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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%.

Strong cash flow, upwards revision on production

  • 30 Jul 15

The group reported Q2 15 earnings in line with expectation at €0.5bn (excluding Saipem). Including Saipem, adjusted net profit came in at €0.14bn (vs. €883m a year earlier). By division: 1) E&P adjusted operating income came in at €1.5bn, down 48% yoy, but 50% higher than in the Q1 15 thanks to higher production. Production came in at 1.754mbpd up 11% yoy thanks to the PSC effect, but also to the continuing ramp-up of production (+105kbpd) at fields started at the end of 2014, mainly in Angola, Congo, the United States, Egypt and the UK, as well as higher Libyan production. 2) G&P adjusted operating profit came in at €31m, 2x Q2 14 (low basis). The increase reflected contract re-negotiations agreed during the period. Natural gas sales were 22.39bcm, up 17.3% yoy with sales in Italy increasing by 45.5% (higher sale to Hub, Italy represents half of ENI sales) and a positive performance in the residential segment. Sales in Europe decreased by 7.1% 3) Refining & Marketing adjusted operating income came in at €105m, stable compared to Q1 and much better than last year. The improvement helped to decrease the break-even margin of the refining activity to $5.3/bbl. Refining throughput was up 13.4% yoy with volumes processed in Italy increasing by 25.6% 4) Engineering & Construction posted an adjusted operating loss of €740m. Saipem, which is 42%, said that it plans to cut 8,800 jobs as write downs of €929m led to a net loss of €997m in Q2 15. Cash flow from operations came in at €3.4bn close to 2014 despite lower oil prices. Capex stood at €3.1bn and dividends (on a quarterly basis) at €1bn. Net debt increased by 1.2bn to €16.5bn but gearing remains below 30%. Dividend of 0.4/share. The group is considering selling part or all of its onshore Nigerian operations as it seeks to divest peripheral businesses amidst weak oil prices. Depending on what Eni decides to sell, the transaction may raise between $2bn and $5bn.