The accounts of Eni in the first quarter. The Italian hydrocarbon giant closed the accounts for the January-March period with net profits up 42% year-on-year, to 3,62 billion euros. THE'adjusted operating profit reached 6,45 billion (+27%) and one adjusted net profit to 2,48 billion (+13%). In the wake of these results, this morning Eni's share on the Stock Exchange bucked the trend with respect to the Ftse Mib (-1%), gaining about half a point.
Technical investments amounted to 2,87 billion and mainly concerned the development of hydrocarbon fields, the upgrading of Saipem's fleet of construction and drilling vessels, and gas transport infrastructure. Net cash flow from operating activities of $4,19 billion it made it possible to cover the needs associated with technical and financial investments, reducing net financial debt by 0,61 billion compared to the end of 2011 (to 27,43 billion).
“In the first quarter of 2012 Eni achieved excellent results – commented the managing director of the group, Paolo scaroni – thanks to the recovery of production in Libya and the increase in oil prices, despite a difficult market for Gas & Power, Refining & Marketing and Chemicals”.
“We have successfully completed the renegotiation of contracts with Gazprom. Exploration continued to produce excellent results – added Scaroni – with other important ones discovered in Mozambique and new hits in the Barents Sea. I am very satisfied with the recent agreement with Rosneft which will mark our exploration business for many years and strengthen our long-term growth prospects.”
During the same period the production of hydrocarbons for the Eni group it was 1,674 million barrels of oil equivalent to the day, with one slight decrease compared to the first quarter of 2011 (-10 kboe/d, equal to 0,6%). Net of the price effect, production shows a slight increase (+0,2% compared to the first quarter of 2011), supported by the recovery of activities in Libya and by the start-up or by the entry into force of new fields in Australia, Egypt and USA. Gas sales (30,61 billion cubic metres) instead recorded a decrease (-5,3%) compared to the first quarter of 2011.
As for the forecast, Eni speaks of a “2012 outlook characterized by signs of a slowdown in the global economic recovery, particularly in the euro area, and by market volatility. Oil prices will remain supported by robust demand from China and other emerging economies and geopolitical risks, partly mitigated by the progressive return of Libyan production”.
