ENI S.p.A. (E) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen, and welcome to ENI's 2025 First Quarter Results Conference Call hosted by Mr. Francesco Gattei, Chief Transition and Financial Officer. For the duration of the call, you will be in listen-only mode. However, at the end of the call, you will have the opportunity to ask questions by pressing star and 1 on your telephone keypad. Should anyone need assistance during the conference call, they may signal an operator by pressing star and 0 on your telephone. I am now handing you over to your host to begin today's conference. Thank you. Thank you. Good afternoon. Our February capital market update emphasized the speed and scale at which we had been progressing our strategy. Quarter 1 maintained that pace and recent events have confirmed why our clarity of strategic view and speed of action is so critical. We are creating value leveraging our competitive strengths in the upstream, strengthening and diversifying the company, fixing and then performing activities, materially strengthening our balance sheet, all while offering a competitive and resilient return to investors. Reviewing the important strategic highlights of the quarter and year-to-date. Growth is an important feature in our plan. In the upstream, in March, John Kasperg began production and will add 66,000 barrels per day of oil production at Plateau Forvar, as it targets over 400,000 barrels per day by the fourth quarter. Kasperg is the first of the five major start-ups due this year, with Valderix in Norway, Agogo and NGC in Angola, plus Conger and GFA2 to follow, setting us up for a strong 2026. In the transition business, Plenitude has completed the construction of its 200 megawatt battery in Texas and acquired 245 megawatt in its share of photovoltaic and storage in Califo...