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Eni — Earnings Release 2018
Apr 27, 2018
4348_rns_2018-04-27_c0691573-ea05-468f-99aa-b6dd92f717f1.pdf
Earnings Release
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Highlights
| Upstream | Production growth +4,4% vs IQ2017 at 1,867 kboed Ochigufu started up mid March, OCTP gas confirmed for June Merakes POD approved in April 2018 Exploration new discoveries in Cyprus and Mexico |
|---|---|
| Mid-downstream | G&P EBIT continuous enhancement with €322 Mln LNG strong results from integrated projects Refining & Chemicals positive in a weaker scenario |
| Financials | CFFO € 3.2 bln before working capital in the 1st Capex €1.8 bln quarter; confirmed yearly guidance Acquisition bonus € 712 mln for Abu Dhabi fields |
Upstream
2018 PRODUCTION +4% (vs 2017) confirmed
2018 key ramp-ups
4
310 kboed RAMP UPS + START UPS 2018 AVG EQUITY
Merakes plan of development
Eni 85% operator First Gas 2H 2020 Plateau equity 60 kboed at 2023
Water depth 1500 m Appraisal Jan 2017 POD approved April 2018
Discounted Net Cash Flow vs Peers
6
Mid-Downstream
7
MID-DOWNSTREAM in line with plan
CFFO pre working capital at replacement cost
\$ 55/BBL CONFIRMED 2018 DIVIDEND CASH NEUTRALITY
8
Back up
Market scenario
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