EIPAF - Eni S.p.A. (E) Q1 2025 Earnings Call Transcript
2025-04-24 11:57:23 ET
Eni S.p.A. (E)
Q1 2025 Earnings Call
April 24, 2025 08:00 A.M. ET
Company Participants
Jon Rigby - Head of IR
Francesco Gattei - Chief Transition & Financial Officer
Stefano Ballista - CEO, Enilive
Guido Brusco - COO, Global Natural Resources
Adriano Alfani - CEO, Versalis
Giuseppe Ricci - COO, Industrial Transformation
Unidentified Company Representative -
Conference Call Participants
Alejandro Vigil - Santander
Biraj Borkhataria - RBC
Josh Stone - UBS
Giacomo Romeo - Jefferies
Matthew Smith - Bank of America
Michele Della Vigna - Goldman Sachs
Alessandro Pozzi - Mediobanca
Peter Low - Redburn Atlantic
Irene Himona - Bernstein
Paul Redman - BNP Paribas
Henry Tarr - Berenberg
Matthew Lofting - J.P. Morgan
Massimo Bonisoli - Equita
Kim Fustier - HSBC
Lydia Rainforth - Barclays
Presentation
Operator
Good afternoon, ladies and gentlemen, and welcome to Eni’s 2025 First Quarter Results Conference Call, hosted by Mr. Francesco Gattei, Chief Transition and Financial Officer. For the duration of the call, you will be in listen-only mode. [Operator Instructions]. I am now handing you over to your hosts to begin today's conference. Thank you.
Francesco Gattei
Thank you. Good afternoon. Our February Capital Market Update emphasized the speed and scale at which we have been progressing our strategy. Quarter one maintained that pace and recent events have confirmed why our clarity of strategic view and speed of action is so critical. We are creating value, leveraging our competitive strengths in the upstream, strengthening and diversifying the company, fixing underperforming activities, materially strengthening our balance sheet all while offering a competitive and resilient return to investors.
Reviewing the important strategic highlights of the quarter and year-to-date. Growth is an important feature in our plan. In the Upstream, in March, Johan Castberg began production and will add 66,000 barrel per day of oil production at plateau for Var, as it targets over 400,000 barrel per day by the fourth quarter. Castberg is the first of the five major start-ups due this year with Balder X in Norway, Agogo and NGC in Angola plus Congo LNG Phase 2 to follow, setting us up for a strong 2026.
In the Transition businesses, Plenitude has completed the construction of its 200 megawatt battery in Texas and acquired 245 megawatt in share of photovoltaic and storage in California. While Enilive began production of SAF at its new 400,000 ton per year facility at Gela in Sicily. We are also realizing significant value through the investment of aligned capital into of our Transition Businesses and the valorization of our industry-leading exploration activities, via the Dual Model. We closed the agreed increase in EIP’s stake in Plenitude to 10% with an additional cash of €209 million at the end of March. We also closed the increase in KKR’s stake in Enilive to 30% with an additional cash in of €601 million in April. This followed the 2.97 billion we collected at the beginning of March....
Eni S.p.A. (E) Q1 2025 Earnings Call Transcript