins, but we do not comment on rumours regarding details”.
- Q2 results were strong albeit with refining showing an earnings loss against the broader weak refining backdrop.
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