ENI 3RD Q RESULTS
- Operating cash flow: €3.98 billion for the quarter, the highest performing third quarter for the last five years. €9.72 billion in the nine months, up 24% from the nine months of 2013;
- Leverage at 0.25, unchanged from December 31, 2013;
- Adjusted operating profit: €3.03 billion for the quarter (down 11.8%); €9.25 billion for the nine months (up 1.2%);
- Adjusted net profit: €1.17 billion for the quarter (up 2.5%); €3.24 billion for the nine months (up 3.2%);
- Net profit: €1.71 billion for the quarter (down 57%); €3.68 billion for the nine months (down 36.7%);
- 2013 results included the gain on the divestment of a 20% interest in the Mozambique discovery for approximately €3 billion.
- Oil and gas production: stable at 1.58 mmboe/d (1.59 mmboe/d in the FY'13);
- Exploration: achieved great discoveries in Congo (Marine XII) and Indonesia (East Sepinggan) in addition to the recent near-field discoveries in Angola and Ecuador, all of which will be put into production shortly. Resource base increased by 700 million boe in the nine months, at an average cost of $1.9 per barrel;
- Development activities are ongoing in Angola, Congo, Norway and Indonesia where new fields start-ups will significantly contribute to production growth for the next four years. Pre-development activities are also in progress in Mozambique;
- Agreement with the Republic of Congo to extend existing permits and to develop new oil initiatives;
- Midstream: the ongoing turnaround is progressing in the refining and gas businesses in line with the plan announced in July.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.