Hit by the global slump in crude oil prices, Italian energy giant ENI on Wednesday reported a net loss of 1.46 billion euros ($1.5 billion) in 2016, narrower than the previous year, but still wider than expected.

Analysts had been expecting a loss of 467 million euros. But the figure was much narrower than in 2015 when the company booked a bottom-line loss of 8.77 billion euros.