The company report an adjusted net income of €307m vs. €320m expected. By business units: Upstream’s adjusted net income was a loss of €28m, much better than a year ago (€-395m) but lower than the €5m loss expected. Production was up 3%. Downstream’s adjusted net income was €395m, down 42% yoy vs. €385m expected. The lower refining margin decreased operating income by €289m, Chemicals generated a negative effect of €45m in the operating
03 Nov 2016
First view: small miss on earnings, more cost cutting
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First view: small miss on earnings, more cost cutting
The company report an adjusted net income of €307m vs. €320m expected. By business units: Upstream’s adjusted net income was a loss of €28m, much better than a year ago (€-395m) but lower than the €5m loss expected. Production was up 3%. Downstream’s adjusted net income was €395m, down 42% yoy vs. €385m expected. The lower refining margin decreased operating income by €289m, Chemicals generated a negative effect of €45m in the operating