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eni Rome April 30 , 2021 Key operating and financial results IVQ 2020 44.23 Brent dated 1.193 Average EUR / USD exchange rate 153 Spot Gas price at Italian PSV ( 1 ) Spread PSV vs. TTF 0.2 Standard Eni Refining Margin ( SERM ) 1,713 488 802 ( 101 ) ( 104 ) 132 Eni : first quarter 2021 results 50 0.01 ( 797 ) ( 0.22 ) 1,582 Hydrocarbon production Adjusted operating profit ( loss ) ( ( a ) E & P Global Gas & LNG Portfolio ( GGP ) R & M and Chemicals Eni gas e luce , Power & Renewables Adjusted net profit ( loss ) ( a ) ( b ) per share - diluted ( € ) Net profit ( loss ) ( b ) per share - diluted ( € ) Cash flow from operations before changes in working capital at replacement cost ( a ) Net cash from operations 988 1,206 11,568 16,586 37,493 Shareholders ' equity including non - controlling interest 0.31 Leverage before lease liabilities ex IFRS 16 0.44 Leverage after lease liabilities ex IFRS 16 Net capital expenditure ( c ) ( d ) Net borrowings before lease liabilities ex IFRS 16 Net borrowings after lease liabilities ex IFRS 16 ( a ) Non - GAAP measure . For further information see the paragraph " Non - GAAP measures " on page 17 . ( b ) Attributable to Eni's shareholders . ( c ) Include capital contribution to equity accounted entities . ( d ) Net of expenditures relating to business combinations , purchase of minority interests and other non - organic items . Tel . +39 06598.21 www.eni.com $ / bbl Registered Head Office , Piazzale Enrico Mattei , 1 00144 Roma € / kcm $ / bbl kboe / d € million IQ 2021 2020 60.90 50.26 1.205 1.103 198 120 3 17 ( 0.6 ) 3.6 1,704 1,321 1,378 ( 30 ) ( 120 ) 202 270 0.08 856 0.24 % Ch . 21 9 65 ( 82 ) 1,790 1,307 1,037 233 16 191 59 0.02 ( 2,929 ) ( 0.82 ) 1,960 2,222 ( 12 ) 1,376 975 41 1,387 1,905 ( 27 ) 12,239 12,920 ( 5 ) 17,507 18,681 ( 6 ) 39,957 45,385 ( 12 ) 0.31 0.28 0.44 0.41 ( 5 ) 1 33 : : 6 358 Eni's Board of Directors , chaired by Lucia Calvosa , yesterday approved the unaudited consolidated results for the first quarter of 2021. Having examined the results , Eni CEO Claudio Descalzi said : " The first quarter of 2021 has been significantly impacted by ongoing national lockdowns , however despite this Eni has achieved significantly improved results , most notably driven by E & P and the chemicals business . Meanwhile , our retail G & P business continued to grow steadily , with year - on - year EBIT increasing by 19 % as we leverage our unique and expanding customer base in the power segment and benefit from a greater contribution from extra - commodity services . The performance of R & M was largely driven by lower demand for fuels across Europe due to the pandemic , plus negative refining margins . Against the backdrop of an ongoing complex scenario , adjusted EBIT of € 1.3 billion is in line with the first quarter of last year and three times higher than the fourth quarter of 2020 , while net profit grew to € 270 million , an almost five times increase compared to the first quarter of 2020. Across the quarter , we generated around € 2 billion of organic cash flow before working capital , significantly larger than the € 1.4 billion of expenditure incurred during the same period . With the pandemic situation gradually improving , and a broadening economic recovery looking more likely , we have been able to improve our outlook for the coming months , forecasting free cash flow generation in 2021 of more than € 3 billion under a Brent scenario of 60 $ / bbl . In this environment , we will continue implementing our decarbonization and energy transition strategy , maintaining a strong focus on the robustness of the balance sheet and targeting a competitive distribution policy to our shareholders . " -1