Descalzi: “Financial structure at pre-crisis levels”
Eni archives theit was oil low cost bringing back in 2021 a adjusted net profitie net of the extraordinary components, of 4.7 billion eurosthe highest since 2012. A result achieved, the oil company led by Claudio Descalzithanks to performance operational, to better results of the investments inequity and the sensible recovery of the scenario upstream. Net profit rises to 6.12 billion. In the fourth quarter, adjusted ebit rose by 53% to 3.8 billion and adjusted net profit to 2.11 billion. Confirmed 2021 dividend proposal already announced on the market of € 0.86 per shareof which 0.43 paid on account in September 2021.
Eni, in 2021 useful to the maximum since 2012. The words of the CEO Descalzi
During call with analysts, the number one of Eni Claudio Descalzi he said he had a dialogue with the government on a increase in gas production in Italy, “but we have to wait for what is decided”.
“In the talks we have said that we are open to discuss if there is possibility of developing new resources. Let’s wait and see, we are open and ready to invest in gas in Italy, “he noted Descalzi.
Regarding SaipemInstead, the manager stated that “with Cdp we support the company but we must first understand the future”.
“We have injected resources, now there is a reorganization process underway and Saipem is working to present a new plan to the market. Until we know the new reorganization, the new plan and the cost cutting we cannot say anything, “he concluded.
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Hydrocarbon production in the fourth quarter was 1.74 million boe / d, + 2.7% compared to the same quarter of 2020 at the same price and + 3.2% compared to the third quarter of 2021. In the year 1.7 million boe / g at the same price, in line with guidance. During the year, Eni generated a cash flow of 12.7 billion which financed net capex of 5.8 billion. The free cash flow headcount is 7.6 billion. The generation of organic cash, the energy group has always explained, is able to cover the payment of dividends and the buy-back (in total 2.8 billion), the portfolio maneuver in support of the transition businesses (2.1 billion) and allows to reduce the net debt to 9 billion and the leverage ratio to 0.20 against 0.31 at the end of 2020.
“Over the course of 2021 we have achieved excellent results and accelerated the our transformation strategy that leverages the integration of technologies, new business models and close collaboration with our stakeholders. The rigorous financial discipline and cost reduction implemented following the pandemic crisis have allowed us to make the most of the strong economic recovery of 2021 “, commented Descalzi.
“We consolidated an Ebit of 9.7 billion and an adjusted net profit of 4.7 billion, the highest since 2012, when the Brent exceeded $ 110 a barrel. The strong cash generation, which also benefited from the selectivity in spending choices, made 7.6 billion free cash flow organic, able to accelerate the growth of green business and to cover dividends and buy backs that have already returned to pre-pandemic levels, and reduce the debt ratio to 20%, compared to 31% last year “, added Eni’s number one.
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