2023-07-28 04:36:56 ET
- ENI press release ( NYSE: E ): Q2 Non-GAAP EPS of €0.57.
- Revenue of €19.59B (-37.9% Y/Y).
- Outlook: The Company is issuing the following updated operational and financial guidance: E&P: Hydrocarbon production for 2023 is confirmed in the range of 1.63-1.67 mln boe/d in a price scenario of $80/bbl. In Q3 2023 production is forecast to be about 1.63 mln boe/d.
- E&P: Exploration target of 700 mln boe of discovered resources is confirmed.
- GGP: Adjusted EBIT guidance is raised to €2.7 bln - €3.0 bln for the year versus the previous guidance of €2.0 bln - €2.2 bln.
- Plenitude & Power: Plenitude proforma adjusted EBITDA guidance is raised to around €0.8 bln, higher than €0.7 bln previously.
- Sustainable Mobility, Refining and Chemicals: Sustainable Mobility proforma adjusted EBITDA is confirmed at more than €0.9 bln. Downstream proforma adjusted EBIT is now expected to be €0.8 bln, lower than €1.0 bln - €1.1 bln reflecting market conditions not captured by the benchmark SERM.
- Financials: We confirm Group adjusted EBIT guidance of €12 bln even at the lowered reference scenario1, an underlying raise in guidance of around €2 billion. At the lowered scenario assumptions we expect cash flow from operations before working capital to be between €15.5-€16 billion, similarly reflecting an improvement in underlying performance.
- Capex: Now expected to be under €9.0billion, lower than previous guidance of €9.2 billion and original guidance of €9.5 billion and resulting from continuing optimization and efficiency measures.
- Balance Sheet: Leverage is expected to remain within the stated range of 10% - 20%.
For further details see:
ENI Non-GAAP EPS of €0.57, revenue of €19.59B; updates FY23 guidance