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2018-04-30 09:40:00

ENI NET PROFIT €0.98 BLN

ENI NET PROFIT €0.98 BLN

 ENI - first quarter 2018 results:

 

Adjusted results

  • In the first quarter of 2018, Eni's consolidated adjusted operating profit of €2,380 million increased by 30% from the first quarter of 2017. The improvement was driven by a robust performance in the E&P segment (up by €0.67 billion or 47%) due to an ongoing recovery in crude oil prices, partly offset by a weaker dollar (the Brent benchmark in euro terms was up by 8%), as well as production growth. The G&P segment reported an adjusted operating profit of €0.3 billion, unchanged from the first quarter of 2017. This result reflected an improved performance in the LNG business due to better margins and higher volumes thanks to synergies with the upstream segment, as well as further actions at the longterm supply contracts, partly offset by one-off gains recorded in the same quarter of 2017. The R&M and Chemicals segment reported a decrease of 59% in operating profit due to an unfavorable trading environment, partly offset by better utilization rates, continued efficiency initiatives and plant optimizations.
  • Adjusted net profit for the first quarter of €0.98 billion improved by 31% compared to the first quarter of 2017, driven by an improved operating performance. Tax rate of 56% was barely unchanged compared to the first quarter of 2017.

Eni's Board of Directors approved the Group results for the first quarter of 2018 (unaudited). Commenting on the results, Claudio Descalzi, CEO of Eni, remarked: 

"In the first quarter of 2018, Eni achieved excellent economic and financial results, over and above the rising price of oil. As the Brent price in euros rose 8% relative to the first quarter of 2017, Eni's adjusted operating profit increased by 30%, while operational cash generation at replacement cost grew by 22%. These results were achieved primarily because of an increase in our hydrocarbon production, which produced a 47% increase in adjusted operating profit from E&P. In addition, the first quarter saw the continuation of the optimization of our asset portfolio with our entry into the United Arab Emirates, one of the most productive areas in the world, and the sale of a further 10% of the Zohr field in Egypt. The Mid‐Downstream businesses also achieved important results in the quarter, despite a less favorable scenario compared to 2017. The divisions benefitted from the strengthening and development measures we have implemented over the past three years. In particular, LNG achieved significant results due to increased integration with other Group activities. On the basis of these results and the strategy announced in the 2018‐2021 plan, I confirm the objective of cash neutrality for 2018 at a Brent price of $55 per barrel."

-----

Earlier:

 ENI - ROSNEFT COOPERATION
2018, April, 20, 09:15:00

ENI - ROSNEFT COOPERATION

REUTERS - Italian oil major Eni has no plans to pull out of its joint venture with Russia’s Rosneft despite escalating sanctions against Russia, the head of Eni said on Wednesday.

 

 ENI INVESTMENT €7 BLN
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ENI - Eni will invest €7 billion in Italy over the next four years, including €1 billion in green activities

 

 

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PLATTS - The company outlined plans Friday to increase its annual contracted LNG volume to 12 million mt a year by 2021 and to 14 million mt/year by 2025 from the 10 million mt/year envisioned in its previous 2017-20 plan.

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2018, February, 2, 12:08:00

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BLOOMBERG - Zohr, the largest undersea gas discovery in the Mediterranean, will pump 1.7 billion cubic feet per day before the end of 2018, el-Molla said in a televised ceremony to inaugurate the field. Egypt is talking with Rome-based Eni to increase output to reach the 2019 production target this year instead, he said.

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2017, May, 18, 19:00:00

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Rosneft and Eni S.p.A. entered into a Cooperation extension agreement in the areas of upstream, refining, marketing and trading during the visit of an Italian delegation to Russia. The document was signed by Rosneft CEO Igor Sechin and Eni CEO Claudio Descalzi in the presence of Russian President Vladimir Putin and Italian Prime Minister Paolo Gentiloni.

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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

 

 

 

 

 

Tags: ENI
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