ENI DOWN 70%

Operational highlights

• Hydrocarbon production: 1.754 million boe/d in the quarter, up 10.7%; 1.726 million boe/d in the first half, up 9%, record organic growth since 20001. Excluding positive price effects, production increased 7.1% (up 5.2% in the first half);
• Increased guidance for full-year production growth from 5% to over 7%;
• New fields start-ups and ramp-ups added 105 kboe/d to first half production, mainly in Angola (West Hub and Kizomba Satellites Phase 2), Congo (Nené Marine) and in the United States (Hadrian South and Lucius);
• Perla, the giant offshore gas field in Venezuela, started up in July, with industry leading time-to-market;
• The Goliat offshore oilfield in Norway's Barents Sea is next to achieve start-up;
• The resource base increased by 300 million boe in the first half, at an average cost of 1.71$/boe; 
• Signed agreements for the development of new oil&gas projects in Egypt and the revision of current petroleum contracts;
• Signed LNG sale agreements for the development of the Jangkrik offshore project in Indonesia, expected to start-up in 2017.

Financial highlights

• Cash flow2: €3.37 billion for the quarter (€5.68 billion in the first half), stable compared to 2014 in spite of the sharply lower oil prices; 
• Net borrowings: €16.5 billion at the end of June; leverage at 0.26 (0.22 at the end of 2014);
• Adjusted operating profit excluding Saipem: down 41% at €1.50 billion for the quarter (down 51% at €2.91 billion for the first half); G&P, R&M and Chemical were profitable in both 2015 reporting periods;
• Adjusted operating profit: down 72% at €0.76 billion for the quarter (down 63% at €2.33 billion for the first half);
• Adjusted net profit excluding Saipem: €0.45 billion for the quarter, down 46%; €1.05 billion for the first half, down 47%;
• Adjusted net profit: €0.14 billion for the quarter, down 84%; €0.79 billion for the first half, down 62%;
• Net profit: down €0.11 billion for the quarter; €0.59 billion for the first half, down 70%;
• Dividend proposal of €0.40 per share.

 eni.com

More: 

1Q2015 WORLD OIL & GAS KEY POINTS  

ENI STARTED PERLA 

ENI FIND LIBYA 

ENI SEES DECLINE 55% 

ENI & MYANMAR AGREE 

ENI WOULD CUT INVESTMENT 14%