The results were in line with estimates with the exploration & production division up by €1.3bn qoq, against a $12/bbl increase in the oil price. Net debt was stable at €14.5bn and so is the net cash from operations of €1.45bn qoq (but up by c. €600m excluding impact from working capital movement). On the outlook, the group announced disposals of €1bn agreed to date this year and revised downwards its EBIT guidance for mid-downstream to €0.5bn vs €0.8bn previously.
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Q3: e&p rebounds, mixed in downstream
The results were in line with estimates with the exploration & production division up by €1.3bn qoq, against a $12/bbl increase in the oil price. Net debt was stable at €14.5bn and so is the net cash from operations of €1.45bn qoq (but up by c. €600m excluding impact from working capital movement). On the outlook, the group announced disposals of €1bn agreed to date this year and revised downwards its EBIT guidance for mid-downstream to €0.5bn vs €0.8bn previously.