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February 15, 2019

Eni full-year profits almost double in 2018

Eni has announced its 2018 full-year results, reporting almost doubled operating and net profits and increased levels of offshore oil production.

By Umar Ali

Italian oil and gas company Eni has announced its 2018 full-year results, reporting almost doubled operating and net profits and increased levels of offshore oil production.

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Eni reported an adjusted operating profit of €2.93bn in the fourth quarter (Q4) of 2018, a 49% increase from 2017. Adjusted net profit in Q4 was €1.46bn, an increase of 55% from 2017.

Eni ’s full-year adjusted operating profit in Q4 2018 was €11.24bn, an increase of 94% from 2017. Adjusted net profit in the full year of 2018 was €4.59bn while net profit was €4.23bn, an increase of 25% from 2017.

Eni CEO Claudio Descalzi said: “2018 was a strong year for Eni both financially and operationally, which was characterised by a robust fourth quarter performance. We successfully optimised our portfolio and strengthened it for the future, and we doubled operating and net profit, while the price of Brent averaged 25% higher than 2017 in euro terms.

“We increased cash flow from operations by 35% allowing us, after investments, to cover our €3 billion dividend while also reducing net debt by approximately the same amount to €8.3 billion.”

Eni reported record levels of hydrocarbon production in 2018, with 1.85 million barrels of oil equivalent per day (Mboe/d) for the full year, despite a decline in gas demand.

This increase in production was fuelled by an addition of more than 300 kilo barrels of oil equivalent per day (kboe/d) from “highly-profitable giant projects” as well as increased production at the Kashagan, Goliat and Val d’Agri fields. Eni also reported an addition of 620Mboe of new resources over 2018.

Descalzi said: “In our Upstream division we achieved our highest ever level of production of 1.85 million barrels per day, with a cash flow per barrel of $22.5, achieving our 2022 target four years early. The proven reserves replacement ratio was once again higher than 100%, for a three-year average of 131%. Gas & Power achieved its highest ever operating profit since the spin-off of regulated transport and distribution activities, equal to €0.5 billion.

“With a view to the future we strengthened and geographically diversified our upstream portfolio, expanding our growth prospects with the establishment of Vår Energi in Norway and building of a significant presence in the Middle East, while keeping costs low and maintaining a high level of profitability.”

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Identify the trends of tomorrow using filings sentiment analysis

Business sentiment continues to improve, showing a clear recovery since the onset of COVID-19. Sentiment in 2021 was up by 8% compared to 2020. Industrials had the highest sequential filings sentiment growth in Q3 2021. Optimism around digital themes and general outlook drove the positive trend in overall business sentiment. GlobalData’s Filing Analytics Annual Report 2021 on Industrials provides insights into sentiment and mention trends for companies, geographies, and themes. Get real-time analysis of:
  • Quarterly & annual reports
  • Earnings call transcripts
  • IPO filings
  • Events presentations
  • ESG filing trends
Understand the overall outlook for ADS, Construction, Mining, Oil & Gas, Power and Automotive, and spot the topics and themes that will be most impactful in the next few years. Download the full report to understand what to expect and how to align your business for success.
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