This document summarizes eni's 2Q 2014 results and strategy update. Some key points:
- E&P production was in line with guidance and gas contract renegotiations yielded good results.
- CFFO grew over 50% in the first half of 2014 compared to the same period in 2013.
- eni's strategic focus is on boosting upstream value, cost savings, accelerating gas contract renegotiations, and enhancing cash flow through increased refining capacity cuts and additional asset sales.
- Major project start-ups between 2014-2015 are expected to contribute to average 3% annual production growth through 2017.
""Over the past three years, we have transformed Eni into a leaner and more resilient company. We have built a high margin portfolio consisting of a large number of mature projects, which will secure our production growth over the medium and long term, and a huge amount of reserves, which will give us flexibility and value."
Eni: second quarter and first half of 2016 resultsEni
Claudio Descalzi, Eni’s Chief Executive Officer, commented:
“Eni has achieved significant results in the first half of 2016, despite the weak but slowly improving market environment. Hydrocarbon production beat expectations, offsetting the suspension of activity in Val d’Agri and the disruptions in Nigeria. Our main developments are proceeding on time and on budget, allowing us to confirm our expected production growth of more than 5% in 2017. Our exploration, which is focused on near field activity, has allowed us to revise upwards our expectations for new discoveries in just six months. In mid and downstream, we have achieved positive results across all of our operations due to restructuring and efficiency measures which will continue as planned. Our strategy, including the optimization initiatives and a reduced cost base, has allowed us to absorb part of the impact of a low oil price scenario with a positive contribution of €1 billion to EBIT. We are maintaining our strong balance sheet, funding capex with our cash flow at a Brent price of 50$/bl. On this basis I will propose an interim dividend of €0.40 per share to the Board.”
“Eni has markedly improved its financial and operational performance, driven by the ongoing execution of Eni strategy across all business segments. We expect that in 2017 organic cash generation, coupled with proceeds from disposals, will allow us to fully fund our capex and dividend requirements at an oil price well below the current level.”
In this quarter, we continued to perform in line with our strategy, progressing in all our businesses and delivering positive operating results in each of them.
Royal Dutch Shell plc - Enhanced disclosures webcastShell plc
On Tuesday, May 4 Tjerk Huysinga, Executive Vice President Investor Relations, Sinead Gorman, Executive Vice President Finance Upstream, Brian Eggleston, Executive Vice President Finance Downstream, Frank Lemmink, Executive Vice President Finance Integrated Gas and Renewables and Energy Solutions and Roland Ilube, Senior Vice President Finance Mobility host an enhanced quarterly disclosures webcast.
""Over the past three years, we have transformed Eni into a leaner and more resilient company. We have built a high margin portfolio consisting of a large number of mature projects, which will secure our production growth over the medium and long term, and a huge amount of reserves, which will give us flexibility and value."
Eni: second quarter and first half of 2016 resultsEni
Claudio Descalzi, Eni’s Chief Executive Officer, commented:
“Eni has achieved significant results in the first half of 2016, despite the weak but slowly improving market environment. Hydrocarbon production beat expectations, offsetting the suspension of activity in Val d’Agri and the disruptions in Nigeria. Our main developments are proceeding on time and on budget, allowing us to confirm our expected production growth of more than 5% in 2017. Our exploration, which is focused on near field activity, has allowed us to revise upwards our expectations for new discoveries in just six months. In mid and downstream, we have achieved positive results across all of our operations due to restructuring and efficiency measures which will continue as planned. Our strategy, including the optimization initiatives and a reduced cost base, has allowed us to absorb part of the impact of a low oil price scenario with a positive contribution of €1 billion to EBIT. We are maintaining our strong balance sheet, funding capex with our cash flow at a Brent price of 50$/bl. On this basis I will propose an interim dividend of €0.40 per share to the Board.”
“Eni has markedly improved its financial and operational performance, driven by the ongoing execution of Eni strategy across all business segments. We expect that in 2017 organic cash generation, coupled with proceeds from disposals, will allow us to fully fund our capex and dividend requirements at an oil price well below the current level.”
In this quarter, we continued to perform in line with our strategy, progressing in all our businesses and delivering positive operating results in each of them.
Royal Dutch Shell plc - Enhanced disclosures webcastShell plc
On Tuesday, May 4 Tjerk Huysinga, Executive Vice President Investor Relations, Sinead Gorman, Executive Vice President Finance Upstream, Brian Eggleston, Executive Vice President Finance Downstream, Frank Lemmink, Executive Vice President Finance Integrated Gas and Renewables and Energy Solutions and Roland Ilube, Senior Vice President Finance Mobility host an enhanced quarterly disclosures webcast.
200215 Santos 2014 full year results presentationSantos Ltd
Santos today announced a 2014 underlying net profit of $533 million, up 6 per cent on the previous year.
Full-year highlights
•Production up 6% to 54.1 mmboe
•Sales revenue up 12% to $4 billion
•EBITDAX up 8% to $2,153 million
•Operating cash flow up 13% to $1,843 million
•PNG LNG start-up ahead of schedule with the project shipping 55 LNG cargoes in the year
•GLNG more than 90% complete and on track for first LNG in the second half of 2015, within budget
•Final dividend maintained at 15 cents per share, bringing the full-year dividend to 35 cents per share, up 5 cents
Eni Results for the Second Quarter and Half Year 2018Eni
Eni recorded another period of strong profitability in the second quarter. In the context of a 38% rise in the price of Brent, Eni reported a 152% increase in operating profit, driven by the performance of the Exploration & Production business, which more than tripled its contribution. Our cash generation also grew significantly, driven by the price of Brent and increased production levels, contributing to $20 per barrel, allowing us to confirm the lowering of our cash neutrality to $55 per barrel for 2018. The Gas & Power segment also reported excellent results, thanks to the strong integration of the LNG business with upstream activities and the positive impact of the restructuring carried out over the last years. A deterioration in Refining and Chemicals environment – which runs counter-cyclically to the price of Brent – meant a reduction in the contribution of these businesses, albeit remaining positive thanks to recent restructuring. There was significant progress in our portfolio management this quarter with the creation of Vår Energi in Norway as well as the funds received for the sale of Eni’s 10% stake in the Zohr field to Mubadala. As a result, net debt fell below €10 billion – the lowest level in 11 years. Consequently I will propose an interim dividend of €0.42 per share at the Board meeting on 13 September.
The revival and transformation of Europe’s largest onshore oilfield; the Pato...Albania Energy Association
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Repsol: Financial Results First Semester 2014Repsol
The earnings reflect a good performance of the company’s businesses as well as the success in obtaining a compensation agreement for the expropriation of YPF.
To find out more: http://ow.ly/Kc339
Short and medium term strategy updated: costs and capex optimization increased; energy transition targets confirmed, and investments in businesses linked to decarbonization raised. New shareholders’ remuneration policy put in place.
Today, Eni’s Board of Directors approved the Group results for the first quarter of 2019 (unaudited). Commenting on the results, Claudio Descalzi, CEO of Eni, remarked:
“I am very pleased of the excellent industrial and financial performance delivered by Eni in IQ 2019. Particularly, in light of a substantially unchanged market scenario, the E&P business has improved its operating profit by 25% compared to the first quarter of 2018, confirming our expectations of the business growing cash generation for the full year. The results of the G&P segment also improved; the 16% increase in operating profit to €372 million puts us on the path to achieving our €500 million profit target for the full year. The performance of the Downstream R&M and Chemicals business offset the effect of weaker margins and we expect to see a broad recovery over the next nine months, particularly in oil Refining and Marketing. Overall, first quarter operations generated a cash flow of €3.42 billion, up 8% and €1.5 billion greater than the investments for the period of around €1.9 billion, which is in line with the expectations of €8 billion for the whole year. The Group confirms that it can leverage on the quality and robustness of its asset portfolio, capable of covering costs, investments and dividends at a Brent price of US$ 55, in addition to generating a cash surplus in the event of higher prices, as in current trading conditions.”
Our performance in the third quarter, which allowed us to record cash flow from operations of €4.1 billion, double what we achieved in the same period last year and, even more remarkable, 35% higher than the
previous quarter. All the businesses have performed well, with the Upstream division showing that it can thrive in an
environment of either flat or increasing oil prices. The Mid and Downstream businesses continue their recovery,
demonstrating sustainable profitability despite an unfavorable environment."
0x01 - Newton's Third Law: Static vs. Dynamic AbusersOWASP Beja
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James Wilson, Orkestra and Deusto Business School
Emily Wise, Lund University
Madeline Smith, The Glasgow School of Art
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This presentation, created by Syed Faiz ul Hassan, explores the profound influence of media on public perception and behavior. It delves into the evolution of media from oral traditions to modern digital and social media platforms. Key topics include the role of media in information propagation, socialization, crisis awareness, globalization, and education. The presentation also examines media influence through agenda setting, propaganda, and manipulative techniques used by advertisers and marketers. Furthermore, it highlights the impact of surveillance enabled by media technologies on personal behavior and preferences. Through this comprehensive overview, the presentation aims to shed light on how media shapes collective consciousness and public opinion.
This presentation by Morris Kleiner (University of Minnesota), was made during the discussion “Competition and Regulation in Professions and Occupations” held at the Working Party No. 2 on Competition and Regulation on 10 June 2024. More papers and presentations on the topic can be found out at oe.cd/crps.
This presentation was uploaded with the author’s consent.
2. 2
result highlights
e&p production in line with guidance
good results from gas renegotiations
persisting weakness in mid-downstream oil
>50% CFFO growth* (H1 14 vs H1 13)
confirming exploration track record
* CFFO pre working capital variation
3. 3
2014 a weaker scenario
eur/usdoil price $/bl
* SERM: please see appendix for definition
refining margin - SERM*
eni new scenario
Italian gas demand and price
4. 4
eni strategic drivers and main actions
increasing refining capacity cuts
boosting upstream value
cost savings and efficiency
accelerating gas contract
renegotiations
cash flow
target
enhancing guidance in a weaker scenario
additional disposal plan
5. 5
the transformation to a fully integrated company
* refining, petrochemicals, power plants, retail oil
exploration
development,
operations &
technology
upstream midstream
retail
market
gas & power
downstream
&
industrial*
s t a f f
6. 6
upstream - maximising value of our operations
exploration production
reloading our exploration portfolio
42,000 sqkm new acreage
1H2014 new discoveries
> 400 Mil boe equity
2014 guidance confirmed
2013-17 CAGR confirmed at 3%
2015 +3% including impact of
Kashagan & Angola LNG delays
+3%
+3%
7. 7
pre-salt exploration and discoveries
Gabon –Block D4
structural trap of 40 sqkm
320 mt hydrocarbon column
offshore shallow water at 13 Km
from coast
eni w.i. 100%
West Africa pre-salt
a successful exploration campaign
Congo Marine XII (Litchendjili and Nenè):
2,5 bln boe of resources in place
Gabon Block D4: potential up to 500 mln
boe of resources in place
Angola Block 35: oil discovery under
evaluation
Libreville
8. 8
unlocking the value of our exploration
exploration dual model
diversifying risk
managing exposure
accelerating cash in
exiting mature assets
portfolio re-balancing
e&p disposal programme | bn €
>9
remaining
disposal
4YP
9. 9
2014 – 2015: two years of major start-ups
start up project country op start up date
2014-2015
Longhorn Ph.3 USA √ 1Q 14
West Franklin Ph.2 UK 4Q 14
Hadrian South USA 4Q 14
Lucius USA 4Q 14
Asgard Mikkel Norway 4Q 15
15/06 West Hub Angola √ 4Q 14
Eldfisk II Ph.1 Norway 1Q 15
Goliat Norway √ 2Q 15
Wafa Compression Libya √ 4Q 15
Perla Ph1 Venezuela √ 1Q 15
Nenè Marine Congo √ 4Q 14
Mafumeira Sul Angola 1Q 16
Litchendjili Gas Congo √ 3Q 15
Kizomba Sat. Ph.2 Angola 3Q 15
Junin 5 EP Venezuela √ 4Q 15
4YP contribution | kboed
progress
10. 10
gas contract renegotiations deliver enhanced results
Take or Pay cash recovery | bn €
Substantial recovery of the €1.9 bn take or
pay by 2017
> € 700 mln improvement
2014 EBIT guidance | mln €
cash and EBIT breakeven brought forward to 2014
Original New
2.0
1.0
2013 2017
11. 11
refining – increase resilience at lower margin
cash breakeven* at end 2015 @ current scenario
ORIGINAL PLAN: 35% REDUCTION
shutdown of Gela gasoline line
Venezia start-up Green Diesel Plant
in 2Q14
sales of CRC refinery
conversion of one refinery
NEW PLAN: >50% REDUCTION
conversion/restructuring of 3 plants
optimization of international presence
eni refineries
refinery under sale
green plant
*includes marketing activity
13. 13
cash flow trend
main impacts on CFFO
E&P near field production
Gas supply re-negotiations
Refining capacity cuts
Working capital improvement
Kashagan / A-LNG delay
Weaker gas market
Lower refining margin
CFFO >40% vs 2013
original vs new plan | bn €
avg
capex
14. 14
key targets confirmed or enhanced
E&P +3% production CAGR to 2017
G&P breakeven anticipated to 2014
R&M cash breakeven within end ‘15 at lower scenario
>€1.7bn of costs savings in 2014-17
>40% CFFO
+20% FCF
+ €2.0bn additional disposal
avg 2014-15 vs 2013