ENI accounts, the numbers for the third quarter of 2022

The oil giant benefited from a more favorable economic environment. Management has reviewed some financial and operational indications for the whole of 2022

eni_20ENI announced the financial results for the first nine months of 2022, the period in which the oil giant has benefited from a more favorable economic environment. As a result, the Six-legged Dog showed a strong improvement in revenues and profitability.

Management has revised some financial and operational indications for the whole of 2022 and specified that the 2.4 billion euro share buyback program is expected to be completed by the end of the year.

ENI, the income statements for the first nine months of 2022

The oil giant ended the first nine months of the year with revenues from core business equal to 100.99 billion euro, an increase of 103% compared to the 49.81 billion obtained in the first three quarters of the previous year. In the period under review the production of hydrocarbons it fell by 3% to 1.61 million boe / day.

ENI closed the January-September period of 2022 with a adjusted operating profit of € 16.8 billion, a sharp increase compared to the € 5.86 billion obtained in the first nine months of the previous year.

The adjusted net result it was positive for 10.81 billion euros, a result that compares with the 2.63 billion recorded in the first nine months of 2021, thanks to the improvement in operating profit. The Net income it was positive for 13.26 billion euros.

ENI, the numbers of the 3rd quarter 2022

The Six-legged Dog ended the third quarter of 2022 with a adjusted operating profit positive for 5.77 billion euros, compared to 2.49 billion in the corresponding period of the previous year. The Radjusted net result jumped to 3.73 billion, compared to 1.43 billion recorded in the third quarter of 2021.

In the period under review the production of hydrocarbons it fell by 7% to 1.58 million boe / day.

ENI, the consensus of analysts for the third quarter of 2022

The analyst consensus, published on the company’s website, indicated an adjusted operating profit of approximately € 4.87 billion and an adjusted net profit of approximately € 3.21 billion.

Production was indicated at 1.59 million barrels equivalent per day.

ENI, debt, cash flows and investments

At the end of September 2022 thenet debt of ENI had dropped to 11.53 billion euros, compared to 14.32 billion at the beginning of the year. At the same date, the leverage was equal to 0.2.

In the first nine months of the year, ENI recorded a operating cash generation equal to 12.87 billion euros. In the same period the net investments they amounted to 5.47 billion; consequently, the investments were fully financed by the adjusted cash flow.

ENI, estimates for 2022

Assuming no significant interruption in gas flows from Russia, ENI’s top management reported that for 2022, an adjusted cash flow before working capital is expected at replacement cost in the order of 20 billion euros, under the $ 100 / barrel of Brent scenario (compared to the initial forecast of $ 20 billion at the $ 105 / barrel scenario). THE organic capex they are forecast at 8.3 billion euros, in line with the original guidance.

2022 hydrocarbon production is indicated at approximately 1.63 million boe / day, in line with the previous indication of 1.67 million once adjusted for the greater force majeure relating mainly to Nigeria, the lower contribution of Kazakhstan due to unforeseen events in Kashagan, as well as the lower contribution of Norway; the forecast assumes the scenario for the Brent reference updated to 100 dollars a barrel. Furthermore, ENI estimates approx 750 million boe of new exploration resources expected in 2022, up from the previous target of 700 million boe.

ENI reported that the main price sensitivities provide for a change of 130 million euros in free cash flow for every dollar of change in the Brent price and approximately 700 million for each change of 5 cents in the euro / dollar exchange rate compared to the new hiring of 1.05 dollars in 2022 and considering a Brent price of $ 100 per barrel.

The management specified that the share buyback program of 2.4 billion euros is expected to be completed by the end of the year.


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About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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