Eni Releases 1Q 2013 Results

MarineLink.com
Wednesday, April 24, 2013

Eni, the international oil and gas company, released its group results for the first quarter of 2013 (unaudited).

Financial Highlights
• Adjusted operating profit: €3.79 billion, down 36% excluding Snam contribution to the first quarter of 2012 3;
Adjusted net profit: €1.43 billion, down 39% excluding Snam contribution to the first quarter of 2012 3;
• Cash flow: €2.80 billion;
• Leverage: down to 0.24.

Operational Highlights

• Oil and natural gas production: down 4.9% to 1.6 mmboe/d affected by one-offs in Nigeria, Libya and the U.K.;
• Natural gas sales: down 1.3% to 30.2 billion cubic meters due to the disposal of Galp;
• Signed an agreement with CNPC to sell 28.57% of the share capital of Eni East Africa, which currently owns a 70% interest in Area 4 in Mozambique, at the agreed price of $4.21 billion in cash; access to a promising shale gas block in China;
• Acquired exploration licenses in areas of high potential in Timor Leste, Cyprus, Egypt and the Gulf of Mexico;
• Versalis entered partnership agreements with Genomatica, Pirelli and Yulex targeting continuing expansion in the bio-technologies and the bio-ruber segment.

Paolo Scaroni, Chief Executive Officer, commented, “We confirm our growth and profitability targets for the full year 2013, in spite of a slower first quarter. This was negatively impacted by lower oil and gas production due to contingencies as well as to the current downturn in the gas market. Our E&P Division confirms its production growth targets for 2013 driven by continuing progress in developing ongoing projects. The G&P Division will benefit from the renegotiation of supply contracts which will mitigate the impact of a still very negative market. The R&M Division and Versalis, which both delivered strong improvements over the same period a year ago, will continue with their respective programs to drive a recovery in profitability.”

The full results can be reviewed here.

www.eni.com/en_IT/home.html

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

GasLog Orders Two LNG Carriers

GasLog Ltd. today announced that it has ordered two new 174,000 cubic meter LNG carriers from Hyundai Heavy Industries Co., Ltd. ("Hyundai") in South Korea.

Injured Woman Rescued on Lake Washington

Coast Guard, Seattle Police Department, Seattle Fire Department, King County Sheriff’s Office and Washington Department of Fish and Wildlife personnel rescued

Jonathan Appointed LOC Group's London MD

In line with LOC’s continual global growth and strengthening of the senior management team,  Britain has been appointed as Managing Director of the London operation.

Finance

Harper Government Invests in Naufrage Harbor

The Honorable Gail Shea, Minister of Fisheries and Oceans, announced today an investment to improve safety and working conditions for fishermen at Naufrage Harbor, Prince Edward Island.

Strategic Marine’s Stock Program Full Power Ahead

Strategic Marine, the specialist shipbuilder and fabricator, has confirmed its stock program of personnel transport vessels is market-ready. “Our stock program

Shift to Contract Labor in U.S. Maritime, Offshore Sectors Underway

Maritime and Offshore recruiter Faststream has reported a shift in attitude towards temporary, project and consulting work following a recent survey to over 1,000 candidates in North America.

Energy

GasLog Orders Two LNG Carriers

GasLog Ltd. today announced that it has ordered two new 174,000 cubic meter LNG carriers from Hyundai Heavy Industries Co., Ltd. ("Hyundai") in South Korea.

Ondimar Firms Order Suezmax Quartet at Navantia

Navantia and Maritime Transport Ondimar LDA (shipping company Ibaizabal Group) today ratified the contracts signed in late June and the financial structure for

Contship Italia Signs Iran MoU

Contship Italia Spa, also on behalf of Eurogate GmbH & Co. KGaA, KG, recently signed a strategic Memorandum of Understanding (M.O.U.) with Sina Port & Marine Company (SPMCO),

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1872 sec (5 req/sec)