- FINANCE, STRATEGY AND REPORTING
IIIQ | IVQ | Full Year | ||||||
---|---|---|---|---|---|---|---|---|
2017 | 2017 | 2016 | % Ch. | 2017 | 2016 | % Ch. | ||
52.08 | Brent dated | $/bbl | 61.39 | 49.46 | 24 | 54.27 | 43.69 | 24 |
1.175 | Average EUR/USD exchange rate | 1.177 | 1.079 | 9 | 1.130 | 1.107 | 2 | |
44.34 | Brent dated | €/bbl | 52.14 | 45.84 | 14 | 48.03 | 39.47 | 22 |
1,803 | Hydrocarbon production | kboe/d | 1,892 | 1.856 | 2 | 1,816 | 1,759 | 3 |
947 | Adjusted operating profit (loss) (a) | € million | 1,995 | 1.286 | 55 | 5,795 | 2,315 | 150 |
1,046 | of which: E&P | 1,864 | 1.400 | 33 | 5,170 | 2,494 | 107 | |
(193) | G&P | 213 | (72) | .. | 212 | (390) | .. | |
337 | R&M e Chemicals | 114 | 75 | 52 | 992 | 583 | 70 | |
229 | Adjusted net profit (loss) (a) | 975 | 459 | 112 | 2,411 | (340) | .. | |
0.06 | - per share (€) | 0,27 | 0.13 | 0.67 | (0,09) | |||
344 | Net profit (loss) (b) | 2,100 | 340 | 518 | 3,427 | (1,464) | .. | |
0.10 | - per share (€) | 0.58 | 0,09 | 0.95 | (0.41) | |||
1,938 | Adjusted net cash before changes in working capital (c) | 2,423 | 2,123 | 14 | 9,256 | 6,179 | 50 | |
2,124 | Underlying net cash provided by operating activities (d) | 3,218 | 3,546 | (9) | 9,986 | 7,971 | 25 | |
1,463 | Net capital expenditure (d) (e) | 1.891 | 2,256 | (16) | 7,619 | 9,275 | (18) | |
Net disposals (d) | 2,323 | 3,797 | ||||||
14,965 | Net borrowings | 10,916 | 14,776 | (26) | 10,916 | 14,776 | (26) | |
0.32 | Leverage | 0.23 | 0.28 | 0.23 | 0.28 |
(a) Non-GAAP measure. For further information see the paragraph "Non-GAAP measures" on page 18 of the Press Release on Full Year 2017 and fourth quarter results.
(b) Attributable to Eni's shareholders - 2016 results refer to continuing and discontinued operations.
(c) Non-GAAP measure. Net cash provided by operating activities before changes in working capital excluding inventory holding gains or losses and certain non-recurring items. For further information see page 15 of the Press Release on Full Year 2017 and fourth quarter results.
(d) For further information see page 15 of the Press Release on Full Year 2017 and fourth quarter results.
(e) Include capital contribution to equity accounted entities.
Yesterday, Eni’s Board of Directors approved the Group results for the fourth quarter and the full year of 2017 (unaudited). Commenting on the results, Claudio Descalzi, CEO of Eni, remarked:
“We close 2017 with excellent results which underline how the process of intense change started in 2014 has transformed Eni into a company able to grow and create value even in difficult market conditions. In Upstream we beat our historical record of production having even reduced our development capex by 40% vs. the 2014 baseline, continued to record outstanding results from our exploration programme and started our most significant projects in record time, in particular the jewel in our crown, Zohr. In Mid-Downstream, Gas & Power returned to positive structural results a year ahead of schedule, while we achieved our best full year results in eight years for Refining & Marketing and record numbers in our Chemicals business Versalis. Consequently, our cash generation increased 50% compared with an increase in Brent of 22% and our cash-neutrality decreased to 57 $/bl. We also strengthened our capital structure, also through divestments over the course of the year. Looking to the future, we see excellent growth prospects for all of our businesses. However, growth must be sustainable and we will pursue it in a disciplined way with great respect for the possibility of the most difficult operating conditions. Nevertheless, should conditions be more favourable, we will be in a position to create substantial surplus value for our shareholders. On this basis, I will propose a dividend of €0.80 per share in 2017 to the Board of Directors, on March 15.”
Highlights
Exploration & Production
Gas & Power
Refining & Marketing and Chemicals
Group results
1 See note (d) in the table of page 1 of the attached pdf.
2 See note (c) in the table of page 1 of the attached pdf.
3 See note (d) in the table of page 1 of the attached pdf.
4 The Board of Directors intends to submit a proposal for distributing a dividend of €0.80 per share (€0.80 in 2016) at the Annual Shareholders’ Meeting convened for May 10, 2018. Included in this annual payment is €0.40 per share paid as interim dividend in September 2017. The balance of €0.40 per share is payable to shareholders on May 23, 2018, the ex-dividend date being May 21, 2018.
The full version of the Press Release is available in PDF format.
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