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2018-07-30 13:20:00

ENI NET PROFIT €1.2 BLN

ENI NET PROFIT €1.2 BLN

ENI - Group results
 Adjusted operating profit: €2.56 billion, up by 152% on a quarterly basis; €4.94 billion in the first half (up by 73% vs. first half of 2017).
 Adjusted net profit: €0.77 billion, up by 66% q-o-q; €1.74 billion, up by 45% in the first half of 2018.
 Net profit: €1.25 billion in the second quarter (€2.20 billion in the first half).
 Strong cash flow from operations: €3 billion (up by 12% q-o-q); €5.2 billion in the first half (up by 13%).
 Adjusted cash flow from operations1 before changes in working capital at replacement cost at €2.82 billion in the second quarter, €5.99 billion in the first half (up by 21% q-o-q and y-o-y).
 Net capex: €3.67 billion2 in the first half; more than funded by organic cash flow.
 Net borrowings: €9.9 billion.
 Leverage: 0.20, lower than the level of December 31, 2017 (0.23).
 2018 interim dividend proposal: €0.42 per share3, out of a full-year dividend of €0.83 per share.

 

 

Commenting on the results, Claudio Descalzi, CEO of Eni, remarked:

"Eni recorded another period of strong profitability in the second quarter. In the context of a 38% rise in the price of Brent, Eni reported a 152% increase in operating profit, driven by the performance of the Exploration & Production business, which more than tripled its contribution. Our cash generation also grew significantly, driven by the price of Brent and increased production levels, contributing to $20 per barrel, allowing us to confirm the lowering of our cash neutrality to $55 per barrel for 2018. The Gas & Power segment also reported excellent results, thanks to the strong integration of the LNG business with upstream activities and the positive impact of the restructuring carried out over the last years. A deterioration in Refining and Chemicals environment – which runs counter-cyclically to the price of Brent – meant a reduction in the contribution of these businesses, albeit remaining positive thanks to recent restructuring. There was significant progress in our portfolio management this quarter with the creation of Vår Energi in Norway as well as the funds received for the sale of Eni's 10% stake in the Zohr field to Mubadala. As a result, net debt fell below €10 billion – the lowest level in 11 years. Consequently I will propose an interim dividend of €0.42 per share at the Board meeting on 13 September."

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Earlier:

 

ENI: NO IRAN SANCTIONS
2018, June, 6, 11:40:00

ENI: NO IRAN SANCTIONS

REUTERS - Eni has no material exposure to Iran and so will not be affected by sanctions announced by the U.S. administration, a spokesman for the Italian oil major said

 

 
 ENI NET PROFIT €0.98 BLN
2018, April, 30, 09:40:00

ENI NET PROFIT €0.98 BLN

ENI - 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.

 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
2018, April, 20, 08:50:00

ENI INVESTMENT €7 BLN

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

 

 

 ENI LNG WILL UP
2018, March, 18, 11:20:00

ENI LNG WILL UP

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.

 

 ZOHR INCREASES OUTPUT
2018, February, 2, 12:08:00

ZOHR INCREASES OUTPUT

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.

 EGYPT'S ZOHR WILL COME
2017, December, 11, 10:05:00

EGYPT'S ZOHR WILL COME

Gas from Zohr will also help ease pressure on the economy of the most populous Arab nation, which has been plagued by a shortage of foreign currency since a 2011 uprising. Zohr, which Eni discovered in August 2015, has an estimated reserve of about 850 billion cubic meters of natural gas in place.

 

 

 

Tags: ENI