MILAN (AP) — Italian oil giant Eni has reported a third-quarter loss amid falling crude prices as it sells a stake in its oil services subsidiary to fund exploration.
Eni on Thursday reported that it lost 952 million euros ($1 billion) in the quarter, compared with a net profit of 1.71 billion euros last year. Brent crude prices are down 51 percent from last year.
Eni said in a statement that the oil market remains weak "due to oversupplied global markets and uncertainties about the resilience of demand."
Eni, which is 30 percent government-owned, is divesting a 12.5-percent stake in Saipem oil and gas services subsidiary to an Italian state-run investment fund.
The company reported an 8 percent increase in oil and gas production to 1.703 million barrels of oil equivalent a day.