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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

US Navy Orders Demonstration Craft from Willard Marine

Willard Marine, Inc. (WMI) announced it has been selected through a solicitation process to supply a demonstration model of a new, advanced combatant craft for the U.

Alu Design to Create Next Generation of Marine Chairs

There’s a new designer in the driving seat at Alu Design. Per Ivar Selvaag, the former Lead Designer at BMW Group and Chief Designer of Peugeot’s concept car division,

Pink Lashings Raise Money for Breast Cancer Research

As the first Peters & May Pink Lashings shipment leaves Palma for Fort Lauderdale, the global marine transport company is calling all yacht owners to support its campaign to help raise £25,

Finance

Gulf Craft to Invest $100m in Dubai Shipyard

Company plans to invest $100 million over the next five years in the development of a new shipyard in Dubai Maritime City to build a global luxury yachts manufacturing

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

FortisBC Starts Expansion of Tilbury LNG Facility

FortisBC – a subsidiary of Fortis Inc. has officially started construction of its $400 million Tilbury LNG Facility expansion project today. The company is adding 1.

Energy

Asia-Pacific Solar Collaboration Conference

The Australian Photovoltaic Institute is holding the inaugural Asia-Pacific Solar Research Conference at the University of New South Wales in Sydney from 8-10 December 2014.

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

FortisBC Starts Expansion of Tilbury LNG Facility

FortisBC – a subsidiary of Fortis Inc. has officially started construction of its $400 million Tilbury LNG Facility expansion project today. The company is adding 1.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2281 sec (4 req/sec)