Eni posts strong third quarter

Italy’s Eni reported a strong third quarter operating cash flow of €3.98 billion, the highest performing third quarter for the last five years.

Cash flow of €9.72 billion in the nine months also rose 24% from the nine months of 2013.

Eni posted a net profit of €1.71 billion for the third quarter and €3.68 billion for the nine months, showing a significant drop of 57% for the quarter and 36.7% for the nine months compared to the same period in 2013, although, 2013 results included the gain on the divestment of a 20% interest in the Mozambique discovery for approximately €3 billion.

Adjusted net profit was at €1.17 billion for the quarter, an increase 2.5% compared to the same quarter in 2013 while the company posted a €3.24 billion adjusted profit for the nine months, 3.2% up on the previous year.

Claudio Descalzi, Chief Executive Officer, commented: “I am very pleased with our excellent cash generation which reflects the efforts made in recent months. It has hit the highest level of the last five years in spite of continued weakness in the trading environment. This provides further evidence that we are on track to achieve our growth targets for cash generation which were announced to investors at our strategy day in July 2014.”

Descalzi further said that the company’s exploration is continuing to deliver extraordinary results which will drive future growth in Eni’s upstream portfolio. Furthermore, the development of new projects scheduled to begin production over the next four years is progressing in accordance with the company’s plans, as is the restructuring of the gas and refining businesses.

“I am confident that our strategy and the results it will produce are the best way to ensure profitability and financial robustness for Eni in an environment of declining prices,” concluded Descalzi.

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Press Release; Image: Eni