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In the third quarter of the year, Eni achieved adjusted net income of 1.39 billion euros (0.23 billion euros in the third quarter of 2017). The group stresses this in a note adding that, over nine months, it stood at 3.13 billion euros (more than double compared to the first nine months of 2017). Adjusted operating profit was established at 3.3 billion euros in the third quarter, more than three times more than the same period of comparison, while the same was true for the first quarter. it stood at 8.25 billion euros in the first nine months of the year compared to the same period. period of one year. Net profit amounted to 1.53 billion euros for the quarter and to 3.73 billion euros for the first nine months.
Operating cash flow amounted to 4.1 billion euros in the third quarter of 2018 (+ 90% compared to the third quarter of 2017) and to 9.32 billion euros over nine months. (+ 37% compared to the first nine months of 2017). Net investments reached € 5.52 billion over nine months, while net financial debt fell to € 9 billion, down € 1.91 billion from December 31, 2017, after paid dividends of 2.95 billion euros. The leverage is at 0.18, down from 0.23 at December 31, 2017.
Eni: Hydrocarbon production + 1.2% over the quarter, + 3.9% over 9 months
Hydrocarbon production in the third quarter amounted to 1.8 million boe / g (barrels of oil equivalent per day, ed), + 1.2% at constant prices (unchanged on a declared basis because it takes into account price effects in the PSA, production sharing agreement). Eni points out in a statement that "growth has been dampened by lower volumes of gas produced compared to forecasts due to external events in some countries". Over the last nine months, production was 1.84 million boe / d, an increase of 3.9% at constant prices (+ 3% as reported). The performance, says Eni, "reflects the contribution of the 2017 ramp-up projects, particularly in Egypt, Indonesia, Congo and Ghana, as well as the start-up of 2018 (for a total contribution of 284 kboe / day), major productions of Kashagan and Italy, as well as the conclusion of the two offshore concession contracts in the production of Lower Zakum (5%) and Umm Shaif / Nasr (10%) in the United Arab Emirates These factors were partially offset by the more limited price effect, due to lower gas volumes produced in some countries due to exogenous events and lower mature deposits, excluding price effects. Psa contracts (approximately 22 kboe / day and 15 kboe / d) quarter and over nine months), production increased by 1.2% and 3.9%, respectively during the quarter and nine months.
Eni: Descalzi, an excellent cash generation thanks to the results
"I am particularly pleased with the results of the quarter, which allowed us to generate excellent cash flow generation, with a net operating income of EUR 4.1 billion, double that of the third quarter of 2017 and especially 35% more than in the second quarter of 2018, which had an average Brent price similar to that of the current year. All companies performed well, with an upstream sector emphasizing its ability to monetise favorable oil and gas price scenarios above all to increase value also at constant scenarios ". This is the comment of Eni CEO Claudio Descalzi on the results of the third quarter group. "Downstream companies – he continued – show that they have achieved a level of sustainability in a scenario that is unfavorable to them." With this performance, we achieve a net debt of $ 9 billion. 39, euros, down about 900 million euros compared to the end of June, although we have already paid all the dividends this year, we can also confirm for 2018 a neutral cash flow of group, including the dividend hedge, at $ 55 / barrel, to $ 20 plus lower prices compared to current Brent prices, reflecting the financial discipline we are determined to maintain over time ", concluded the Manager.
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