Eni Q3 Profit Drops (Italy)

Eni Q3 Profit Drops

Eni announced its results for the third quarter and nine months 2013.

Financial highlights

  •  Adjusted operating profit: €3.44 billion for the quarter (down 15.7%3); €9.1 billion for the nine months (down 35.2%3);
  •  Adjusted net profit: €1.17 billion for the quarter (down 29.4%3); €3.13 billion for the nine months (down 41%3);
  •  Net profit: €3.99 billion for the quarter (up 61.9%); €5.81 billion for the nine months (down 5.8%);
  •  Operating cash flow: €3.04 billion for the quarter; €7.79 billion for the nine months;
  •  Leverage at 0.24.

Operational highlights

  •  Oil and gas production: 1.653 mmboe/d in the quarter, down 3.8%, due to extraordinary reductions in Nigeria and Libya (down 3.1% in the nine months);
  •  Recognized net consideration and net gain of €3 billion on the divestment to CNPC of the 28.57% interest in Eni East Africa, owner of the mineral rights in Area 4 in Mozambique;
  •  Produced first oil at the giant Kashagan oil field;
  •  Made large exploration successes offshore Mozambique, Congo and Australia;
  •  Resource base increased by 0.7 billion barrels in the quarter; 1.6 billion barrels in the nine months.

Paolo Scaroni, Chief Executive Officer, commented:
“In the third quarter of 2013, we achieved significant exploration successes, made excellent progress in our development activities with new field start-ups and monetized part of our interest in Mozambique. These operating successes strengthen our profitability outlook against the backdrop of a quarter that has not only been affected by difficult market conditions in the European markets of mid and downstream, but also by the extraordinary reductions of production in Nigeria and Libya, and by the appreciation of the euro. Considering that these trends are temporary and given the solidity of our businesses, we will start the buyback program.”


LNG World News Staff, October 30, 2013