Eni of Italy posted adjusted net profit of €3.71 billion for the full year 2014, down 16% as compared to the year before.
The company said it has achieved record cash flow of €15.09 billion for 2014, up 37 when compared to 2013.
Eni’s hydrocarbon production was at 1.6 mmboe/d last year, a rise 0.6% on year.
Claudio Descalzi, Chief Executive Officer , commented: “In spite of an unfavourable trading environment, Eni delivered excellent results in the fourth quarter, underpinned by record cash flow generation over the last six years. The performance was driven by the increased contribution from upstream production and the accelerated restructuring of our mid and downstream businesses.”
Descalzi added that the company continues to deliver on the initiatives launched in May 2014 as it rebalances the group’s portfolio, pursues a higher level of efficiency and focuses on core upstream activities, which have been further strengthened by continued exploration success and the organic growth of Eni’s proven reserves.
“In light of these results, I will propose to the Board of Directors the distribution of a 2014 final dividend of €0.56 per share,” added Descalzi.
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LNG World News Staff; Image: Eni