Eni SpA (MEX:E)

MXN 632.5 0 (0%) Market Cap: 976.32 Bil Enterprise Value: 1.42 Til PE Ratio: 16.82 PB Ratio: 0.80 GF Score: 77/100

Q1 2019 Eni SpA Earnings Call Transcript

Apr 24, 2019 / 02:00PM GMT

Release Date Price: MXN672.75

Transcript

Operator

Good afternoon, ladies and gentlemen, and welcome to Eni's 2019 First Quarter Results Conference Call hosted by Massimo Mondazzi, Chief Financial Officer. (Operator Instructions) I will now hand you over to your host to begin today's conference. Thank you.

Massimo Mondazzi

Eni S.p.A. - CFO

Good afternoon, and welcome to Eni first quarter 2019 presentation.

In the first quarter, upstream and Gas & Power sectors delivered positive results, while downstream confirmed its resilience in a tough scenario. In upstream, the EBIT performance was robust at EUR 2.3 billion, plus 25% year-on-year net on Norway impact, thanks to the higher value on new production. Production was 1,832,000 boe per day, 1.3% lower than last year when Intisar production in Libya was still onstream. In exploration, we confirmed our positive track record with 174 million of boe on new discoveries, mainly related to the Agogo oil field in Block 15/06 in Angola, Merakes East in Indonesia and Noor in Egypt. In addition, we are continuing to reload our exploration opportunities with

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