ENI:
Eni's Board of Directors, chaired by Lucia Calvosa, yesterday approved the unaudited consolidated results for the third quarter and the nine months of 2021 (not subject to audit).
Eni CEO Claudio Descalzi said:
"The excellent results this quarter demonstrate our continued strong economic and financial performance. Upstream production has recovered from maintenance and grown by 6% to 1.69 million boe/d in line with guidance. Eni also strengthened its leading position in exploration and in the model of valorizing and developing discovered resources. The company is fast tracking execution of the Baleine Prospect in Ivory Coast to supply gas to the domestic market - designing for the first time an upstream project with net zero operational emissions since the beginning. In the Gas and LNG business, we have optimized our portfolio and have been progressing important negotiations with a significant expected contribution to our full year results. Thanks to the performance of all our businesses, in the third quarter we've generated a €2.5 billion adjusted Ebit and a €1.4 billion adjusted net profit amongst the highest of recent years. Furthermore, in the first nine months of this year, strong cash generation and the careful management of costs has created over €4 billion of free cash flow, which more than covers the overall 2021 dividend and buyback. In an increasingly solid business context, we are accelerating our transition plan: the listing of our Retail & Renewables company will allow us to generate further value from a unique business model, which is essential for decarbonising the consumption of our retail customers. We also continue to invest to progress the UK HyNet CCS project, which is competing to obtain funds from the UK Government. Our long-term range of options has been further enhanced with the success of the magnetic fusion test which could lead to a disruptive technological evolution for future power generation. Eni will remain focused on capital discipline to reduce our cash neutrality, the rapid deployment of new technologies to speed up the execution of our decarbonization plans and, on the acceleration in establishing dedicated business vehicles as a key strategic element to focus our growth and to highlight the full value of our portfolio. "
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