Eni announces results for the Fourth Quarter and the Full Year 2012
Eni, the international oil and gas company, today announces its group results for the fourth quarter and the full year 2012 (unaudited).
Financial highlights 1
■Continuing operations: ■Adjusted operating profit: €19.75 billion (up 14.6%) for the full year; €4.96 billion (up 17%) for the quarter;
■Adjusted operating profit excluding Snam contribution*: up 20.2% for the full year, up 29.7% for the quarter;
■Adjusted net profit: €7.13 billion (up 2.7%) for the full year; €1.52 billion (down 3.6%) for the quarter;
■Adjusted net profit excluding Snam contribution*: up 7.6% for the full year; up 9.2% for the quarter;
■Cash flow: €12.42 billion for the full year; €2.17 billion for the quarter; leverage2 from 0.46 to 0.25;
■Net profit: €7.79 billion for the full year; €1.46 billion for the quarter;
■Dividend proposal for the full year of €1.08 per share (includes an interim dividend of €0.54 per share paid in September 2012).
■Record amount of discovered resources in the year: 3.64 bboe;
■Proved reserves at eight-year record: 7.17 bboe with a reference Brent price of $111 per barrel. The organic reserve replacement ratio was 147% 3;
■Oil and natural gas production: 1.701 million barrels per day in the year, up 7% from 2011 (up 3.6% in the quarter) 3;
■Natural gas sales: down 1.5% to 95.32 billion cubic meters in the year (down 1.5% in the quarter);
■Signed an agreement with Anadarko for the development of common onshore activities in Mozambique;
■Acquired exploration licenses in the emerging areas of Liberia, Kenya, Vietnam, Cyprus and offshore Russia during the year;
■Further progress in the divestment of Snam and Galp also through the placement of convertible bonds;
■Started reorganization of Eni’s downstream activities in 2012.
Paolo Scaroni, Chief Executive Officer, commented:
“2012 was a record year for exploration at Eni with discovered resources about six times yearly production thanks to our outstanding achievements in Mozambique and our other successes in West Africa, in the Barents Sea and in Indonesia. We have also made significant progress in developing projects, further increasing our reserves to best ever levels. Production growth has delivered excellent operating profits at our Exploration and Production division. In Gas & Power and Refining & Marketing we have realised significant efficiency improvements that have allowed us to absorb most of the effects of the still difficult European scenario. Thanks to Eni’s capital structure, which has also been strengthened by the disposals of Snam and Galp, the company will achieve industry-leading upstream growth rates.”
(1) Due the divestment plan of the Regulated Gas Businesses in Italy, Snam results are represented as discontinued operations throughout this press release.
(2) Ratio of net borrowings to shareholders’ equity. For further disclosure see page 36.
(3) Excluding the impact of updating the natural gas conversion rate. For further information see page 9.
* The Snam contribution excluded is the result of Snam transactions with Eni included in the continuing operations according to IFRS 5. Adjusted operating profit and adjusted net profit are not provided by IFRS.
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