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This article was published on February 19, 2015 at 06:39.
Even Eni, like other major oil, pay a pledge to the drop in oil prices (-30.2% for Brent) that has the ballasted ‘ exploration and production impacting on preliminary accounts 2014 and the last quarter. That the group sends archive with an adjusted net profit (without extraordinary items) to 3.71 billion, down 16% from a year earlier, while in the fourth quarter, the bar stops at 0.46 billion (- 64%), also serving 380 million of losses on valuation at the market price of the shares in Galp and Snam at the service of its convertible bond as well as a higher tax rate than in the past. Rocking back also adjusted operating profit which, at the end of 2014, amounted to 11.57 billion, down 9% (quarter on quarter reduction is more pronounced, -34%, to 2.3 billion), only partially offset from the positive end of the year of the other divisions, starting with the refining that back in profit thanks to the conjunction of the recovery on refining margins and dell’efficie ntamento, characteristic trait of turning impressed by CEO Claudio Descalzi group.
In short, the numbers keep despite gloomy scenario and also beat the expectations of analysts who had reckoned a retreat of the performance but also can cut the dividend which for now has not suffered setbacks (in 2014 confirmed 1.12 EUR). Certainly, however, did not expect the excellent cash flow, jumped by 69% at the end of the quarter, to 5.37 billion (15.09 billion over the year, + 37%) or the descent of the debt to 13.71 billion (down 2.13 billion compared to September and 1.2 billion on since 2013) with the leverage to 0.22, the lowest since 2006 (against 0.25 in 2013). And the stock market the title earns 3.37% to 16.25 euro.
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The market appreciates therefore the direction taken by the ad that is pressing on the accelerator of the optimization of the portfolio (always more focused sull’upstream) and on the restructuring and streamlining of business mid-downstream. Not surprisingly, Descalzi speaks of “excellent results” while “in a context of unfavorable market ‘, which also weighs on Eni having impacted on the accounts of competitors. Now the spotlight is on the new strategic plan – scheduled March 13 – when the group will also reveal the cards on the dividend policy for 2015, which is high on the attention of the experts. And yesterday, nononostante questions of analysts, the number one gave no details but simply repeated that “we are still in a strong position.”
No anticipation, then. But to have remarked that they will continue on the path of reducing costs with the bar set at 2.5 billion euro in 2015. A result that counts from working, on the one hand, on capex, which will be reduced by 2 billion (about 14%), and, second, on the optimization of operational activities for another 300 million and 250 million of additional savings on overhead costs.
Of course, the drop in Brent slowed, and not a little, the growth engine Eni (exploration and production has reduced revenues by 8.9% in 2014 and 15.6% in the quarter, with hydrocarbon production grew by 6.7% in the quarter, to 1.65 million boe / day), but other sectors have reserved positive surprises. They did refining – which ended the quarter with an adjusted operating profit of 192 million (compared to red 92 million last quarter 2013) -, and chemistry, which has halved its operating loss to 66 million, thanks efficiency gains and restructuring of some projects and the closure of production lines is not economic. And he did also the gas and power, which was affected by the benefits related to the renegotiation of a substantial part of the take or pay. In the conference call, the CFO and the chief Massimo Mondazzi midstream officer Marco Alvera – with them and there is also Descalzi Roberto Casula, chief development operations & amp; technology officer 211; pitted some numbers. “The amount of take or pay recovered in 2014 – says the CFO – is 650 million, leaving a residual amount of 1.3 billion at year end, of which 400 million will be collected at the beginning of 2015 and another 400 in progress of the year. ” Alverà, however, makes an assessment of the renegotiation. “We have avoided arbitration with Statoil, Sonatrach and Gazprom and we are in arbitration with GasTerra. Assuming that this game is successfully concluded in 2015, we will be at breakeven at year end. In 2016 we’ll still structurally in balance even regardless of the outcome of this arbitration. ”
Then there is the actuality, starting from Libya. Descalzi is clear: “Our priority is to ensure the safety of workers and installations and at the time there were no facilities damaged.” On the production side, “we closed 2014 with an average production of 240 thousand barrels per day, the last quarter we were close to 275 thousand barrels, and in recent weeks we are producing close to 300 thousand boe / day.” Analysts wonder then lights on Saipem (“confirm our strong support to the company,” is a replica of the ad) and the possible sale of a further piece of the super-field Mozambican Mamba (“it is still on our agenda.”) While the possible spin-off of the gas and power, Descalzi not lean. “We do not comment the rumors. I can say what I have already said in July: first of all consider the possibility of giving more value to our retail gas that is a very strong segment with 10 million customers, not only in Italy but al so in Europe. We believe that a specialized structure, far from our core business, may be more valued. ”
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