Oil collapses, but Eni his shoulders are strong enough to look at the glass half full. And you see a cut in OPEC quotas in the spring. "The traumatic drop in the price of oil we are experiencing wakes us up and helps us" says the CEO of Eni, Claudio Descalzi, on the occasion of the presentation conference of the IEA World Energy Outlook, the International Energy Agency.
"We don't live this moment with panic or concern, but it can be seen as an opportunity - Descalzi specifies - and a moment of health, like when you go on a diet after you've eaten a lot for years". "In the last 50 years - he said stated Descalzi commenting on the fall in oil prices - every 10 years there has been a crisis; we had two oil bubbles with supply and price falling. We are used to it and almost all clubs are used to it”. Eni's CEO, in emphasizing how the fall can be "an opportunity", highlighted how "years of oil at 100 dollars make us fat and listless. This fall wakes us up and helps us”. As for the failure to forecast this price collapse, Descalzi explained that “a drop was forecast, we had assumed a scenario of 90, however we lost 40 dollars against the expected loss of 20 dollars. As happened with gas, the growth of US shale oil surprised us”.
According to the CEO of the Italian major “there could be OPEC cuts next spring, after the organization has not responded to the price change for the first time". economy), but not in Europe”, he concluded.
Descalzi also highlights, in support of Eni, the weapon of break even. "We have a break even at $45, we were used to $120. It's like when your salary is reduced, you're not happy but you carry on anyway”. This is how Eni's CEO Claudio Descalzi talks about Eni's position in this phase of oil prices that have slipped to 60-65 dollars a barrel. "Eni suffers from an asset and industrial point of view but we manage to live: we have a break even that protects us, we are in countries where we have been for a long time and we too are focusing on greater efficiency".
The CEO Eni then wanted to reassure investors on the dividend. Although the impact of the collapse in crude oil prices can be quantified at "90-100 million euros for each dollar less annually, our goal is very focused on the dividend, it is our priority to give visibility to investors in the long term. The dividend is a priority and we will try to build an income statement capable of accommodating the dividend.
Finally Saipem. Saipem's contract for South Stream "it's important; it has rules that must be respected, it is a problem that Saipem will see with South Stream” said Descalzi. “As far as Eni and Italy are concerned – he added – no additional supplies came from South Stream. We have defined contracts on the quantities of gas for Eni and, therefore, for Italy and there are no consequences".
Eni shares are at 14,74 (+0,55%) around 12,30.
