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Strong Upstream, worrying Gas & Power

  • 12 Nov 15

Some comments on ENI's Q3 15 reports. The group reported a net loss (excluding Saipem) of €0.3bn vs. expected. Adjusted operating profit was €752m. By division: - In the E&P division, adjusted operating profit was €757m, down 75% yoy, mainly driven by lower energy prices. Production in Q3 15 was up 8.1% to 1.7mbpd and full-year guidance was raised to 9% growth (vs. 7% earlier), the second upward revision for the year. Excluding price effects, production increased by 4.3% during the quarter. The group also highlighted its success in exploration with 1.2bn boe resources discovered vs. 500m boe planned at an average cost of $0.6/boe vs an average cost of $2/boe. - In the Gas & Power division, the adjusted operating loss was €469m. The declining performance reflected the reversal in gas prepaid in previous years with a book value higher than the current average supply costs of ENI's gas portfolio and an unfavourable trading environment impacting certain sales to large clients. Natural gas' sales were however up 4.4% from the same period last year. - In the refining & Marketing division, adjusted operating profit was €335m, with Refining marketing accounting for half of the profit and Chemicals for the other half. ENI's refining margin was $10/bbl compared to $4.39/bbl a year ago. FCF is projected to be positive as early as 2015, two years ahead of schedule. On Saipem, the group has agreed the terms of the sale of a 12.5% interest to FSI. ENI will be reimbursed of its financing receivable by €6.1bn, leading to a pro forma leverage decreasing by 8%.