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Saturday, December 10, 2016

Eni Releases 1Q 2013 Results

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



 
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