Disposal of assets in Mozambique “expected to close before the end of the year” – Eni

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Disposal of assets in Mozambique “expected to close before the end of the year” – Eni

6:20 CAT | 11 May 2017

File photo & Claudio Descalzi

Eni’s Board of Directors approved group results for the first quarter 2017 (unaudited). Commenting on the results, Claudio Descalzi, CEO of Eni, remarked:

‘Eni has markedly improved its financial and operational performance in the first quarter of 2017. The Group has delivered a 60% increase in adjusted net profit to €750 million, compared with €460 million in the fourth quarter of 2016 when oil prices had already recovered to levels close to those experienced in this quarter. The operating growth is even bigger if compared with the first quarter 2016, when oil prices were at their lowest. Furthermore, the Group has seen with €2.6 billion its strongest cash generation in seven quarters. This performance was driven by the ongoing execution of Eni strategy across all business segments on 2017 targets, which are all confirmed. Flagship upstream projects, such as Jangkrik in Indonesia and OCTP in Ghana, are all about to come on stream, while Zohr in Egypt is progressing ahead of schedule. All this makes me confident about the full year budget production guidance. The disposal of assets in Egypt and Mozambique, which are expected to close before the end of the year, will contribute to a further strengthening of the Group’s financial position while maintaining future growth prospects. 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.’

Source: The Wall Street Transcript