Eni results for the third quarter and nine months of 2021

Eni results for the third quarter and nine months of 2021

Eni’s Board of Directors, chaired by Lucia Calvosa, history approved the unaudited consolidated results for the third quarter and the nine months of 2021 (not subject to inspection).
Eni CEO Claudio Descalzi said

“ The excellent results this quarter demonstrate our continued strong profitable and fiscal performance. Upstream product has recovered from conservation and grown by 6 to1.69 million boe/ d in line with guidance. Eni also strengthened its commanding position in disquisition and in the model of valorizing and developing discovered coffers. The company is fast shadowing prosecution of the Baleine Prospect in Ivory Coast to supply gas to the domestic request – designing for the first time an upstream design with net zero functional emigrations since the morning. In the Gas and LNG business, we’ve optimized our portfolio and have been progressing important accommodations with a significant anticipated donation to our full time results. Thanks to the performance of all our businesses, in the third quarter we ’ve generated a€2.5 billion acclimated Ebit and a€1.4 billion acclimated net profit amongst the loftiest of recent times. Likewise, in the first nine months of this time, strong cash generation and the careful operation of costs has created over€ 4 billion of free cash inflow, which further than covers the overall 2021 tip and buyback. In an decreasingly solid business environment, we’re accelerating our transition plan the table of our Retail & Renewables company will allow us to induce farther value from a unique business model, which is essential for decarbonising the consumption of our retail guests. We also continue to invest to progress the UK HyNet CCS design, which is contending to gain finances from the UK Government. Our long- term range of options has been further enhanced with the success of the glamorous emulsion test which could lead to a disruptive technological elaboration for unborn power generation. Eni will remain focused on capital discipline to reduce our cash impartiality, the rapid-fire deployment of new technologies to speed up the prosecution of our decarbonization plans and, on the acceleration in establishing devoted business vehicles as a crucial strategic element to concentrate our growth and to punctuate the full value of our portfolio.”

Highlights
DECARBONISATION STRATEGY
Eni has begun the process of launching the Original Public Offering to list the shares of its recently- formed businesses, comprising EGL, retail, renewable energy product and EV charging points divisions ( named conventionally as”ENI R&R”). Eni plans to complete the sale during 2022 ( farther information on this sale, including the name of the new company, will be made public during the capital requests day, listed on November 22, 2021). This sale aims to unleash the value of this asset by giving lesser visibility to its unique competitive advantages, in line with the Company’s strategy to deliver value through the energy transition and the achievement of net zero emigrations.
A major corner was reached by CFS (1), of which Eni is the largest shareholder, in its exploration on glamorous confinement emulsion, which promises to be a game changer for decarbonisation technologies, making it possible to potentially produce large quantities of nearly horizonless energy in a safe and sustainable manner, with no performing GHG emigrations.
Inked agreements with governmental agencies and state- possessed canvas companies in the Republic of Congo, Angola, Kenya for the common development of indirect frugality and decarbonisation systems, aimed at developing crops not in competition with the food force- chain at an artificial scale to supply Eni’sbio-refineries.
Eni has launched its first Energy Compact, a public commitment honored by the United Nations, to accelerate progress towards Sustainable Development ThingNo. 7 relating to accessible and clean energy and the targets of the Paris Agreement. Eni has thereby taken on a commanding part in contributing to global climate targets, in line with the company’s strategic commitment to achieve carbon impartiality by 2050.
Eni scored among the ten stylish companies of the recently launched ESG MIB indicator of Euronext, with the company’s leadership also honored in the main ESG conditions and technical indicators (MSCI, Sustainalytics,V.E, FTSE4Good Developed Index), carrying Prime Status indicator from the ISS ESG standing. Excellent results also in climate- concentrated conditions (Climate Action 100 Net Zero Benchmark, Carbon Tracker, Transition Pathway Initiative).
Q3 AND NINE MONTHS 2021 RESULTS

Macroeconomic growth, the normalization of global stocks, the product operation of the OPEC alliance, withheld capital spending by transnational O&G companies, and eventually a dislocation to product in the Gulf of Mexico caused by Hurricane Ida drove up the price of crude canvas in the third quarter with the Brent crude canvas standard comprising73.5$/ bbl in Q3; up by 7vs. Q2 2021.
Natural gas prices in Europe reached each- time highs Q3 prices equaled roughly 500€/ kcm for the main marks TTF (Northern European mecca) and PSV (Italian spot request) with increases independently of 500 and 400vs. the same period of the former time, while nearly doubling compared to Q2 2021, due to an decreasingly tight request due to lower global inventories, lower storehouse situations than literal pars at the peak of the injection season and strong demand led by the profitable recovery. On the negative side, the PSV-TTF spread continued to decline, plunging into negative home in Q3 for the first time in history to-9€/ kcm, down from 1€/ kcm in the Q2 2021 and from 10€/ kcm in the same quarter 2020.
Chemical perimeters have braked down from the record values of the last quarter, in particular the polyethylene spread at roughly 450€/ tonnes on average in Q3 nearly halved compared to Q2 2021; elastomer and styrene spreads were still at high situations, although remained lower than the former quarter.
The refining script in the European/ Mediterranean region remained depressed with the Eni standard periphery SERM down to major lows (-0.4$/ bbl on average in the quarter, in line with the former) due to the strong
.