- 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.
For further details see:
Eni: Solid Free Cash Flow Despite Weak Energy Prices