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Eni S.p.A  (NYSE:E)
Q3 2019 Earnings Call
Oct. 25, 2019, 6:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good afternoon. Ladies and gentlemen, and welcome to Eni's Third Quarter Results Conference Call hosted by Mr. Massimo Mondazzi, Chief Financial Officer.

[Operator Instructions]

I will now hand you over to your host to begin today's conference. Thank you.

Massimo Mondazzi -- Chief Financial Officer

Good afternoon, and welcome to Eni's nine months results. Before turning to our results, I would like to highlight Eni's new mission. We are determined to contribute to the achievement of the UN Sustainable Development Goals, and bring about a just energy transition. The new mission is the foundation of the Company's business model, which focuses on long-term inclusive development for our company and its host countries, considering all the sustainable development goals. In line with this mission, we have already taken a number of commitments over the medium and long term, including zero net carbon emissions for the upstream by 2030. At the next strategy presentation, beginning of 2020, we will provide a further update on our targets and energy transition part.Good afternoon, and welcome to Eni's nine months results. Before turning to our results, I would like to highlight Eni's new mission. We are determined to contribute to the achievement of the UN Sustainable Development Goals, and bring about a just energy transition. The new mission is the foundation of the Company's business model, which focuses on long-term inclusive development for our company and its host countries, considering all the sustainable development goals. In line with this mission, we have already taken a number of commitments over the medium and long term, including zero net carbon emissions for the upstream by 2030. At the next strategy presentation, beginning of 2020, we will provide a further update on our targets and energy transition part.

The 2019 share buyback continues with purchases for two-third of the planned EUR400 million already completed. Upstream production increased to 1.85 million BOE, up 2% at the same price in perimeter [Phonetic], thanks to our start-ups in Algeria, Egypt, Norway, the new field in Mexico and the ramp-up of Zohr.Exploration continues to create new opportunities for future developments. During the nine months, we discovered 650 million BOE of equity resources at the special cost of $1.1 per barrel. In the coming months, we plan further exploration activities in Mexico, Egypt, Norway and Angola.

Gas and power performance was robust, notwithstanding the lower LNG price level, thanks to gas price volatility and the growth in the retail customer base. In downstream, we posted strong marketing result, while refining has been impacted by the narrowing of crude differentials. Chemical results were impacted by weak product demand and by worsening of elastomer and styrenic margins.

On renewables, we have 115 megawatt under construction, and we are targeting to have 190 megawatt of capacity by year-end. Before turning to the results, I would like to highlight our key strategic achievements this year, starting with Angola, a country which plays a key role in any strategy for organic growth. Our exploration team has discovered in the last 18 months around 2 billion barrel of oil in place in Block 15/06 in five main fields. In line with our fast-track development approach, we are planning to put into production Agogo by year-end, just eight months from its discovery, thanks to its proximity to the existing N'Goma FPSO.

The development strategy envisages a phased approach. Yearly production expected oil flow rate is 20,000 BOE, about 7,000 BOE [Phonetic] in our share, with wells connected by a subsea tie back to the West Hub existing subsea facilities. We are planning a second phase for early production, incorporating two producing wells and two injectors, while evaluating the full-field development.

Turning to Norway, Var Energi with the announced acquisition of Exxon's upstream asset continues to expand its material in diversified portfolio of oil and gas producing asset, development projects and attractive exploration licenses. Var Energi will become the second largest E&P company in Norway with total reserves and resources of around 1.9 billion BOE. Total production is expected to be around 300,000 BOE per day at year-end 2019, growing organically to more than 350,000 BOE per day in 2023 as the company invest about $7 billion in development projects such as Johan Castberg, Balder X and Grand in the period of 2023.

The new acquired portfolio is a strategic fit for Var Energi and will add interest in more than 20 producing fields in the North Sea and Norwegian Sea, allowing the extraction of commercial as well as logistical synergies. The breakeven of the new acquired asset is around $24 per barrel and brings Var Energi overall breakeven down to around $27 per barrel.

Overall OpEx per barrel benefits for around $1 from the deal, and will fall to $9 per barrel. The acquired portfolio also contains two projects for CO2 emission reduction of around 1.1 million tone per annum. From a CCS plant in Sleipner as well as the wind farm in Norway.

Finally, the carbon intensity of the acquired production is half the Eni's existing portfolio, averaging at around 10 tonnes CO2 equivalent per 1,000 BOE in the next 10 years. This deal is self-financed, is free cash flow accretive for Var Energi and underpins a growing dividend to the Var Energi shareholders in the coming years. The deal has an effective date, 1, January 2019 and is expected to be completed in the fourth quarter this year.

In Abu Dhabi, we achieved another strategic result with the completion of the acquisition of 20% stake in ADNOC Refining. This deal increases a lot of the oil refining capacity by 35% and offers a number of advantages, a state-of-the-art technology plant and the ambitious investment plan that will lead Ruwais to be the second largest refining complex in the world. It is located near asset producing all types of crudes, along with low cost of natural gas, about one-third of the European levels. It is efficient and flexible and able to process crudes at low cost. This will allow it to benefit from the application of the IMO regulation. It is in a geographically central position, ideal for trading activities. And additionally it strengthens the relationship with ADNOC along the value chain.

Furthermore, the new developments are expected to be entirely self-financed by the revenues of the refinery. This asset will be equity-accounted and will contribute to our cash flow, thanks to an attractive dividend distribution policy. In the upstream Ghasha concession, where ENI is currently involved is a technical leader with a participating interest of 25%. We recently took the final investment decision for the Dalma gas development that we'll start tapping in 2022 with a peak gross production of about 50,000 BOE per day.

And now back to the quarter results. In upstream, we recorded our highest ever production in a Q3. Our growth was 6% year-on-year adjusted for price and portfolio. This impressive growth was driven by start-ups in Egypt, Algeria, Norway and Mexico and the continued ramp up of Zohr and projects in Libya and Ghana. Production in the nine months reached 1.85 million BOE plus 2%, thanks to the same effects. Nine months EBIT declined by 17%, mainly as a result of the weaker scenario, which accounted for EUR1.5 billion.

In particular, scenario affected the result as follows. Lower oil price of around EUR1.2 billion, lower gas prices, mainly in Europe for a total of around EUR700 million of which more than EUR500 million in the third quarter and positive ForEx for around EUR400 million. On a comparable basis, upstream EBIT in the nine months grew by 7%, thanks to the increased volumes and better mix supported by the quality of new production.

Moving to Mid-downstream, Gas & Power nine months EBIT was robust at EUR511 million. In particular, the new gas GLP reached EUR349 million, mainly thanks to an effective optimization of our portfolio of European gas assets, which benefited from the volatile market. The positive gas performance has offset the lower result from LNG in a low global price scenario. Retail delivered an EBIT of EUR162 million, almost 50% higher versus last year, thanks to commercial initiatives and efficiency.

The refining and marketing result grew to the marketing, that was the driver of the result with a contribution of EUR552 million, while in refining the narrow differential between Ural and Brent was only partially offset by the higher SERM, our margin. Finally, the Gela bio plant is ramping up, while the EST restart is now expected early next year.

Versalis, the chemical business, was impacted by the depressed scenario for elastomers and styrenics, accounting for half of the nine months losses, as commented in the second quarter, the Priolo offset accounted for the remaining losses.

Coming to the consolidated financial results, cash flow from operations before working capital at EUR9.4 billion was 5% higher than last year, driven by industrial performance improvements accounting for EUR0.6 billion, a weaker scenario for negative EUR0.9 billion and remaining positive contribution coming from the IFRS 16 first application and other one-off effects. This cash generation of EUR9.4 billion more than covered the nine months capex of EUR5.6 billion and the 2018 shareholders' remuneration, including both the full year dividend and EUR400 million of buyback. Working capital that increased in the third quarter in line with our assumption is expected to recover in the fourth quarter, confirming the full-year guidance for cash absorption of few hundred million euro. The Group's net adjusted result was EUR2.3 billion in the nine months.

And finally, a brief summary of our full-year guidance. We confirm our production guidance in the range of 1.87 million to 1.88 million BOE per day and upgrade our exploration target to 700 million BOE from 600 million BOE previously. Following the solid result of Gas & Power so far, we are also upgrading the full-year EBIT guidance by EUR100 million to EUR600 million.

In the Refining & Marketing, the crude differential in 2019 is being lower than our budget expectations and determines a revision of this year pro forma EBIT guidance to EUR400 million. Cash flow from operations is growing in line with our 2019 guidance of EUR12.8 billion at budget scenario. The main difference between the budget and current scenario is the lower gas price, which will impact full year for around minus EUR800 million. In term of capex, we confirm that we expect to be below our initial target of EUR8 billion. And finally leverage at 25% at the end of September is expected to return toward 20% in the coming quarters.

And now I'm ready to answer any question you may have together with my colleagues.

Questions and Answers:

Operator

Ladies and gentlemen, we will now begin the question-and-answer session. [Operator Instructions] The first question is from Mr. Alessandro Pozzi of Mediobanca. Please go ahead.

Alessandro Pozzi -- Mediobanca -- Analyst

Good morning, all. The first question is on the R&M. I believe the new guidance includes a contribution from ADNOC. I was wondering if you can maybe talk about how much you have there for ADNOC? The second one, I believe the DD&A went a little bit up in Q3. I was wondering, even on a per barrel adjusted basis, if that is the right number to use going forward? That's it from me.

Massimo Mondazzi -- Chief Financial Officer

Okay. So I confirm that in the guidance we already including the first contribution from ADNOC, that is expected in the range of EUR50 million. And as far as DD&A, our DD&A in the range $10, $11 per barrel and we expect this number remain steady in the future.

Alessandro Pozzi -- Mediobanca -- Analyst

On ADNOC, the EUR50 million is mainly in Q4, I guess?

Massimo Mondazzi -- Chief Financial Officer

Yes, yes.

Operator

All right. Thank you.The next question is from Biraj Borkhataria of Royal Bank of Canada. Please go ahead.

Biraj Borkhataria -- Royal Bank of Canada -- Analyst

Hi. Thanks for taking my questions. I just wanted to clarify on your cash flow guidance, did you say that as we mark-to-market for European gas prices, we should take a EUR800 million off the EUR12.8 billion cash flow guidance. That'll be the first question, just a bit of clarity on that. And then on Var Energi, could you say anything about the capex associated with the new assets acquired? I think previously you've talked about EUR8 billion spend over a five-year period for the previous portfolio, but what do the new assets add? Thank you.

Massimo Mondazzi -- Chief Financial Officer

Okay. So I don't have the breakdown, talking about the capex of Var Energi, I don't have the breakdown, per asset, but what we expect 100% is an expenditure in the range of $7 billion to develop the final stage of Johan Castberg, Balder X and Grand. So this is the order of magnitude.

And in term of cash flow from operation guidance, yes, I said that the EUR12.8 billion was based on the budget scenario and the current scenario is more or less in line as far as the oil, while the gas, mainly the European gas, so I'm talking about the PSV and TTF as well as the NBP is much lower, as you have seen from the numbers and we expect that using the current scenario, we are going to lose EUR800 million out of the cash flow from operation. So all in all, today with the current scenario, we expect as a cash flow from operation, something in the range of EUR12 billion, slightly lower than EUR12 billion.

Biraj Borkhataria -- Royal Bank of Canada -- Analyst

Thanks. It was very clear. Just a quick follow-up on the capex. That EUR7 billion, is that on the same period that you show in the slide, i.e. out to 2023?

Massimo Mondazzi -- Chief Financial Officer

Yeah. EUR7 billion, 2023.

Biraj Borkhataria -- Royal Bank of Canada -- Analyst

Got it. Thank you.

Operator

The next question is from Irene Himona of SocGen. Please go ahead.

Irene Himona -- SocGen -- Analyst

Thank you. Good morning, Massimo. Just first one to clarify if you can please, you mentioned the ADNOC contribution this year is EUR50 million. Would that be the dividend you expect or share of net income as an equity affiliate? And secondly on Var Energi, there is some guidance you can provide on full year 2019 dividend receipts, please? Thank you.

Massimo Mondazzi -- Chief Financial Officer

Okay. As far as the Var Energi dividend received in 2019 -- so in 2019, Var Energi distributed $1.7 billion. So 70% is our share. And as far as the ADNOC contribution, I said EUR50 million mainly in the fourth quarter, but due to the fact that the overall result is expected to be negative for ADNOC Refining this year because of the restart of the FCC that took place this year, definitely there will be no dividend that remain expected starting from 2020.

Irene Himona -- SocGen -- Analyst

Thank you.

Operator

The next question is from Jason Gammel of Jefferies. Please go ahead.

Jason Gammel -- Jefferies -- Analyst

Thanks very much. Good morning, Massimo. I also had questions on Var Energi. I believe that the Exxon transaction was fully funded with that, please correct me if I'm wrong in that, so can you talk a little bit about what the balance sheet leverage now looks like for Var? Anything related to net debt-to-capital or the debt relative to cash from operations? And then the second question, are you able to speak to who retained the abandonment liability of the Exxon assets in that transaction? Thank you.

Massimo Mondazzi -- Chief Financial Officer

So in term of liability, I'd say the amount of liability is not a big number and there is not a big issue on the evaluation. If I remember correctly, we expect to start to spend a material amount of money from 2033 on, so definitely in the next 10 years we don't have any kind of significant material expenditure in our radar screen.

And the other question was about -- I don't have with me the detailed balance sheet structure but definitely, I can confirm that the acquisition is fully funded by the company throughout [Indecipherable]. So I would say more than -- if it could help you, more than measuring the effect in term of balance sheet, definitely it should be measured -- the amount of debt should be measured on the relevance of the reserves underlying the financing that definitely are enough to justify the full finance of the purchase price, but anyway I'll let you know the composition of the balance sheet later on.

Jason Gammel -- Jefferies -- Analyst

Okay. Thank you, Massimo.

Operator

The next question is from Thomas Adolff from Credit Suisse. Please go ahead.

Thomas Adolff -- Credit Suisse -- Analyst

Good morning. I've got three questions please. Just firstly on Var as well. Could you perhaps comment how much Var contributed to the bottom line in the third quarter as well as in the first nine months of the year? And once the Exxon deal is completed, perhaps, since you're doubling the business, you can also comment on what sort of a dividend we can expect from Var next year? We did see a special dividend in 2019.

Secondly, just on Zohr. On a gross basis, the 2.7 Bcf today of production you're seeing at the moment, is that the ceiling for the domestic market and what does it take to get you to the 3.2 Bcf? Do you need to have the Damietta liquefaction facility available for exports?

And then finally, just a question on the Green Refinery in Gela, 750,000 tonnes of biodiesel. Perhaps, you can comment a bit on the potential profitability of this facility, because 750,000 tonnes is quite substantial if we take Neste's profitability, but presumably you're not processing as much second generation feedstock as Neste. Any color on that would be great? Thank you.

Massimo Mondazzi -- Chief Financial Officer

Okay, Thomas. So, I'll give you the answer to the first question and then I'll leave the room to my colleagues to answer the following one. So in term of contribution from Var Energi to our cash flow in the third quarter, the answer is zero, because all the dividend you remember that we -- the way we consolidate such a participation is throughout the equity account, so cash flow to the dividend. So the contribution in the third quarter is zero, because we distributed -- the Company distributed the full dividend in the first and second quarter. In the amount our share in euro we received is EUR540 million [Phonetic] first quarter and the same amount in the second quarter.

In term of how the Exxon asset acquisition could be accretive in the dividend distribution in the following year, we expect that the additional contribution could be starting from 2020 in the range of EUR100 million, growing up later on in line with the production growth. And then I'll leave the floor to Alessandro Puliti to answer maybe together with Cristian Signoretto talking about Damietta to answer this question and then I'll leave the floor to Ricci to answer your question about the Gela Refinery.

Alessandro Puliti -- Chief Upstream Officer

Okay, good morning. So, current production potential from Zohr is 2.7 Bcf per day and by the end of the year with the completion of the 14th and the 15th producer well, we will reach a potential of around 3 billion standard cubic feet per day in terms of potential. And at the beginning of 2020, we will then be ready to produce even 3.2 billion standard cubic feet per day. This is the situation regarding production capacity from the Zohr field and I leave the floor to Cristian.

Cristian Signoretto -- Chief Gas and LNG Marketing and Power Officer

Well, on Damietta, I mean, I think, we have said it many times. We are actively engaged with all the parties involved, so the government and Naturgy [Phonetic] to get the plant up and running and solve the long-standing issues on the arbitration.

And to answer your question, clearly, I mean, adding Damietta, let's say, in production would surely, let's say, reduce the risk of oversupply in the country. Even if, let's say, the demand is robust and the export to neighbor countries has restarted, but surely Damietta will reduce that risk.

Massimo Mondazzi -- Chief Financial Officer

Just to complete the answer about the production. So the one that has been mentioned by Alessandro is the capacity. Up to now we got a contribution in 100% that has been in the range of 2.3 Bcf, 2.4 Bcf. And we expect that even in the fourth quarter, the production will remain slightly the same because all the oversupply that we see today in the market. We see a growing demand domestically speaking. And we see by definition a positive effect from the Damietta restart that we sincerely expect not so long in time and then I leave the floor to Ricci to answer your question about Gela.

Martijn Rats -- Morgan Stanley -- Analyst

Good morning. We expect a significant contribution by the Green Refinery of Gela, and -- because mainly we are seeing an increase in the market of HVO in parallel with the increasing of the obligation due to the RED Directive -- European RED Directive and mainly for the RED II starting from 2021. And just in this week, in the European government, they are discussing for a possible further improvement of the obligation of green fuels in parallel with the ambition to anticipate the carbonization to 2030. So we expect a good market and so the high production of Gela Refinery, that is 750 kilotons per year, the feedstock, the HVO is -- there is the 70%, 75% of that -- but there is a market.

Thomas Adolff -- Credit Suisse -- Analyst

Okay. Thank you. Just can I go back to the first question on Var, just to clarify the answer you gave. So as far as the dividend is concerned, you received a EUR1 billion in 2019. What can we expect from Var Energi in 2020, now that the business is substantially bigger following the acquisition of Exxon's assets? Thank you.

Massimo Mondazzi -- Chief Financial Officer

So the expectation would be to receive a dividend that should be in the range of 100%, EUR900 million and EUR150 million. So 70% of that number is the reasonable expectation in 2020 and as I said, especially because of the production increase from Johan Castberg, the starting up of Balder X, we expect to go in production from 2020 to 2023. So we see the additional contribution coming from this additional production, we see an increase in such amount of dividend later on.

Thomas Adolff -- Credit Suisse -- Analyst

Thank you.

Operator

The next question is from Martijn Rats of Morgan Stanley. Please go ahead.

Martijn Rats -- Morgan Stanley -- Analyst

Yeah, good morning. I've got two small ones if I may. In the production guidance, there's a reference to Venezuela and you say that some of the uncertainty range of the production guidance is due to some uncertainty in the country, And I was wondering if you could give an update and perhaps some commentary about what you're seeing in Venezuela and anything you can say to shine some light on what the production outlook could be there?

And also in the result, there is a reference to a EUR330 million payment, a one-off payment related to the settlement of an arbitration. I was wondering what that is and also whether that number is in the cash flow statement, included in the working capital changes that you mentioned. I just want to make sure that we don't correct for it twice.

Massimo Mondazzi -- Chief Financial Officer

Yes, the arbitration was the Pascagoula arbitration. This is a part of the working capital change. And as far as Venezuela, so we just -- we said that in our production guidance, we embedded a production in the range of 40,000 BOE per day. That correspond more or less to 370, 380 standard cubic feet -- million cubic feet per day. Today we are running a bit lower than this. So instead of 40, we are at 36, 37. So that's the reason why we kept the guidance unchanged.

In term of -- so by definition, the revenue today are lower than expected, so less than the EUR 300 million per year -- $300 million per years. And in term of how much of this revenue are cashed in, in 2019, we expect to cash in more or less 25% of this number. So very much in line with the expectation we had since the budget time.

Martijn Rats -- Morgan Stanley -- Analyst

Okay. Thank you.

Operator

The final question is from Christyan Malik of JPMorgan.

Christyan Malik -- JPMorgan -- Analyst

Hi, so thanks for taking my questions. First of all, just two please. One downstream. What are the key drivers that will generate the EUR 260 million of EBIT into Q4 and just sort of made the guidance around EUR 400 million. And just around IMO, I mean, how quick does Eni's business adapt to the fuel specification requirements? What proportion of Eni's E&P oil production is light low sulfur? And I guess, the question is how material could the benefit be if IMO widened the light heavy crude spreads?

And the second is -- question is around your buyback framework. Beyond the EUR 400 million commitment to '19, how do you think about the leverage oil price thresholds? If it's EUR 400 million -- you've obviously got EUR 400 million per annum on a $60 to $65 Brent, EUR 800 million per annum above $65, but just given the volatility sub-$60, I'd just like to understand how we should think about into the sort of the buyback outlook in periods it falls below $60. Thank you.

Massimo Mondazzi -- Chief Financial Officer

Okay. So I give you the answer about the buyback, and then I'll leave the floor to Ricci to answer your question about the expectation about the fourth quarter result in R&M. So you remember correctly that we linked our buyback to the level of Brent as well as the leverage. So now end of September, our leverage is in the range of 25%, because of the peak of the cash out. I mentioned the 20% stake in other refinery payment as well as the interim dividend payment that took place in September. So the expectation would be to see a reduction in such a leverage by year-end, by definition, and we see the leverage back in the range of 20% in the coming quarters.

So as we said that the buyback policy was based on the steady expectation forward about the buyback, I would say nothing changed versus the moment in which we launched the buyback. So we feel confident that the leverage would be in the money in term of buyback.

In term of oil price, it will be more precise when we present, where we'll present the strategy presentation, could be second half of February 2020, but probably if you see the forward curve today, you will have an indication about what the oil price we assume will be. So by definition, higher than today. Speaking with the today numbers, higher than $60 per barrel. And then I'll leave the floor to [Indecipherable] Ricci.

Giuseppe Ricci -- Chief Refining and Marketing Officer

About the IMO regulation, now we are seeing the effect on the spread. In fact, the spread between the low-sulfur and the high-sulfur fuel oil is increasing and is reaching $150, so that it is a very, very significative spread. As for the gas oil, fuel oil, the difference is continuously now more than $300 per tonne. With this spread, it is mandatory to produce a low-sulfur fuel oil and in our system, with the contribution of Taranto refinery that produce low-sulfur fuel oil, the contribution of Milazzo refinery with the refining that produce a low-sulfur fuel oil, and the coming -- restarting of EST in Sannazzaro, we cover all the conversion to low-sulfur fuel oil or zero high-sulfur fuel oil. In the fourth quarter, we expect to complete the new arrangement for the production of the 0.5% sulfur fuel oil for the distribution of the market of the new product. And the result of the refining system in the fourth quarter is expected more or less in breakeven or slightly positive.

Christyan Malik -- JPMorgan -- Analyst

Very good. Thank you.

Operator

The final question is from Massimo Bonisoli of Equita. Please go ahead.

Massimo Bonisoli -- Equita -- Analyst

Good afternoon. Two questions left. You had stronger results in marketing in R&M division. If you can give us some color on that performance, considering the flat volumes in retail.

The second question, you mentioned at the beginning of the presentation, the new mission of Eni on sustainability and energy transition. I don't want to spoil your new strategic presentation, but should we expect some sizable increase in capex from the EUR 33 billion you announce in March this year for the four-year plan?

Massimo Mondazzi -- Chief Financial Officer

Okay. So I'll leave the floor to [Indecipherable] Ricci to answer your question about the marketing, and then I'll give you the answer --

Giuseppe Ricci -- Chief Refining and Marketing Officer

About the marketing, the good result are EUR450 million, not EUR550 million, EUR450 million. Very, very good, driven by the retail, both Italian and abroad retail and mainly driven in the summer season, due to many, many factors. First of all, we have booster the sale of our premium product and it is a plus that included the 15% of HVO. And we have an increase of the sale compared with the past year of more than 30%.

And the second, we are adding to the service station a lot of services, non-oil, that are contributing to the overall result. The margin are maintaining in all period very good. And the overall combination of this factor boosted the result.

Massimo Mondazzi -- Chief Financial Officer

Okay. So in term of mission, I would say, you said that you don't want to spoil, but in summary, I think it would be fair saying that in February, March when we are going to present the new mission, you will see clear idea about how to get -- how to reach the transition, complying with the mission target, so clear idea about how to get there. But I would say no capex increase as far as the next four years [Indecipherable].

Massimo Bonisoli -- Equita -- Analyst

Good, thank you.

Operator

Mr. Mondazzi, there are no more questions registered, sir.

Massimo Mondazzi -- Chief Financial Officer

Okay. Thank you very much, everyone. Bye-bye.

Duration: 31 minutes

Call participants:

Massimo Mondazzi -- Chief Financial Officer

Alessandro Pozzi -- Mediobanca -- Analyst

Biraj Borkhataria -- Royal Bank of Canada -- Analyst

Irene Himona -- SocGen -- Analyst

Jason Gammel -- Jefferies -- Analyst

Thomas Adolff -- Credit Suisse -- Analyst

Alessandro Puliti -- Chief Upstream Officer

Cristian Signoretto -- Chief Gas and LNG Marketing and Power Officer

Martijn Rats -- Morgan Stanley -- Analyst

Christyan Malik -- JPMorgan -- Analyst

Giuseppe Ricci -- Chief Refining and Marketing Officer

Massimo Bonisoli -- Equita -- Analyst

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