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Eni S.p.A. (E) Management on Q3 2021 Results - Earnings Call Transcript

Nov. 01, 2021 12:34 PM ETEni S.p.A. (E), EIPAF
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Eni S.p.A. (NYSE:E) Q3 2021 Earnings Conference Call October 29, 2021 2:00 PM ET

Company Participants

Francesco Gattei - CFO

Cristian Signoretto - Deputy of COO of Natural Resources

Alberto Maria Chiarini - CEO of Eni gas e luce SpA

Giuseppe Ricci - COO of Energy Evolution Division

Alessandro Puliti - COO of Natural Resources

Adriano Alfani - CEO, Versalis

Alessandro Della Zoppa - Head of Renewables

Conference Call Participants

Giacomo Romeo - Jefferies

Michele Della Vigna - Goldman Sachs

Massimo Bonisoli - Equita

Bertrand Hodee - Kepler Cheuvreux

Jason Kenney - Santander

Jon Rigby - UBS

Ellis Skinner - JPMorgan

Irene Himona - Societe Generale

Biraj Borkhataria - RBC

Alastair Syme - Citi

Lucas Herrmann - Exane

Mehdi Ennebati - Bank of America

Henry Tarr - Berenberg

Oswald Clint - Bernstein


Good afternoon, ladies and gentlemen, and welcome to Eni's 2021 Third Quarter Results Conference Call hosted by Mr. Francesco Gattei, Chief Financial Officer.

[Operator Instructions] I am now handing you over to your host to begin today's conference. Thank you.

Francesco Gattei

Thank you. Good afternoon. Welcome to Eni 9 months 2021 Conference Call. The recovery of the global economy and the rebound in the demand for energy is continuing and accelerating. However, the pent-up demand that is emerging after the unprecedented disruption of 2020 is putting strain on the balance of the market.

In 2021, structural features of supply weakness, which are substantially expanding along the full range of commodities, have emerged. The slowness of the supply response is not totally related to the rapid recovery of the economy but more substantially to nearly 7 years of underinvestment that has affected these markets. As a consequence, Brent has returned to levels around $85 per barrel. While in gas, we are witnessing historical record at $30 per million BTU on the European and Belgian spot markets.

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