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

Q2 2019 Eni SpA Earnings Call Transcript

Jul 26, 2019 / 10:00AM GMT

Release Date Price: MXN613.22

Transcript

Operator

Good afternoon, ladies and gentlemen, and welcome to Eni's Second Quarter 2019 Results Conference call hosted by Mr. Claudio Descalzi, Chief Executive Officer. (Operator Instructions)

I'm now handing you over to your host to begin today's conference. Thank you.

Claudio Descalzi

Eni S.p.A. - CEO, GM & Director

Good afternoon and welcome to Eni's first half result. In the first half of 2019, we continue to consolidate our strategy and enhance our cash generation. Operating and free cash flow growth are the most remarkable achievements. We generated EUR 6.8 billion of operating cash flow, a 23% growth versus 2018 in a lower gas price scenario. With CapEx at EUR 3.8 billion, we generated an organic free cash flow before working capital of EUR 2.9 billion, almost doubling the EUR 1.5 billion of our dividend needs in the period. Thanks to this strong cash performance, we reduced our debt to below EUR 8 billion, the lowest level since 2006. This corresponds to a leverage of 15% at the end of June. Upstream production was 1.83 million barrel per day. We

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