Wed, Apr. 29, 8:15 AM
- Eni's (NYSE:E) Q1 adjusted net income fell 46% Y/Y to €704M ($768.5M) from €1.30B a year ago but beat analyst estimates calling for €446M, as improved performance at its refining and gas businesses and a lower tax rate helped offset lower crude prices; revenues fell 19% to €23.79B.
- Q1 production rose 7.2% Y/Y to 1.7M boe/day, helped by new field start-ups and ramp-ups mainly in Angola, Congo, Egypt, Venezuela, Norway and the U.S.
- Q1 operating earnings in the E&P division - traditionally the company's main profit generator - plunged 72% Y/Y, but for the first time in nearly five years, Eni reported a profit in the same period at all three other main divisions - gas and power, engineering and construction, and refining and marketing, the latter reporting a sixfold margin increase.
- Cost cuts have helped offset lower revenue, and Eni says it has recovered €600M over the past 12 months; Morgan Stanley calls the cuts "encouraging."
Wed, Feb. 18, 9:02 AM
Wed, Feb. 18, 3:52 AM
- A sharp drop in crude prices wreaked havoc on Eni's (NYSE:E) Q4 results, as the Italian oil and gas group reported lower profits and hefty write-downs.
- Adjusted profit fell by two-thirds to €464M, way below analysts' estimates of €614M, while the company marked down the value of its inventories by €860M and booked asset impairments and other charges of €1.94B.
- Placating investors, Eni slightly raised its yearly dividend to €1.12 a share, from €1.10 a year ago.
Oct. 30, 2014, 11:59 AM
- Eni (E +0.9%) reports Q3 earnings that beat analyst estimates, as a lower tax rate offset falling crude prices and a weaker performance in its E&P business.
- Q3 adjusted net income rose 2.5% Y/Y to €1.17B ($2.15B), easily beating the €896M analyst consensus estimate, however revenues fell 11% to €26.6B.
- Q3 adjusted net profit at Eni’s E&P unit, which accounts for the vast majority of the company’s earnings, fell 26%.
- Operating cash flow was €3.98B, which the company says was its best Q3 result in five years.
- Q3 oil and gas production fell 3.5% to 1.58M boe/day, as declines in mature fields and unscheduled interruptions dragged down production gains in the U.K., Algeria and the U.S.; reaffirms expectations for full-year output to finish in-line with 2013.
- Reiterates that Saipem, the oil services unit it controls with a 43% stake, is not considered a strategic asset and could be sold.
Jul. 31, 2014, 10:46 AM
- Eni (E -2.3%) says its Q2 adjusted net profit rose 51% to €868M, boosted by the improved performance of its gas and power division and its Saipem (OTCPK:SAPMY) services subsidiary but results were below analyst expectations as refining margins fell.
- Eni says several uncertainties remain for the rest of the year connected to weak eurozone growth prospects and risks in many of the emerging economies where the company has operations.
- Q2 refining margins plunged 30% Y/Y, while retail sales in Italy slid 6.4%.
- The gas and power division posted a €40M profit from a €227M loss a year earlier, benefiting from the successful renegotiation of gas supply tariffs with Gazprom; Eni now expects the unit to break even in 2014, a year earlier than previously announced.
- Produced 1.58M boe/day during Q2 vs. 1.65M boe/day in the year-ago period; expects output for the year to be substantially in line with 2013 net of the sale of its stake in Arctic Russia.
- Says Q2 operating cash flow of €3.59B, highest since Q2 2012, will allow for a proposed interim dividend of €0.56/share.
- Eni also says it made an important gas and condensates discovery off the coast of Gabon, where preliminary estimates suggest the initial potential is ~500M boe.
Apr. 29, 2014, 4:30 AM
Feb. 13, 2014, 4:38 AM
- Eni's (E) Q4 adjusted net profit dropped 14% to €1.3B but topped forecasts of €1.2B.
- Net sales from operations fell 19% to €26.3B.
- Output dropped 9.7% to 1.577M barrels of oil equivalent a day.
- Eni's earnings were hurt by disruptions to its operations in Africa, lower refining results and the strengthening of the euro vs the dollar.
- Nonetheless, Eni plans to increase its dividend by 1.9% to €1.10 a share on 2013 earnings.
- Eni also said that it has discovered the equivalent of 2.5B barrels of oil and gas off the coast of the Republic of Congo in West Africa.
- Eni gave a downbeat outlook for 2014, "due to weak growth prospects in the eurozone and risks concerning emerging economies." (PR)
Oct. 30, 2013, 7:51 AM
- Eni (E) reports a 62% gain in Q3 net income to €4B ($5.5B), mostly because of a one-time €3B gain from the sale of a stake in its Mozambique gas discoveries to China National Petroleum.
- Adjusted net profit, which excludes the changes in the value of oil inventories and special gains or losses, fell 29% to €1.17B from €1.66B a year earlier, beating the analyst consensus forecast of €1.01B.
- Overall production fell 3.8% for the quarter, averaging 1.65M bbl/day, and 3.1% for the first nine months of 2013; key causes are unrest in Libya, where Eni has the biggest exposure among international firms, and oil theft in Nigeria.
- CEO Paolo Scaroni dismisses problems as temporary and says Eni will proceed with a planned share buyback program of up to €6B “given the solidity of our business.”
Aug. 1, 2013, 2:19 PM
- Eni (E +2.6%) is higher, despite a 55% drop in Q2 adjusted net profit to €576M from €1.29B in the year-ago period; analysts had expected €703M.
- Net sales from operations were €28.1B vs. €30.1B.
- Production flat at 1.64B boe/day vs. 1.65B a year ago.
- Expects a "significant" improvement in H2 results; forecasts 2013 hydrocarbon output in line with last year, while gas sales are expected to drop.
- Raises its interim dividend by 1.9%, to €0.55/share ($0.73) from €0.54 a year earlier.
- Plans to present a proposal for a share buyback program to the board in September.
Apr. 24, 2013, 2:56 PMEni's (E +1.2%) Q1 profit slides 42% Y/Y, in line with expectations, after a sharp fall in total oil and gas output due to unexpected shutdowns at operations in Libya, Nigeria and the U.K. Expects the massive Kashagan oil field in Kazakhstan to begin production in June; daily output this year should average 10K-15K bbl/day. Says key renegotiations of natural gas supply contracts are progressing well. | Comment!
Aug. 1, 2012, 8:29 AMEni (E) says it will raise its interim dividend by 3.8% despite plummeting Q2 net profit on the exclusion of regulated assets the Italian government has ordered it to sell. Also, the company makes another natural gas discovery offshore Mozambique which adds another 10T cubic feet to the potential of the area. | 1 Comment
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