On April 24, Italian oil & gas supermajor Eni (E) published its Q1 FY19 results. It was indeed quite interesting to look inside the Q1 report, as Brent recuperated in early 2019, and energy investors looked forward to seeing if supermajors benefited from expensive oil in the first quarter. Alas, results were mixed, as the announcement contained both inspiring and disenchanting issues. Eni disappointed the market with lower production than anticipated, negative levered free cash flow of €(142) million pummeled by trade receivables and inventory, and weaker revenue compared to both Q1 and