Eni SpA (NYSE:E) Q2 2021 Earnings Conference Call July 30, 2021 8:00 AM ET
Company Participants
Claudio Descalzi - CEO, GM & Director
Andrea Gemma - Director
Alberto Chiarini - CEO, Eni gas e luce SpA
Francesco Gattei - CFO
Conference Call Participants
Biraj Borkhataria - RBC Capital Markets
Massimo Bonisoli - Equita
Operator
Good afternoon, ladies and gentlemen, and welcome to Eni's first half 2021 Results Conference Call, hosted by Mr. Claudio Descalzi, Chief Executive Officer. [Operator Instructions].
I am now handing you over to your host to begin today's conference.
Claudio Descalzi
The energy market Rebound in global GDP, the growth in oil consumption and OPEC past agreements translated into a steady increase in crude prices. The gas market is similarly recovering with summer prices at decade is, while a highly volatile environment persists, oil and gas fundamentals remain positive. Today, we'll focus on 3 elements, which define our investment case. First, the 2021 shareholder distribution with the dividend raised to pre-covid level, confirming our commitment to share part of our excess cash generation with shareholders. Second, the progress achieved on our retail and renewable businesses had a market transaction in 2022. During the quarter, we completed the merger between the 2 entities, and we have been able to accelerate our renewable targets. Finally, our first half results, which are among the strongest in the recent years, with a solid performance and strong cash flow generation. Let's start with the 2021 shareholders' remuneration for which we set a Brent price of $65 per barrel. In order to define our price deck, we took into account the actual price to date, the expected trend, market fundamentals and potential risks such as the mergers or new variants of call it that could impact the market recovery. We will distribute a dividend of €0.86 per share more than doubling the size of our 2020 dividend. In line with our policy, half of the dividend will be paid in September and the
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