2015-08-04 18:55:00
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
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1Q2015 WORLD OIL & GAS KEY POINTS
