Eni has closed the third quarter of the year with a net loss of 484 million euro and 9 months of the year with a loss of 1.39 billion. This was announced by the group in a note stating that the loss adjusted is equal to 0.48 billion in the quarter and 0.80 in the 9 months. The adjusted operating income, a decrease of 66% to 0,26 billion in the third quarter and a decline of 73% to 1.03 billion in the 9 months. The decrease, explains the note, is due to the effects of the worsening of the scenario and of the stop of the Val d’agri. Hydrocarbon production has registered a growth of 0.4% in the third quarter-to 1.71 million barrels/day and of 0.5% in the first nine months.
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If we exclude the firm in Val d’agri, of portfolio transactions and the effect on prices of petroleum contracts, according to the group, the progress is 2.2% in the quarter and 1.6% in the nine months. Confirmed guidance for the year 2016 to a level of production substantially stable compared to 2015, in spite of the firm of Val d’agri. The chief executive officer, Claudio Descalzi, in commenting on the results, said that “the strategies and goals of the group, including the disposals, are confirmed” and listing some steps forward in the upstream has assured that “it will be reinforced by the fourth quarter of cash generation”.
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The adjusted operating income for the nine months, says the note, recorded a decrease of 2.82 billion (-73%) due to deterioration of the scenario (-3,3 billion euro) and of the stop of the Val d’agri. The lower costs and the efficiency measures put in place to counteract the negative scenario have brought a benefit of 1 billion. In the third quarter in worsening the results of the R&M and Chemical (-0,16 billion, or 48%) for the effect of one scenario, refining margins, and the commodity is less favourable compared to the previous year and competitive pressure, whose effects were mitigated by the initiatives of efficiency and optimization. The G&P has reduced of 20% in operating loss compared to the third quarter of 2015, penalized by the economic effects of the make-up gas. The net financial debt at 30 September 2016 is eur 16,01 billion, with a reduction of 0.86 billion compared with 2015. This variation determines the effect of the net cash flow from operating act ivities of 4,43 billion, the closing of the transaction Saipem with net proceeds of 5.2
billion and other disposals of 0.6 billion stake in Snam for the effect of the exercise of the conversion right by the bondholders and the activities of fuel distribution in Eastern Europe). Compared to June 30, 2016, the net financial debt is an increase of 2.19 billion.
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