OREANDA-NEWS. Eni, the international oil and gas company, today announces its group results for the first quarter of 20141 (unaudited).

Financial highlights

Adjusted operating profit: €3.49 billion, down 6.8% from the first quarter 2013;

Adjusted net profit: €1.19 billion, down 14.3% from the first quarter 2013;

Net profit: €1.30 billion, down 15.6% from the first quarter 2013;

Operating cash flow2: €2.15 billion;

Leverage at 0.22 compared to 0.25 at December 31, 2013.

Operational highlights

Oil and gas production: 1.583 mmboe/d, up by 0.6% on homogeneous basis3;

Renegotiated the Norwegian long-term gas supply contract;

Cashed the €2.2 billion of the Artic Russia deal;

Divested a 7% interest in Galp Energia for a cash consideration of €0.7 billion4;

Buy back program: repurchased 8.85 million shares at a cost of €0.15 billion as of March 31, 2014;

Discovered 200 million boe of resources.

Paolo Scaroni, Chief Executive Officer, commented:

“Eni delivered solid results in the first quarter 2014, despite a difficult market environment, thanks to a good performance in E&P and progress in the mid and downstream businesses, in particular with the renegotiation of the Statoil gas supply contract. The outlook for 2014 is in line with our expectations, benefiting from the ramp-up of new projects and restructuring activities in G&P, R&M and Chemicals, in the context of continued volatility in Libya and weakness in European demand.'