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Eni S.p.A (E) Q1 2021 Earnings Call Transcript


Eni S.p.A (E) Q1 2021 Earnings Call Transcript
Motley Fool Transcribers
© The Motley Fool
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Eni S.p.A (NYSE: E)
Chief Executive Officer
Good afternoon and welcome to Eni First Quarter 2021 Results. 2021 is still a year of transition and the first quarter has demonstrated a different pace of recovery for our businesses. The quarter was positive for oil, with an 11% growth of Brent price in euro versus first quarter 2020. We have recorded a partial rebound of demand, now at around 95 million barrel per day and a more materially disciplined supply, mainly thanks to the OPEC+ cut and natural decline of state oil production. Likewise, chemicals rebounded strongly, benefiting from industrywide disruptions due to the winter weather in the US and higher demand in Asia. On the other end, other sector are still facing a weak environment. Downstream was impacted by negative refining margins and the lower volumes due to the lockdowns, mainly across Europe. Finally, notwithstanding the increase of gas prices, the spreads between PSV and TTF showed very low differential due to the new supply sources in Italy and the increased demand in Europe and Far East. Notwithstanding this mix of conditions, we are steadily making progress in our recovery. ENI EBIT adjusted at EUR1.3 billion was flat versus first quarter 2020 and it was a 2.7 times higher than the previous quarter. Net profit adjusted at 0.27 was also five times higher than the first quarter 2012. In retail, in upstream, our production of 1.7 million barrel per day is in line with our early guidance. Production was 5% lower than last year, with a steady gas profile and 9% lower in all production due to the OPEC cut, a lower investment in production optimization because of the pandemic. In exploration, within our infrastructure lead strategy, we discovered 120 million barrels of oil equivalent, mainly Norway and in Angola, creating synergies with existing gaps in facilities. The Cuica discovery in Angola is closer to our existing FPSO in Block 15/06 and will be connected to the production within six months.

Norway , Kazakhstan , Australia , United-states , Cuica , Malanje , Angola , United-kingdom , Algeria , Indonesia , Damietta , Dumyat

TechnipFMC (FTI) Q1 2021 Earnings Call Transcript


TechnipFMC (FTI) Q1 2021 Earnings Call Transcript
Motley Fool Transcribing
© The Motley Fool
Logo of jester cap with thought bubble.
TechnipFMC (NYSE: FTI)
Matt Seinsheimer --
Vice President, Investor Relations
Good morning, and good afternoon, and welcome to TechnipFMC's first-quarter 2021 earnings conference call. Our news release and financial statements issued yesterday can be found on our website. I'd like to caution you with respect to any forward-looking statements made during this call. Although these forward-looking statements are based on our current expectations, beliefs and assumptions regarding future developments and business conditions, they are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by these statements.

Mexico , Norway , Malaysia , United-states , United-kingdom , Gulf-of-mexico , Mexico-general , Brazil , Saudi-arabia , Mozambique , France , North-sea

Eni S.p.A (E) Q4 2020 Earnings Call Transcript

Eni S.p.A (E) Q4 2020 Earnings Call Transcript
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Norway , Kazakhstan , Qatar , Australia , Milan , Lombardia , Italy , United-states , United-kingdom , Dogger-bank , Tasmania , Vietnam