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Great news item, xht.
9.4 billion is indeed a huge amount of money. But, the biggest financial problems in Italy are the BANKS. The banks have their grubby little fingers in all sectors of an economy. And of all the large countries, I hear that Italy has the most severe problems with their banks.
But, should the Italian banks fall hard, that would spread to France and then to Germany, especially Douche Bank (Deutsche Bank) which has gigantic derivative exposure. I do not see how Europe avoids big problems if Italy's banks fall...
Topic: Eni, Hit by Falling Oil Prices, Reports $9.4 Billion Loss (Read 800 times)
$9.4Bn loss. That is more than Bitcoin's market capitalization!!
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.
And compare that to Warren Buffet's net worth
If he decided to buy BTC he could buy the entire coin supply 6 times over, lol
When he wants to buy 1% of the total supply of bitcoin, the bitcoin price will be at least $100,000 each.
A lot of people follow Warren Buffet blindly.
He doesn't have to buy bitcoins - he just has to say that he intends to buy bitcoins and the price will skyrocket.
If Warren Buffet does not have bitcoin, he will not say bitcoin is good. He will only say after he has accumulated enough.
$9.4Bn loss. That is more than Bitcoin's market capitalization!!
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.
And compare that to Warren Buffet's net worth
If he decided to buy BTC he could buy the entire coin supply 6 times over, lol
When he wants to buy 1% of the total supply of bitcoin, the bitcoin price will be at least $100,000 each.
A lot of people follow Warren Buffet blindly.
He doesn't have to buy bitcoins - he just has to say that he intends to buy bitcoins and the price will skyrocket.
9.4 B is huge 
The problem with oil price is because of over supply from the OPEC countries. Also Iran has started supplying as all the ban has been withdrawn from them. The situation is not going to change anytime soon.
Many people have lost their jobs due to the sharply falling oil price. But on the other hand, general people is getting cheaper oil, which is good for them.
The problem with oil price is because of over supply from the OPEC countries. Also Iran has started supplying as all the ban has been withdrawn from them. The situation is not going to change anytime soon.
Many people have lost their jobs due to the sharply falling oil price. But on the other hand, general people is getting cheaper oil, which is good for them.
I'm not surprised by this at all. Yes, the loss is huge, but it's expected.
Some companies and countries depend too much on the price of oil being much higher than now.
As soon as the oil price slips you'll notice how quick they seem to fall into losses.
Some companies and countries depend too much on the price of oil being much higher than now.
As soon as the oil price slips you'll notice how quick they seem to fall into losses.
$9.4Bn loss. That is more than Bitcoin's market capitalization!!
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.
And compare that to Warren Buffet's net worth
If he decided to buy BTC he could buy the entire coin supply 6 times over, lol
When he wants to buy 1% of the total supply of bitcoin, the bitcoin price will be at least $100,000 each.
$9.4Bn loss. That is more than Bitcoin's market capitalization!!
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.
And compare that to Warren Buffet's net worth
If he decided to buy BTC he could buy the entire coin supply 6 times over, lol
He trying to do that would catapult btc into trillion marketcap.
$9.4Bn loss. That is more than Bitcoin's market capitalization!!
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.
And compare that to Warren Buffet's net worth
If he decided to buy BTC he could buy the entire coin supply 6 times over, lol
$9.4Bn loss. That is more than Bitcoin's market capitalization!!
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.
That is right. Even if the bitcoin price is $1m each, it is just $20 trilllion. That is just similar to the US state debt.
$9.4Bn loss. That is more than Bitcoin's market capitalization!!
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.
Gives you a perspective of how small we are in the grand scheme of things. Still some way to go.
LONDON — The Italian oil giant Eni reported on Friday a loss of 8.5 billion euros, or about $9.4 billion, in the fourth quarter of 2015, becoming the latest energy company to be hit by sharply lower crude prices that have slashed revenue and led to asset write-downs.
For the year, it lost €8.8 billion, compared with a €1.3 billion profit the previous year, Eni said.
Oil prices, which have fallen by around 70 percent since the summer of 2014, are sharply reducing the profitability of all oil companies. The expectation that prices will remain low is forcing them to take major write-downs on the value of their assets, with big impacts on their earnings.
Eni is no exception, and the company said on Friday that it now expected that crude oil prices would “continue to be weak due to structural imbalances in the marketplace.”
The company revised its view of prices for 2016-19 to $65 a barrel, from its previous forecast of $90 a barrel. That lower figure, however, is still substantially above the current price of about $35 a barrel for Brent crude, an international benchmark.
Because lower prices would translate into reduced cash flows, Eni said it had taken €4.7 billion in write-downs in the fourth quarter, with the largest impairments coming in countries including Algeria, Republic of Congo and Turkmenistan. The company also said it had taken write-downs in Angola, Britain, Norway and the United States.
http://www.nytimes.com/2016/02/27/business/energy-environment/eni-earnings-oil.html?ref=energy-environment
For the year, it lost €8.8 billion, compared with a €1.3 billion profit the previous year, Eni said.
Oil prices, which have fallen by around 70 percent since the summer of 2014, are sharply reducing the profitability of all oil companies. The expectation that prices will remain low is forcing them to take major write-downs on the value of their assets, with big impacts on their earnings.
Eni is no exception, and the company said on Friday that it now expected that crude oil prices would “continue to be weak due to structural imbalances in the marketplace.”
The company revised its view of prices for 2016-19 to $65 a barrel, from its previous forecast of $90 a barrel. That lower figure, however, is still substantially above the current price of about $35 a barrel for Brent crude, an international benchmark.
Because lower prices would translate into reduced cash flows, Eni said it had taken €4.7 billion in write-downs in the fourth quarter, with the largest impairments coming in countries including Algeria, Republic of Congo and Turkmenistan. The company also said it had taken write-downs in Angola, Britain, Norway and the United States.
http://www.nytimes.com/2016/02/27/business/energy-environment/eni-earnings-oil.html?ref=energy-environment
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