| Eni: first quarter 2015 results | |
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29/04/2015, CET 07:50
Price Sensitive
Rome, April 29, 2015 - Yesterday Eni's Board of Directors approved group results for the first quarter 20151 (unaudited).
Financial highlights
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Cash flow2: €2.30 billion;
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Leverage: 0.22 unchanged compared to end of 2014 despite the oil price halving;
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Adjusted operating profit: €1.57 billion, down 55% from the first quarter 2014; positive in all the businesses;
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Adjusted net profit: €0.65 billion, down 46% from the first quarter 2014;
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Net profit: €0.70 billion, down 46% from the first quarter 2014.
Operational highlights
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Hydrocarbon production: 1.697 million boe/d, up 7.2% from the first quarter 2014 (up 3.7% when excluding positive price effects in PSAs and portfolio developments);
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Final investment decision for the integrated oil&gas OCTP project in Ghana taken;
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Production start-up of the Hadrian South and Lucius projects in the United States, West Franklin in the United Kingdom, Eldfisk 2 Phase 1 in Norway and Nené Marine in Congo;
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Near-field discoveries made in Egypt and Libya; exploration resources of the gas discovery Merakes in Indonesia increased;
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New exploration licences acquired in Egypt, Norway, the United Kingdom and Myanmar.
Claudio Descalzi, Chief Executive Officer, commented:
"I am pleased with the results announced this morning. In line with our strategy, we put in place actions which recovered over €600 million to cope with the difficult trading environment caused by the steep drop in the Brent oil price. Upstream production is increasing, and development plans supporting 2015-2016 production growth are in line with our forecasts. Further, all mid-downstream businesses have returned to profitability benefitting from our actions as well as the positive trading environment, thus proving the effectiveness of the upgrading initiatives implemented so far. These results, along with our focus on efficiency and working capital optimization, contributed to keeping leverage unchanged compared to December 2014, despite the Brent oil price halving.'
1This press release represents the quarterly report prepared in compliance with Italian listing standards as provided by article 154-ter of the Italian code for securities and exchanges (Testo Unico della Finanza).
2Net cash provided by operating activities.
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ENI is based in Italy. ENI is listed in Italy. Its market capitalisation is €UR 55.8 billions as of today (US$ 59.8 billions, € 55.9 billions). Its stock quote reached its lowest recent point on April 23, 2021 at €UR 10.01, and its highest recent level on April 25, 2024 at €UR 15.35. ENI has 3 634 189 824 shares outstanding. |