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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
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CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

ENI NET PROFIT € 965 MLN
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

ENI NET PROFIT € 965 MLN
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

ENI NET PROFIT € 965 MLN
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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