Eni S.p.A. (NYSE:E) Q2 2024 Earnings Conference Call July 26, 2024 8:00 AM ET
Company Participants
Claudio Descalzi - CEO
Stefano Ballista - CEO, Enilive
Francesco Gattei - CFO
Guido Brusco - Head of Natural Resources
Cristian Signoretto - Head of GGP
Adriano Alfani - CEO, Versalis
Jon Rigby - Head of IR & Strategic Analysis
Conference Call Participants
Irene Himona - Bernstein
Josh Stone - UBS
Biraj Borkhataria - RBC Capital Markets
Alejandro Vigil - Santander
Alessandro Pozzi - Mediobanca
Alastair Syme - Citi
Lydia Rainforth - Barclays
Peter Low - Redburn Atlantic
Michele Della Vigna - Goldman Sachs
Matt Smith - Bank of America
Martijn Rats - Morgan Stanley
Matt Lofting - JPMorgan
Operator
Good afternoon ladies and gentlemen and welcome to Eni’s 2024 First Half Results Conference Call hosted by Mr. Claudio Descalzi, Chief Executive Officer. For the duration of the call you will be in listen-only mode. [Operator Instructions]
Now I'm handing you over to your host to begin today's conference. Thank you.
Claudio Descalzi
Good afternoon and welcome to our Second Quarter and First Half Result Conference Call. This quarter confirms we are making significant strides forward in delivering on our strategy and the four-year plan set out in March.
I will discuss our financial results in more detail, but in summary, our performance in the first half exceeded our plan in terms of financial outcomes and cash flow generation, with capital expenditure and leverage showing a positive trend. Touching on some important milestones in the years so far, we are materially enhancing our upstream portfolio. We completed a high [creative] (ph) acquisition of Neptune in January, already delivering significant value for any shareholders, thanks to synergies in Indonesia, Norway, and Algeria.
Following the step up of our exposure on the UKCS with Neptune, we have moved quickly and are creating one of the largest independent players in the country through the combination of it with Ithaca Energy. At the same time, we are also making real progress in high grading our upstream portfolio, completing the sale of non-core assets in Congo and Nigeria, and announcing the sale of Alaska, which we expect to close this four-year end.
Furthermore, we are working on some additional transactions related to our dual exploration model that will mature in the coming quarters. Meanwhile, our upstream business continues to focus on its core activities. We have reported production growth of 6% year-on-year and have other significant oil and gas resources with notable exploration success Cyprus and Mexico. On the businesses related to the energy transition, we are unveiling the value that the market places on our unique integrated chains in retail consumption and sustainable mobility.