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Dear friends! For more than three years I've been telling you about the main news, events, trends in the world oil and gas market. I do it for free and without advertising. Therefore I ask you for help. Wognews needs development. You are more than 20 000 people from more than 80 countries. If each donate a small amount of money, $10, $20, $30 or more, wognews will become better. Thank you, Vladimir Vinogradov, the founder of wognews.
2017-05-11 20:00:00

ENI NET PROFIT € 965 MLN

ENI NET PROFIT € 965 MLN

ENI - first quarter 2017 results

ENI RESULTS 1Q 2017

Exploration & Production 

 Production for the quarter: up by 2.3% to 1.795 million boe/d; up by 5.7% excluding negative price effects of PSAs and OPEC cuts 

 Started the East Hub project in Angola; also confirmed time schedules of other large, highly cash generative projects expected for 2017: Jangkrik in Indonesia, OCTP in Ghana and Zohr in Egypt 

 Achieved important exploration success offshore Mexico in a conventional lease with a high working interest. Additional exploration successes achieved in Libya, Indonesia and Norway 

 Portfolio of unproved properties: acquired new leases offshore Cyprus, Ivory Cost and Norway 

 Signed a deal to dispose of a 25% interest in Area 4 in Mozambique to ExxonMobil for a cash consideration of approximately $2.8 billion. Also closed the sale of the 10% interest in Zohr to BP 

 E&P adjusted operating profit: €1.42 billion (an increase of €1.32 billion vs. the first quarter 2016) 

Gas & Power 

 Signed a deal to dispose of the retail business in Belgium as part of Eni's divestment plan for the 2017-2020 period 

 Agreed terms for the supply of LNG volumes in excess of 11 million tonnes to Pakistan over a fifteen-year period, in line with the strategy to strengthen our position in this business 

 G&P adjusted operating profit: €338 million, up by 19% from the first quarter 2016 

Refining & Marketing and Chemicals 

 Breakeven refining margin below 4 $/barrel 

 R&M adjusted operating profit: €66 million, in line with the first quarter of 2016, notwithstanding the shutdown of the EST plant at the Sannazzaro refinery 

 Chemicals adjusted operating profit: €123 million, representing a strong performance, leveraging the restructuring plan executed in the last few years 

Group results 

 Adjusted operating profit: €1.83 billion, up by 215% or €1.25 billion, vs first quarter of 2016 

 Adjusted net profit: €0.74 billion (up by €0.74 billion vs the first quarter of 2016) 

 Net profit: €0.97 billion 

 Strong cash generation: €1.93 billion, up by 41% vs the first quarter of 2016; €2.60 billion before changes in working capital at replacement cost, up by 76% 

 Capex: €2.83 billion (€2.42 billion on a pro-forma1 basis), in line with our strategy to bring cashgenerative projects on stream in 2017 

 Disposals agreed in the first quarter of 2017 of €2.9 billion, approximately 60% of the minimum target planned for the 2017-2020 four-year period 

 Net debt: €14.9 billion, in line with the end of 2016 

 Leverage at March 31, 2017: stable at 0.28 

----- 

Earlier: 

ENI NET LOSS €1 BLN 

ENI - ROSNEFT DEAL 

ENI SELLS ZOHR 

ENI NET LOSS €1.2 BLN 

SAIPEM CONTRACT: $1.5 BLN

 

 

Tags: ENI

Chronicle:

ENI NET PROFIT € 965 MLN
September, 22, 08:50:00

RUSSIA - KURDISTAN INVESTMENT

Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.

ENI NET PROFIT € 965 MLN
September, 22, 08:45:00

IRAN'S GAS EXPORT: ABOVE 5 BCM

Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.

ENI NET PROFIT € 965 MLN
September, 22, 08:40:00

IRAQI OIL TO U.S.

Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.

ENI NET PROFIT € 965 MLN
September, 22, 08:35:00

QATAR - TURKEY LNG

Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years

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