EIPAF - Eni: Solid Free Cash Flow Despite Weak Energy Prices

• Eni delivered weaker financial performance than it did last year, which was not surprising.
• The lower oil prices dragged down its revenues but so did the lower production.
• The company's production fell due to the mandatory OPEC+ cuts, which is unfortunately a disadvantage of having most of its operations in OPEC+ nations.
• The company's exploration program was very successful and Eni will likely see its reserves grow by more than 300 million boe this year.
• The company surprisingly manages to generate positive free cash flow so should be able to maintain its dividend.

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