Italian energy group Eni has reported that in the fourth quarter of 2013, its liquids and gas production of 1,577 kboe/d declined by 9.7% from the fourth quarter of 2012, reflecting significant force majeure events in Libya and in Nigeria.
Paolo Scaroni (pictured), Chief Executive Officer, commented:
"In 2013 Eni achieved solid results in a particularly difficult market. Despite problems in Libya and Nigeria, our E&P Division confirmed its capability to deliver high profits thanks to its cost leadership and extraordinary exploration successes.
"Our Mid and Downstream businesses, while at a disadvantage from the Italian and European crisis, strengthened their restructuring actions achieving a significant improvement in cash generation.
"Finally, the portfolio rationalisation permitted by the new discoveries has allowed an anticipated monetization of results and cash. The overall effect of what we have done in this challenging year enabled us to deliver an increased net profit versus 2012, to pay a generous dividend and to launch a buyback program, while maintaining a constant debt".