Italy: Eni Net Profit Up 8 Pct

Eni, the international oil and gas company, announced its group results for the second quarter and the first half of 2012 (unaudited).

Financial Highlights

• Adjusted net profit: €3.94 billion for the first half (up 8%); €1.46 billion for the quarter (up 2%);
• Net profit: €3.84 billion for the first half; €0.23 billion for the quarter;
• Results from continuing operations:
• Adjusted operating profit: €10.37 billion for the first half (up 19%); €4.24 billion for the quarter (up 14%);
• Adjusted net profit: €3.79 billion for the first half (up 4%); €1.38 billion for the quarter (up 0.3%);
• Cash flow: €8.34 billion for the first half; €4.22 billion for the quarter;
• Interim dividend proposal of €0.54 per share.

Operational Highlights

• Oil and gas production grew by 10.6% to 1.647 mmboe/d in the second quarter (up 4.7% in the first half);
• Natural gas sales: down by 4% in the quarter to 20.15 bcm (down 4.8% in the first half);
• Finalized the contract for the sale of 30% less one share in Snam to Cassa Depositi e Prestiti; already divested a 5% stake to institutional investors;
• Divested a 5% stake in Galp to Amorim Energia BV;
• New giant gas discoveries at the Mamba North East 2 and Coral 1 prospects offshore Mozambique, which increased the full potential of Area 4 to 70 Tcf of gas in place;
• Acquired exploration blocks in promising areas of Vietnam, Kenya and Indonesia;
• Strengthened the portfolio of unconventional resources in Ukraine;
• Started exploration off the Russian section of the Barents Sea and the Black Sea in partnership with Rosneft;
• Exploration success increased by 2.2 billion boe the Company’s resource base in the first half.

Paolo Scaroni, Chief Executive Officer, commented:

“In the first half of 2012, Eni delivered excellent results with strong production growth, supported by the recovery in Libyan output. We have achieved unprecedented exploration success with major new discoveries and secured promising opportunities in high potential areas. Gas & Power and Refining & Marketing have contained the impact of widespread market weakness. Through the divestment of our stakes in Snam and Galp our balance sheet will be transformed, securing our capacity to finance robust long-term growth in any market environment. Our confidence in Eni’s outlook underpins my proposal of an interim dividend of €0.54 per share to Eni’s Board on September 20.”

[mappress]
LNG World News Staff, August 01, 2012