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

People & Company News

Continental Resources Names New President after Bott's Quick Exit

Continental Resources Inc, the largest oil producer in North Dakota's Bakken shale formation, promoted Jack Stark to president on Wednesday, less than a week after Rick Bott quit the position.

Aiming to Make Less Fuel Go Further: Maersk Drilling

Maersk Drilling says it is engaged in an energy efficiency project for its newbuilds together with Maersk Maritime Technology. The project involves an Energy Management System (MSPS),

PierPass' New President Responsible for Ports of LA & Long Beach

New president John Cushing’s role gives him responsibility for PierPass programs to relieve congestion and improve air quality at the Ports of Los Angeles and Long Beach.

Finance

Aiming to Make Less Fuel Go Further: Maersk Drilling

Maersk Drilling says it is engaged in an energy efficiency project for its newbuilds together with Maersk Maritime Technology. The project involves an Energy Management System (MSPS),

Sound Oil Announce 2014 Interim Results

Sound Oil, the European / Mediterranean focused upstream oil and gas company, announced its unaudited interim results for the six months ended 30 June 2014.   Highlights   *

Tax Relief for Indian Seafarers

Indian seafarers serving on Indian flagged vessel are forced to pay income tax if their vessel touches two Indian ports during a voyage whereas Indians serving

Energy

Continental Resources Names New President after Bott's Quick Exit

Continental Resources Inc, the largest oil producer in North Dakota's Bakken shale formation, promoted Jack Stark to president on Wednesday, less than a week after Rick Bott quit the position.

Aiming to Make Less Fuel Go Further: Maersk Drilling

Maersk Drilling says it is engaged in an energy efficiency project for its newbuilds together with Maersk Maritime Technology. The project involves an Energy Management System (MSPS),

Two Prestigious Awards for Fincantieri

In the presence of the Minister for Education, University, and Research Stefania Giannini, at the Auditorium at Villa Farnesina in Rome, Fincantieri, represented by its Chairman Vincenzo Petrone,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Salvage 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: 0.3433 sec (3 req/sec)