ENI NET PROFIT € 965 MLN
ENI - first quarter 2017 results
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
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