埃尼石油 (E) 2022 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Eni's 2022 First Quarter Results Conference Call, hosted by Mr. Francesco Gattei, Chief Financial Officer.

女士們、先生們，下午好，歡迎參加由財務長 Francesco Gattei 先生主持的埃尼 2022 年第一季業績電話會議。

(Operator Instructions) I am now handing you over to your host to begin today's conference. Thank you.

（操作員指示）我現在將您交給主持人，開始今天的會議。謝謝。

Good afternoon. Welcome to Eni 2022 First Quarter Conference Call. On the back of recovering demand, the energy market began 2022 with a tightening upstream as supply is impacted by a number of years of low investment, yielding sustained inventory draws and loss per production capacity, both in oil and gas. Correspondingly, downstream has been impacted by the effect of rising raw material prices and cost of its energy, albeit refining saw a rapid recovery margins in March. The impact of the Russia and Ukraine conflict has been to hasten these prevailing dynamics further, adding further strain to an already tight market.

午安.歡迎參加埃尼 2022 年第一季電話會議。在需求復甦的背景下，能源市場從 2022 年開始上游緊縮，因為供應受到多年來投資低迷的影響，導致石油和天然氣領域持續庫存減少和單位產能損失。與之相對應的是，下游雖然受到原物料價格和能源成本上漲的影響，但3月煉油利潤快速恢復。俄羅斯和烏克蘭衝突的影響進一步加劇了當前的動態，為本已緊張的市場增添了進一步的壓力。

The direct effect of the war on energy markets and its wider implication for the global economy means conditions have also been and continue to be highly volatile, and the outlook is uncertain. In the context of the complexity of the current market, Eni was able to both significantly progress its strategy and achieve excellent financial results during the quarter.

戰爭對能源市場的直接影響及其對全球經濟的更廣泛影響意味著情況一直並將繼續高度波動，前景不確定。在當前市場複雜的背景下，埃尼在本季既顯著推進了其策略，又取得了優異的財務表現。

The first quarter was a particularly active period in Eni strategic transformation. We have progressed our distinctive approach of unlocking asset growth potential and crystallizing value through new business models. Despite the context of volatility and uncertainty, we have successfully delivered 2 IPOs. Since we listed Var in mid-February, its price increased by almost 45%. In addition, in early March, we efficiently listed NEOA, the first and biggest energy transition oriented SPAC on the London Stock Exchange. Furthermore, we are just waiting for final authorization to make effective the business combination in Angola with BP, which we hope to obtain during the third quarter.

一季是埃尼戰略轉型尤為活躍的時期。我們已經採取了獨特的方法，透過新的商業模式釋放資產成長潛力並結晶價值。儘管存在波動和不確定性，我們還是成功完成了兩次首次公開募股。自從我們在 2 月中旬上市 Var 以來，其價格上漲了近 45%。此外，3月初，我們在倫敦證券交易所高效掛牌了NEOA，這是第一個也是最大的能源轉型導向的SPAC。此外，我們正在等待最終授權，以使與BP在安哥拉的業務合併生效，我們希望在第三季獲得此授權。

Ahead of the IPO Plenitude that is planned for 2022, subject to market condition, we have also announced at our Strategy Update the incorporation of biorefining and marketing businesses into a sustainable mobility company, and this project is now moving forward.

在計劃於 2022 年進行 IPO Plenitude 之前，根據市場情況，我們也在策略更新中宣布將生物精煉和行銷業務納入永續行動公司，該專案目前正在推進。

We have also strengthened our partnership with Novamont, the world's leading biochemical company, growing our stake from 25% to 35%. Finally, we completed the sale of 49% of our gas-fired power plants to Sixth Street.

我們也加強了與世界領先的生化公司 Novamont 的合作關係，將我們的股份從 25% 增加到 35%。最後，我們完成了將 49% 的燃氣發電廠賣給第六街的工作。

Notably in the context of 2022, thanks to our strategic alliance ecosystem, we have been contributing to establishing alternative gas supply opportunities for Europe. We have also been widening this approach further in, for instance, signing agreement with Mozambique and Benin to jointly develop agro-bio hubs to supply feedstock to our biorefineries while positively benefiting local economies.

尤其是在 2022 年的背景下，由於我們的戰略聯盟生態系統，我們一直在為歐洲建立替代天然氣供應機會做出貢獻。我們也進一步擴大了這項做法，例如與莫三比克和貝南簽署協議，共同開發農業生物中心，為我們的生物煉製廠供應原料，同時積極造福當地經濟。

Reflecting the continued successful execution of our strategic path, in March we accelerated the pace of 2050 net-zero by further improving our emission reduction target. And the Board has recently authorized up to EUR 3 billion of new sustainable senior bond issuance.

3月份，我們進一步完善減排目標，加快了2050年淨零排放的步伐，這反映了我們策略路徑的持續成功執行。董事會最近授權發行高達 30 億歐元的新永續高級債券。

Finally, we reconfirm the commitment to shareholder value and returns by enhancing the 2022 distribution policy with increased dividend and share buyback, offering a very attractive 9% combined yield based on current share prices.

最後，我們透過增加股息和股票回購來加強 2022 年分配政策，重申對股東價值和回報的承諾，根據當前股價提供非常有吸引力的 9% 綜合收益率。

The strength of Eni's asset portfolio backed the strategic progress in the quarter with another solid set of results, growth from the operational and financial point of view. E&P production came in line with guidance despite some unforeseen downtime in Libya and export via CPC from Kazakhstan.

埃尼資產組合的實力支撐了本季的策略進展，並取得了另一組穩健的業績，即營運和財務方面的成長。儘管利比亞出現一些不可預見的停工以及哈薩克透過 CPC 的出口，但勘探與生產產量仍符合預期。

During the quarter, we started up the Ndungu field, the third startup in Angola Block 15/06 in just 7 months. And with the startup of the FPSO in Mexico, we initiated the first crude oil export project by a foreign company in the country, confirming once again our ability to deliver faster into market.

本季度，我們啟動了 Ndungu 油田，這是安哥拉 15/06 區塊短短 7 個月內的第三個啟動專案。隨著墨西哥FPSO的啟動，我們在該國啟動了第一個外國公司的原油出口項目，再次證實了我們更快進入市場的能力。

Exploration activity continues to be asset-led, which maximize value and contributes to the short time to market. In the first 3 months, we discovered over 170 million barrels of oil equivalent, mainly in Angola, Algeria, Egypt and the Emirates, putting us on track to meet our planned guidance. It was also a robust quarter for GGP. LNG operation and our flexible portfolio allowed us to manage the volatility of the markets and continue to supply our customers.

勘探活動仍然以資產為主導，從而實現價值最大化並縮短上市時間。前 3 個月，我們發現了超過 1.7 億桶石油當量，主要在安哥拉、阿爾及利亞、埃及和阿聯酋，這使我們有望實現計劃指導。對於 GGP 來說，這也是一個強勁的季度。液化天然氣營運和我們靈活的產品組合使我們能夠管理市場的波動並繼續為我們的客戶提供服務。

In Plenitude, we continue to expand our integrated business model. In just 1 year, we increased by 4x our installed renewable capacity and increased our power generation to serve more than 10 million customers. In the downstream, where the high cost of feedstock and utilities impacted by around EUR 400 million versus last year, we were able to record a significant improvement in R&M, which achieved positive results. Chemicals, on the other side, remained negatively impacted by a challenging scenario.

在 Plenitude，我們繼續擴展我們的綜合業務模式。在短短一年內，我們的再生能源裝置容量增加了 4 倍，並增加了發電量，為超過 1,000 萬名客戶提供服務。在下游，原料和公用事業的高成本比去年影響了約 4 億歐元，我們在 R&M 方面取得了顯著改善，並取得了積極成果。另一方面，化學品仍然受到充滿挑戰的情況的負面影響。

These results confirm the quality of our business. Adjusted EBIT of EUR 5.2 billion is 4x higher than last year, resulting in an adjusted net profit of EUR 3.3 billion. Our cash flow from operation of EUR 5.6 billion against CapEx of EUR 1.6 billion yields to an organic free cash flow of EUR 4 billion that covers almost entirely our annual distribution policy. And despite the funding high working capital requirement this quarter, we have also progressed on the net debt side with leverage falling to 0.18.

這些結果證實了我們業務的品質。調整後息稅前利潤為 52 億歐元，是去年的 4 倍，調整後淨利為 33 億歐元。我們的營運現金流為 56 億歐元，資本支出為 16 億歐元，有機自由現金流為 40 億歐元，幾乎涵蓋了我們全部的年度分配政策。儘管本季營運資金需求較高，但我們在淨債務方面也取得了進展，槓桿率降至 0.18。

Let's now move to Natural Resources in more detail. Upstream EBIT in the first quarter 2022 was EUR 4.4 billion, driven by our focus on high-value activities and flat cost management and capturing the prevailing market scenario. On production, we confirm 2022 at around 1.7 million barrels of oil equivalent per day with the contribution from new startups such as Area 1 full field offshore Mexico, Ndungu in Angola, and Coral floating LNG in Mozambique, plus the ramp-up of Berkine in Algeria, more than offsetting production decline and lower entitlement due to the Var IPO.

現在讓我們更詳細地討論自然資源。 2022 年第一季的上游息稅前利潤為 44 億歐元，這得益於我們對高價值活動和固定成本管理的關注，並抓住了當前的市場狀況。在產量方面，我們確認到2022 年日產量約170 萬桶石油當量，這得益於墨西哥海上Area 1 全油田、安哥拉Ndungu 和莫三比克Coral 浮式液化天然氣等新創企業的貢獻，以及Berkine 的增產。阿爾及利亞，足以抵消 Var IPO 造成的產量下降和權益下降。

We expect second quarter production in the range of $1.61 million, 1.62 million barrels per day, mainly impacted by seasonal maintenance before the ramp-up of new production in the second half of the year.

我們預計第二季產量為 161 萬美元，即 162 萬桶/日，主要受到下半年新產量增加之前季節性維護的影響。

GDP recorded EUR 0.9 billion of adjusted EBIT. International LNG activities contributed 40% to results. The recovery in gas demand led to an increase of 9% in volumes sold in Italy and 4% in Europe. Careful optimization of our supply portfolio helped us to manage price volatility.

GDP 調整後息稅前利潤為 9 億歐元。國際液化天然氣活動貢獻了 40% 的業績。天然氣需求的復甦導致義大利銷量成長 9%，歐洲銷量成長 4%。仔細優化我們的供應組合有助於我們管理價格波動。

Considering the performance already achieved and the expected evolution of the market and assuming no significant disruption on gas supply from Russia, we expect an annual adjusted EBIT of EUR 1.2 billion, a 30% increase to our original guidance.

考慮到已經取得的業績和市場的預期演變，並假設俄羅斯的天然氣供應不會出現重大中斷，我們預計年度調整後息稅前利潤為 12 億歐元，比我們最初的指導增加 30%。

The current crisis has prompt a renewed effort to strengthen energy security. We are actively pursuing alternative and additional supply opportunities for Europe and specifically Italy, leveraging our global upstream portfolio and a strategic partnership with producing countries.

當前的危機促使人們重新努力加強能源安全。我們正在利用我們的全球上游產品組合以及與生產國的戰略合作夥伴關係，積極為歐洲（特別是義大利）尋找替代和額外的供應機會。

In the short term, 2022, 2023, we will rely on pipeline additional volume from Algeria and Libya. We also expect to import additional LNG from Egypt, thanks to rising the net utilization rate, Nigeria, Qatar and potentially Angola within existing regasification capacity available in Italy. In the medium term, we expect both gas imports via pipeline from North Africa to contribute with additional volumes. This mainly takes into account the recently signed agreement with Sonatrach.

短期內，也就是2022年、2023年，我們將依賴阿爾及利亞和利比亞的管道增量。由於淨利用率的提高，我們也預計將從埃及、奈及利亞、卡達以及可能在義大利現有再氣化能力範圍內的安哥拉進口更多液化天然氣。從中期來看，我們預計透過管道從北非進口的天然氣將貢獻額外的數量。這主要考慮到最近與國家石油公司簽署的協議。

Other LNG sources from our portfolio may also be activated. This includes Congo, where we have recently signed an MOU, which provides for the acceleration of certain upstream development with the corresponding increase of LNG production. In Congo, we are employing a modular and accelerated development approach. This is consistent with our fast time-to-market capital-light strategy and well suited to current conditions.

我們投資組合中的其他液化天然氣來源也可能被啟動。其中包括剛果，我們最近在那裡簽署了一份諒解備忘錄，其中規定加快某些上游開發，並相應增加液化天然氣產量。在剛果，我們採用模組化和加速的開發方法。這符合我們快速上市的輕資本策略，也非常適合目前的情況。

And now let's move to Energy Evolution. We confirm that we are on track with Plenitude IPO progress, having filed the registration document with the Italian market authority, and we expect to float Plenitude in 2022, subject to market conditions.

現在讓我們轉向能源進化。我們確認，Plenitude IPO 進展順利，已向義大利市場管理局提交了註冊文件，我們預計 Plenitude 將於 2022 年上市，具體取決於市場狀況。

Plenitude's distinctive business model proved resilient even in the current market condition, where high power and gas prices and volatility generated some unhedged volume exposure and softer performance in retail. This was partially compensated by higher renewable profitability. We are, therefore, able to reconfirm full year EBITDA guidance of over EUR 0.6 billion.

即使在當前的市場狀況下，Plenitude 獨特的商業模式也被證明具有彈性，在當前的市場狀況下，高電力和天然氣價格以及波動性導致了一些未對沖的交易量風險和零售業績疲軟。再生能源獲利能力的提高部分彌補了這一損失。因此，我們能夠重新確認全年 EBITDA 超過 6 億歐元的指引。

In the quarter, R&M experienced some sequential improvement, mainly benefiting from a remarkable rebound of the refining margin during March, reflecting a tight market for a final product, especially diesel. We have continued to focus on optimizing our activity and mitigate the high cost of energy. As a result, we were able to report a positive EBIT of EUR 70 million compared to about EUR 200 million loss in the first quarter 2021.

本季度，R&M 經歷了一些環比改善，主要受益於 3 月煉油利潤的顯著反彈，反映出最終產品（尤其是柴油）市場緊張。我們繼續專注於優化我們的活動並降低能源的高成本。因此，我們的息稅前利潤為 7,000 萬歐元，而 2021 年第一季的虧損約為 2 億歐元。

On chemicals, Versalis suffered a weak quarter due to a strong increase in oil-based feedstock costs and utilities expenses. Downstream pro forma AB 2022 is now expected positive, previously negative, driven by the improved outlook on refining macro and action of asset optimization and efficiency initiatives.

在化學品方面，由於石油原料成本和公用事業費用大幅增加，Versalis 季度表現疲軟。由於煉油宏觀前景改善以及資產優化和效率舉措行動的推動，下游預計 AB 2022 現在預計為正面，此前為負面。

Finally, our cash balance was further enhanced, notwithstanding the seasonal and price link observation of working capital that impacted by EUR 2 billion. The underlying cash flow from operation before working capital was EUR 5.6 billion, more than 3x CapEx and resulting in organic free cash flow of around EUR 4 billion. For the year, we are revising up our guidance for CFFO to EUR 16 billion at $90 per barrel, around EUR 1 billion more than our previous estimate. CapEx in the quarter was EUR 1.6 billion, and full year is expected at EUR 8 billion, confirming the original guidance at the same exchange rate.

最後，儘管季節性和價格連結觀察到的營運資金受到了 20 億歐元的影響，但我們的現金餘額仍進一步增強。不計營運資本的營運基礎現金流為 56 億歐元，超過資本支出的 3 倍，產生約 40 億歐元的有機自由現金流。今年，我們將 CFFO 的指引上調至 160 億歐元（每桶 90 美元），比我們先前的估計高出約 10 億歐元。本季資本支出為 16 億歐元，全年預估為 80 億歐元，確認了相同匯率下的原始指引。

Capital discipline through cycle is a critical component of our strategy. For this year, we expect a competitive cash neutrality for CapEx and floor dividend of around $46 per barrel, in line with the planned average of $45. Even with the working capital build and after portfolio activity in this quarter, we have also reduced our net debt, which now stands at 18% leverage.

整個週期的資本紀律是我們策略的重要組成部分。今年，我們預計資本支出和場內股息將具有競爭性的現金中性，約為每桶 46 美元，與計劃的平均 45 美元一致。即使本季增加了營運資本並進行了投資組合活動，我們也減少了淨債務，目前槓桿率為 18%。

Low gearing confirm financial resilience and offer strategic flexibility. Eni will update its 2022 buyback scenario assessment in July for establishing the upside to the EUR 1.1 billion buyback. The extra buyback will be equivalent to 30% of the incremental free cash flow in the event that the oil price exceeded $90 per barrel on a yearly basis.

低負債比率證實了財務彈性並提供了策略靈活性。埃尼將於 7 月更新 2022 年回購情境評估，以確定 11 億歐元回購的上行空間。如果每年油價超過每桶 90 美元，額外回購將相當於增量自由現金流的 30%。

That concludes my prepared remarks. I, along with Eni top management now welcome your questions.

我準備好的發言就到此結束。我和埃尼高層管理人員現在歡迎您提出問題。

(Operator Instructions) The first question comes from Michele Della Vigna of Goldman Sachs.

（操作員說明）第一個問題來自高盛的米歇爾·德拉·維尼亞（Michele Della Vigna）。

I had 2 questions. The first one really is around your fast track and dual exploration strategy, which clearly ideally suits Europe's need for security supply at the moment. And we've seen the announcement Algeria, Egypt, Congo, et cetera. I was wondering if you add up all of these incremental opportunities together, what extra volumes can you get within the next 1, 2, 3 years? And then staying on fast tracking, you are going to do one of the first fast tracking of floating LNG in Congo. I was wondering from that, how much could be transferred potentially to Mozambique, where you will start up your development later in the year, but the whole onshore project has been indefinitely delayed because of security concerns. Could this become the new way in which the gas resources there can be developed with a higher return and quicker time to market?

我有兩個問題。第一個確實是圍繞您的快速通道和雙重探索策略，這顯然非常適合歐洲目前對安全供應的需求。我們已經看到了阿爾及利亞、埃及、剛果等地的公告。我想知道如果您將所有這些增量機會加在一起，您在未來 1、2、3 年內可以獲得多少額外數量？然後繼續快速跟踪，您將在剛果進行浮動液化天然氣的首次快速跟踪之一。我想知道有多少資金可能會轉移到莫三比克，今年稍後你將在那裡開始開發，但由於安全問題，整個陸上計畫已被無限期推遲。這能否成為天然氣資源開發回報更高、上市時間更快的新方式？

Michele, very fast reply on the second question, then I will leave it for more description to Guido Brusco for the other question.

米歇爾，對第二個問題的答覆非常快，然後我將把它留給吉多·布魯斯科（Guido Brusco）對另一個問題進行更多描述。

On floating LNG, the concept, as you well understood, is a concept that is trying to create a completely new approach, a new model for LNG that will help us substantially to reduce the cycle of LNG project with less size, less capital upfront, shorter time to market, short contract obligations. So making the LNG model more similar to an oil model, more let's say, market-based and less, let's say, committing in terms of long-term delivery. So this is a concept that we are, let's say, applying to Congo, but clearly has a lot of opportunity of users. Currently, you have identified Mozambique as an alternative to security issue, but there will be other opportunities that could emerge.

關於浮動液化天然氣，正如您所理解的那樣，這個概念正在嘗試創建一種全新的方法，一種液化天然氣的新模式，這將幫助我們以更小的規模、更少的前期資本大幅縮短液化天然氣專案的周期，上市時間更短，合約義務更短。因此，使液化天然氣模型更類似於石油模型，更多的是基於市場，而不是長期交付的承諾。因此，這是我們應用於剛果的一個概念，但顯然有很多用戶機會。目前，您已將莫三比克確定為安全問題的替代方案，但還會出現其他機會。

Now I leave to Guido for more detail on the questions.

現在我請吉多來了解更多關於問題的細節。

Okay. Thank you, Francesco, and thank you for the question. So clearly, in our plan, we have already projects and activity to deliver more than 450,000 barrel of gas in 2025. Given this current scenario, we've been able to unlock project to deliver and to mobilize 14 Tcf of additional gas resources in Congo, in Egypt, in Algeria, likewise.

好的。謝謝你，弗朗西斯科，也謝謝你提出的問題。很明顯，在我們的計劃中，我們已經制定了在 2025 年交付超過 450,000 桶天然氣的項目和活動。鑑於目前的情況，我們已經能夠解鎖項目以在剛果交付和調動 14 Tcf 的額外天然氣資源，在埃及，在阿爾及利亞，也是如此。

This project are in Congo in -- but also given our infrastructure-led exploration, we have also opportunity in Egypt, in Algeria. This may add to our production profile in 2025, about 50,000 barrels. And in terms of equity CapEx in the 4-year plan, thanks to the configuration of our project, we expect a less than a 5% increase, which is well within our flexibility of our CapEx upstream, overall CapEx upstream.

該項目位於剛果——但考慮到我們以基礎設施為主導的勘探，我們在埃及和阿爾及利亞也有機會。這可能會使我們 2025 年的產量增加約 50,000 桶。就4年計畫中的權益資本支出而言，由於我們專案的配置，我們預期增幅不會超過5%，這完全符合我們上游資本支出、上游整體資本支出的靈活性。

Going to Mozambique, as you know, the operator is -- while monitoring, the security situation is still looking to opportunities to optimize the concept, leveraging on synergies with the Area 1. On the other hand, we are looking at opportunities to implement development offshore, fast-track modular like in Congo. And we will come back on those, and we are already engaging partners and other stakeholders.

前往莫三比克，如您所知，運營商在監控的同時，安全局勢仍在尋找優化概念的機會，利用與1區的協同效應。另一方面，我們正在尋找實施發展的機會像剛果這樣的海上、快速通道模組化。我們將重新考慮這些問題，並且我們已經在與合作夥伴和其他利害關係人合作。

The next question is from Irene Himona of Societe Generale.

下一個問題來自法國興業銀行的艾琳希莫納。

Congratulations on a strong quarter. I had 2 questions, please. Firstly, your Q1 interest expense, EUR 339 million is materially higher than in the previous 2 quarters. This is despite your declining leverage. So I wonder if you can help us understand the sharp increase? And secondly, an update on Kazakhstan, please? What is your current production level? And is there a disruption to flows, particularly through the Russian pipeline given the weather damage reported recently?

恭喜季度表現強勁。我有兩個問題，請問。首先，第一季的利息支出為 3.39 億歐元，大幅高於前兩季。儘管您的槓桿率不斷下降，但情況仍然如此。所以我想知道你能否幫助我們理解急劇增長的情況？其次，請介紹一下哈薩克的最新情況？你們目前的生產水準是多少？鑑於最近通報的天氣損害，流量是否會受到干擾，特別是通過俄羅斯管道的流量？

Yes. I reply to the first related to the interest. The increase that you see is mainly related to the change in interest rates that is clearly impacting the yields. And the other effect is related to foreign exchange effects. So that are the 2 main drivers for the increase that you see. Then there are some, let's say, one-off effect that are less relevant.

是的。我回覆第一個與興趣相關的問題。您看到的成長主要與顯著影響收益率的利率變化有關。另一個影響與外匯影響有關。這就是您所看到的成長的兩個主要驅動因素。還有一些，比如說，一次性的影響，不太相關。

About the Kazakhstan production, I leave back the floor to Guido.

關於哈薩克的製作，我把發言權留給吉多。

Our production in Kazakhstan is above 160,000 barrels of oil equivalent per day. Indeed, we had some disruption on the export line CPC. It happened in mid of April. But now in the last couple of days, this has been recovered, and we are back in full production.

我們在哈薩克的產量每天超過 16 萬桶油當量。事實上，我們的出口線路 CPC 受到了一些幹擾。事情發生在四月中旬。但現在在過去的幾天裡，這種情況已經恢復，我們又恢復了全面生產。

The next question is from Massimo Bonisoli of Equita.

下一個問題來自 Equita 的 Massimo Bonisoli。

3 very quick questions. One on the SERM refining margin, if you can provide an indication for the average in April. The second on the net working capital, if you can provide also some guidance on the remaining effect over the rest of the year. And the third on the Novamont, on the strategy on Novamont following the increase in the stake of the company if you are considering any strategic decision there or even IPO?

3 個非常快的問題。一個是 SERM 煉油利潤，如果您能提供 4 月份的平均值的話。第二個是淨營運資本，如果您能就今年剩餘時間的剩餘影響提供一些指導的話。第三個是關於 Novamont，關於公司增持股份後的 Novamont 策略，如果您正在考慮在那裡做出任何策略決策，甚至 IPO？

Yes. Thank you, Massimo. About SERM, clearly, we are seeing a completely different trend versus the last in the past months, particularly SERM was negative practically for the entire 2020, 2021. From March, from the middle of March, we saw a progressive increase in the SERM in the last -- in this quarter so far starting from April, the average is around $14 -- more than $14 per barrel. The current last figures are between $18 to $20 per barrel. So the SERM clearly is materially impacted by the diesel spread that you see in the market.

是的。謝謝你，馬西莫。關於SERM，顯然，我們看到了與過去幾個月完全不同的趨勢，特別是SERM 在整個2020 年和2021 年實際上都是負值。從3 月開始，從3 月中旬開始，我們看到SERM逐步增加最後一個——從 4 月開始的本季度，平均價格約為 14 美元——每桶超過 14 美元。目前最新數字為每桶 18 至 20 美元。因此，SERM 顯然受到市場上柴油價差的重大影響。

In terms of working capital, you have seen that there is an increase of absorber of working capital in the first quarter. This is normal. It's a seasonal trend that you see in all -- clearly, all first quarter of the year that is amplified by the price scenario that we are seeing, so the trade receivable amount. This is clearly reverted during the year. We have an additional element that will impact the working capital during the year that is the derivates impact. If you remember last year, at the end, in the last quarter, there was a positive result from cascade of derivative, particularly of power. This will return is almost EUR 1 billion in the -- during this year, but we have clearly planned with this well in advance. So you will see in the coming quarter a return, a reduction of this working capital effect, but the around -- we are expecting something in the range of EUR 2 billion of negative impact of the working capital because of this effect of the derivative that I referred to before.

在營運資金方面，大家看到第一季營運資金的吸收量增加。這個是正常的。這是你所看到的季節性趨勢——顯然，今年第一季的趨勢被我們看到的價格情況（即應收帳款金額）放大了。這在今年顯然得到了恢復。我們還有一個額外因素會影響年內的營運資金，也就是衍生性商品影響。如果你還記得去年，在最後一個季度，衍生性商品級聯產生了正面的結果，特別是電力衍生性商品。今年的回報將接近 10 億歐元，但我們已經提前做好了明確的計劃。因此，您將在下個季度看到回報，即營運資本效應的減少，但我們預計，由於衍生性商品的這種影響，營運資本將受到 20 億歐元的負面影響。我之前提到過。

About Novamont, I would like the question to Adriano Alfani. Clearly, our move from 25% to 35% is an opportunity to reinforce the partnership. I will leave him the -- some additional color on this news.

關於 Novamont，我想向阿德里亞諾·阿爾法尼 (Adriano Alfani) 提問。顯然，我們從 25% 調整到 35% 是一個加強合作關係的機會。我會給他留下一些關於這個消息的額外資訊。

Sure. Thanks for the question. So this agreement starts with the intention to make a strong field in the plastic sector, combining a traditional portfolio that Versalis has today based, of course, on polyether-ester market and technology and also with the technology that Novamont has in terms of bioplastics. So that they've developed over the last 20-plus years in term of green chemistry.

當然。謝謝你的提問。因此，該協議的目的是在塑膠領域建立一個強大的領域，結合 Versalis 今天基於聚醚酯市場和技術的傳統產品組合，以及 Novamont 在生物塑膠方面擁有的技術。因此，他們在過去 20 多年裡在綠色化學方面取得了發展。

The 2 company now that have a different governance and also different participation. In terms of Versalis, Novamont been discussing in order to strength partnership and enhance value creation by joint effort in the market. And of course, this live open for any possible solution in the future.

現在這兩家公司有不同的治理和不同的參與。在Versalis方面，Novamont一直在討論如何加強合作關係，透過共同努力在市場上提高價值創造。當然，這對未來任何可能的解決方案都是開放的。

The next question is from Biraj Borkhataria of RBC.

下一個問題來自 RBC 的 Biraj Borkhataria。

First one is on the -- you had a very strong gas trading result in Q1. Obviously, you raised the guidance for 2022. I was wondering if you could give a little bit of color on '23, given the expectation, obviously, in your slide shows, the incremental volumes that will come through into that organization going forward? And the second question is on the low carbon side. What we've seen from Eni and in terms of policy is an acceleration of various parts of energy, and it looks like there'll be more opportunities in low carbon than maybe previously anticipated, particularly in Europe, the content looks to accelerate the transition. So should we expect Eni looking to accelerate in low carbon as well as on the kind of short cycle gas front given such strong free cash flow and a manageable debt profile at this point?

第一個是－第一季的天然氣交易結果非常強勁。顯然，您提出了 2022 年的指導。我想知道您是否可以對 23 年進行一些說明，顯然，在您的幻燈片中，考慮到該組織未來將增加的增量？第二個問題是低碳方面。我們從埃尼公司和政策方面看到的是能源各部分的加速發展，看起來低碳的機會比之前預期的要多，特別是在歐洲，內容看起來會加速轉型。那麼，考慮到目前如此強勁的自由現金流和可控的債務狀況，我們是否應該期望埃尼在低碳以及短週期天然氣領域加速發展？

Okay. I leave now to Cristian Signoretto for the first question, and then I will come back for the second.

好的。我現在請克里斯蒂安·西尼奧萊托回答第一個問題，然後我會回來回答第二個問題。

So thanks for your question. On the LNG trading business, let's say, this quarter has been clearly sustained for 2 reasons. On the one hand, we had an increase of LNG availability vis-a-vis last year. And clearly, also the price environment was actually very prone for optimization and, let's say, value capturing. If I have to project this into the future, I would tell you that clearly, we have a trajectory of increasing LNG portfolio in the coming years. So clearly, this will provide further opportunities for increasing the volume available for sales and for optimization. And on the other hand, I mean, we think -- we believe that the LNG and gas market is going to stay tight for quite a while, given the current situation and the current geopolitical stress. So I would expect also that clearly a tightening scenario will clearly benefit also that line of business.

謝謝你的提問。就液化天然氣貿易業務而言，本季明顯持續的原因有二。一方面，與去年相比，我們的液化天然氣供應量增加。顯然，價格環境實際上也很容易優化，比如說，價值捕獲。如果我必須將其預測到未來，我會明確地告訴您，未來幾年我們的液化天然氣投資組合將會增加。顯然，這將為增加可銷售量和優化提供更多機會。另一方面，我的意思是，我們認為，考慮到目前的情況和當前的地緣政治壓力，我們認為液化天然氣和天然氣市場將在相當長一段時間內保持緊張狀態。因此，我還預計，緊縮局面顯然也將有利於該業務領域。

About the opportunity that clearly are growing in terms of transition and low carbon opportunity, you have seen that we have presented in the last Capital Market Day and improved and quite, let's say, aggressive pace towards decarbonizing our activities. We have also added to this trajectory to this plan also the tools that we are implementing. These tools are made of business model, business opportunity, new financial solutions. I'm referring clearly not only to Plenitude, but to the new, let's say, sustainable mobility company. The SPAC, that is another element that we are adding to capture technology and opportunity to improve and to add additional option to this evolution.

關於在轉型和低碳機會方面明顯增長的機會，您已經看到我們在上一個資本市場日中提出的，並且改進了，可以說，我們的活動脫碳的步伐相當積極。我們還在該計劃中添加了我們正在實施的工具。這些工具由商業模式、商業機會、新的金融解決方案組成。我明確指的不僅是 Plenitude，還指的是新的永續旅遊公司。 SPAC，這是我們添加的另一個元素，旨在捕捉技術和機會，以改進並為這一演變添加額外的選項。

In this quarter, for example, we have invested in the CFS, so in the nuclear fusion, maintaining our leadership position in that venture. And as we were referring before, on Novamont, we are increasing our exposure to biochemicals. So Eni is already well committed, and we will continue to exploit in the most, let's say, diversified way all the different segments and businesses that are emerging, including, for example, also the CCS, that is an additional, let's say, business line where Eni is on the front page.

例如，在本季度，我們投資了 CFS，因此投資了核融合，保持了我們在該領域的領導地位。正如我們之前提到的，在 Novamont，我們正在增加對生化物質的接觸。因此，埃尼已經做出了充分的承諾，我們將繼續以最多元化的方式開發所有正在出現的不同細分市場和業務，例如，還包括 CCS，這是一項額外的業務。埃尼公司在首頁的位置。

So I think that I agree with you, there will be in this market scenario, emerging opportunity, and we'll have also the capability to speed up in many of the different fronts.

所以我認為我同意你的觀點，在這個市場場景中，將會出現新的機會，而且我們也將有能力在許多不同的領域加速發展。

The next question is from Oswald Clint of Bernstein.

下一個問題來自伯恩斯坦的奧斯瓦爾德·克林特。

Just back on the global gas business. And if we could just focus on the pipeline part of the business and the trading around that piece into Europe into Italy, could you just tell us a little bit more about what you're up in the quarter in terms of logistics and optimize time spreads, please? And I mean I'm really trying to get, was this a kind of all-time best performance from the team there? And as you said, the market is going to stay tight, you're bringing some more gas into the portfolio. So could we think about this level of performance being sustained here? And then secondly, you talked about the refining margin as well, but there is energy utility cost headwinds against that. So I know you're taking some steps to alleviate that, but could you flesh those out a little bit, please? Just tell us what exactly you're doing to alleviate those pressures? And could we see some of those taking effect through the rest of 2022, please?

剛剛回到全球天然氣業務。如果我們可以只專注於業務的管道部分以及圍繞該部分從歐洲到義大利的貿易，您能否告訴我們更多有關您本季度在物流和優化時間差方面的進展情況， 請？我的意思是，我真的很想知道，這是球隊有史以來最好的表現嗎？正如您所說，市場將保持緊張，您將向投資組合注入更多天然氣。那麼我們是否可以考慮在這裡維持這種水準的性能？其次，您也談到了煉油利潤，但能源公用事業成本有不利因素。所以我知道您正在採取一些措施來緩解這種情況，但是您能具體說明嗎？請告訴我們您到底在做什麼來減輕這些壓力？我們能否看到其中一些措施在 2022 年剩餘時間內生效？

Thank you, Oswald. I will leave the second question to Giuseppe Ricci that is connected by phone and then come back to Cristian.

謝謝你，奧斯華。我將第二個問題留給透過電話聯繫的朱塞佩·里奇（Giuseppe Ricci），然後再回到克里斯蒂安（Cristian）。

Yes. So thanks for the question. So on the -- sorry --

是的。謝謝你的提問。所以——抱歉——

Pino, if you could answer about the --

皮諾，如果你能回答一下——

Okay. I'll start immediately, Francesco. About the refining margin, of course, these are affected for the high-utility cost. But in our system, in the -- starting from the fourth quarter of last year, we implemented a lot of initiatives to reduce the methane consumption in the refineries, replacing the methane consumption with other fuels like LPG and other lightings. And recently, we also put in service a plant gasification of [bitium] to syngas produce syngas that replace methane in our power station, and also we modify all the configuration of the plant in order to minimize the use of steam reform for hydrogen production that are a very high consumer of methane. In this way, we are able to reduce the methane consumption by 70%. And so 2/3 of the extra cost of utilities are neutralized. This means that our margin gain of this effect and in the last month, March, we recovered all the losses because of the low margin of January and February. And now in April, we are in a much better condition.

好的。我馬上開始，弗朗西斯科。至於煉油毛利，當然，這些都受到高使用成本的影響。但在我們的系統中，從去年第四季開始，我們實施了許多措施來減少煉油廠的甲烷消耗，用液化石油氣和其他照明等其他燃料取代甲烷消耗。最近，我們也投入使用了[比特]氣化裝置，以生產合成氣，在我們的發電站中替代甲烷，並且我們還修改了裝置的所有配置，以盡量減少用於氫氣生產的蒸汽重整的使用。是甲烷的大量消耗者。這樣，我們能夠減少 70% 的甲烷消耗。因此，2/3 的額外公用事業成本被抵銷。這意味著我們的利潤率在這一影響下有所增長，而在最後一個月，即三月份，我們彌補了由於一月和二月利潤率較低而造成的所有損失。現在進入四月，我們的情況好多了。

Okay. Now I'll leave back to Cristian.

好的。現在我要離開回到克里斯蒂安那裡了。

Yes. So on the gas result for this quarter, first of all, clearly, the market has been very volatile. And clearly, with the flexibilities and optionalities in our contracts, we took advantage of surely the time spread. So we anticipated many of the flexibility that we had in our contracts this quarter because of the wild, let's say, price movements. And -- but also on the geographical spread, you probably have seen that there are spreads between the markets in Europe, which are unseen because of the situation of the market. So clearly, this basically explain at least 30% of the exceptional result of the activity in the first quarter.

是的。因此，就本季的天然氣結果而言，首先，顯然，市場波動非常大。顯然，憑藉合約中的靈活性和選擇性，我們確實利用了時間差。因此，由於價格波動劇烈，我們預計本季的合約將具有很大的靈活性。而且 - 而且在地理分佈上，您可能已經看到歐洲市場之間存在價差，但由於市場狀況而無法看到。顯然，這基本上解釋了第一季活動至少 30% 的出色業績。

So then going ahead, well, on the one hand, as I explained, so some of the flexibilities we have already optimized, so we have less to being able to monetize in the following months. And as you know, I mean, our business is a bit cyclical in the sense that there are quarters in which we can be -- we can outbeat the market that also then quarters in which we are borrowing a bit in order to make that extra performance. And so let's say, clearly, the volatility of the quarter is such that we project a EUR 1.2 billion result by the end of the year, which means that there will be some quarters in which we're going to be weak. And then, let's say, probably the last quarter, which is the winter quarter, we will be able to achieve that target.

那麼，好吧，一方面，正如我所解釋的，我們已經優化了一些靈活性，所以我們在接下來的幾個月中能夠貨幣化的能力會減少。如你所知，我的意思是，我們的業務有點週期性，因為在某些季度我們可以——我們可以超越市場，在某些季度我們可以藉一點錢來賺取額外的收入。表現。因此，我們可以明確地說，本季的波動性如此之大，以至於我們預計到年底將實現 12 億歐元的業績，這意味著我們將在某些季度表現疲軟。然後，比如說，可能在最後一個季度，即冬季，我們將能夠實現該目標。

On the other hand, clearly, while -- again, while the market movements and the opportunities will be there to be captured if there are the opportunities. One thing I want to stress is that clearly, this target is assuming, as Francesco is saying, a steady flow and no disruption from Russia.

另一方面，顯然，如果有機會的話，市場走勢和機會就會在那裡被捕捉。我想強調的一件事是，正如弗朗西斯科所說，這個目標顯然是假設流量穩定且沒有來自俄羅斯的干擾。

The next question is from Henri Patricot of UBS.

下一個問題來自瑞銀集團的亨利‧派崔克。

2 questions, please. The first one, just on your gas business and the gas supply coming from Russia. Can you give us an update on where you are in terms of the new payment mechanism? What are your expectations here? And what would be the impact for Eni if there was an interruption of gas supply to Italy for one reason to another? And then second one, just a quick follow-up on refining. Just to get a sense of the margin capture, I mean in the second quarter. Should we expect to see higher utilization from, I think it was 70% in the first quarter? Or do you have some more maintenance for the rest of the year?

請教 2 個問題。第一個是關於您的天然氣業務和來自俄羅斯的天然氣供應。您能否向我們介紹一下您在新支付機制的最新進展？您對這裡有什麼期望？如果義大利的天然氣供應因某種原因而中斷，會對埃尼造成什麼影響？然後是第二個，只是對精煉的快速跟進。只是為了了解利潤率，我指的是第二季。我們是否應該期望看到更高的利用率（我認為第一季為 70%）？或是今年剩下的時間你還有更多的維護嗎？

Okay. I will reply to the first and then come back to Pino. About the mechanism of payment, what we can say that we are clearly continuing to analyze the situation, and we are in strict coordination with the authorities, with the European and the Italian government. You know that clearly, what we are going to pay, we will pay the gas delivery in compliance, strict compliance with the contract terms and following the international sanctions. So we will respect clearly all these rules. The currency of the contract is euro, and we have continued to receive invoices accrued in euro, and we have not opened a ruble account. That is what we can say now.

好的。我會先回覆第一個問題，然後再回覆皮諾。關於支付機制，我們可以說，我們顯然正在繼續分析情況，並且我們正在與當局、歐洲和義大利政府進行嚴格協調。你清楚地知道，我們要支付的費用，我們將按照規定、嚴格遵守合約條款並遵循國際制裁來支付天然氣輸送費用。因此，我們將明確尊重所有這些規則。合約貨幣為歐元，我們持續收到以歐元計價的發票，我們尚未開設盧布帳戶。這就是我們現在可以說的。

I leave now to Pino for the utilization rate and the refining performance.

我現在將利用率和精煉性能留給皮諾。

Thanks, Francesco. In the third quarter, our utilization rate was about 70%. But just in March, we started to increase the capacity of the plant in all refining system. And in the second quarter, we expect to have the maximum utilization -- gaining the momentum by marking. We have moved all the maintenance shutdown in advance in order -- in the second part of the year in order to avoid any shutdown we expect to. And this is the same in Italy, Europe and ADNOC.

謝謝，弗朗西斯科。第三季度，我們的利用率約為70%。但就在三月份，我們開始增加工廠所有煉油系統的產能。在第二季度，我們預計將實現最大利用率——透過標記獲得動力。我們已按順序提前將所有維護關閉時間推遲到今年下半年，以避免我們預期的任何關閉。義大利、歐洲和阿布達比國家石油公司也是如此。

The next question is from Alessandro Pozzi of Mediobanca.

下一個問題來自 Mediobanca 的 Alessandro Pozzi。

I have a few questions. The first one on tax rate, it's been very low this quarter. Clearly, the impact of higher oil prices is a positive factor. I was wondering if you can give us a bit more color on what are the moving parts and what should we assume for the rest of the year? And also maybe if you can quantify the impact of Libya, I believe that when you have really high spot prices in Italy that helps also lowering the tax rate. And the second one is on exploration, always been your forte. I was wondering what are the next maybe 1 or 2 key high-impact wells that you're planning to drill over the next few quarters? And lastly, I think if I look at the Plenitude retail gas sales, you clearly managed to make a big improvement in power sales. Number of clients in terms of retail gas sales, I think it's down 3% year-on-year. I was wondering whether there's just purely the impact of demand elasticity given the higher prices?

我有幾個問題。第一個是稅率，本季非常低。顯然，油價上漲的影響是一個正面因素。我想知道您能否給我們更多的信息，告訴我們哪些是變化的部分，以及我們在今年剩下的時間裡應該假設什麼？也許如果你能化利比亞的影響，我相信當義大利的現貨價格非常高時，也有助於降低稅率。第二個是探索，一直是你的強項。我想知道您計劃在接下來的幾季鑽探的下一個或兩個關鍵的高影響井是什麼？最後，我認為如果我看看 Plenitude 零售天然氣銷售，您顯然在電力銷售方面取得了巨大的進步。從零售天然氣銷售的客戶數量來看，我認為比去年同期下降了3%。我想知道價格上漲是否純粹是需求彈性的影響？

Thank you, Alessandro. Now I'll leave to Luca Bertelli for the answer related to the exploration, then to Stefano Goberti for Plenitude, and then I will come back for the for the tax rate.

謝謝你，亞歷山德羅。現在我將由 Luca Bertelli 來回答與勘探相關的問題，然後由 Stefano Goberti 來回答 Plenitude，然後我會回來回答稅率問題。

Okay. For what concern, important wells that we are going to drill in the remaining part of the year, we will have further activity in Egypt, further activity in Angola. We will have well in offshore Mozambique. And finally, also will be coming back drilling on Baleine discovery. We already started to drill a price of development well this year. And finally, also other wells in Angola, New Field Wildcat.

好的。對於我們將在今年剩餘時間內鑽探的重要油井，我們將在埃及進行進一步的活動，在安哥拉進行進一步的活動。我們將在莫三比克近海擁有良好的資源。最後，我們還將返回 Baleine 發現鑽探。今年我們已經開始打開發價井了。最後，還有安哥拉的其他油井，New Field Wildcat。

Which one do you think is the most important one of those, one to watch out?

您認為其中哪一項是最重要、最值得關注的一項？

I'll not say what -- I don't know what's the most important one. So our work is a lot of risk associated. So I'd say that altogether is a good package of wells that would provide the results that we expect for a year.

我不會說什麼——我不知道什麼是最重要的。所以我們的工作有很多風險。所以我想說，這總共是一套很好的井，可以提供我們一年預期的結果。

All right. Fair enough.

好的。很公平。

Stefano, please.

斯特凡諾，請。

Okay. Thank you, Alessandro. On Plenitude itself, the results were a little bit softer this quarter compared to last quarter because of the volume effect, mainly linked to the fact that we, to our retail clients, we sell at fixed prices. And when we become that at the end of the period, we are short, we need to rebuy the commodity in order to serve their consumption. In the first quarter, the weather was particularly against us because it was colder than the forecast. So this is the effect on the economic result.

好的。謝謝你，亞歷山德羅。就 Plenitude 本身而言，由於銷售效應，本季的業績比上季稍微疲軟，這主要與我們向零售客戶以固定價格銷售產品有關。當我們在這個時期結束時變得短缺時，我們需要重新購買商品來滿足他們的消費。第一季度，天氣對我們尤其不利，因為比預期的要冷。這就是對經濟結果的影響。

In terms of volume, in Plenitude, we did not record a specific trend in reduction of consumer, but by maybe the other way because of the weather condition. Maybe you are referring to the overall portfolio, Eni portfolio gas in your question.

就數量而言，在 Plenitude 中，我們沒有記錄消費者減少的​​具體趨勢，但由於天氣狀況，可能會出現相反的情況。也許您指的是整體投資組合，您問題中的埃尼投資組合天然氣。

Okay. Yes.

好的。是的。

In terms of tax rate, you know that clearly, we have already guided in the past with a 50% rate -- tax rate in a $70, $80 world. Now clearly, we are above that. The composition of that result has clearly impacted the tax rate. As soon as the price of oil and gas is growing, you have benefited by the positive contribution of countries with lower tax rate clearly in the E&P businesses, also the benefit, the contributor of GGP is helping to reduce the tax rate and also the results of affiliate. So as a sort of guidance, rule of thumb for the year, in the current price environment, around $100 per barrel, $95, $100 per barrel, I will confirm something in the range of 40%.

就稅率而言，您清楚地知道，我們過去已經以 50% 的稅率進行指導——70 美元、80 美元世界的稅率。現在顯然，我們已經超越了這一點。此結果的組成顯然影響了稅率。一旦石油和天然氣的價格上漲，您就會受益於稅率較低的國家在勘探和生產業務中的積極貢獻，也是好處，GGP的貢獻者正在幫助降低稅率和結果的附屬公司。因此，作為今年的指導和經驗法則，在當前的價格環境下，每桶 100 美元、95 美元、100 美元左右，我將確認 40% 範圍內的價格。

The comment related to Libyan gas, I would say more than that is the benefit of upstream results in even -- clearly, in Italy, in the current price environment is helping to have a contribution or a positive contribution also from that business. And this clearly is another of the factors that reduced the tax rate.

關於利比亞天然氣的評論，我想說的不僅僅是上游業績的好處，甚至在義大利，在當前的價格環境下，上游業績也有助於該業務做出貢獻或積極貢獻。這顯然是降低稅率的另一個因素。

Okay. Maybe just a follow-up on the payment mechanism to Russia. What is the deadline for the next payment for the April gas delivery?

好的。也許只是對俄羅斯支付機制的後續行動。四月天然氣交付的下一次付款截止日期是多少？

You know that you pay within the following month. So the April delivery is paid during May.

您知道您將在下個月內付款。所以四月的交貨是在五月支付的。

Sometime in May. Okay.

五月的某個時候。好的。

The last question is from Bertrand Hodee of Kepler Cheuvreux.

最後一個問題來自 Kepler Cheuvreux 的 Bertrand Hodee。

Yes. I have one question left. Francesco, can you quantify the risk in terms of financial terms if Gazprom gas supply were to stop for any reason? Have you already committed to sell some of this gas to third parties on a forward basis? And in short, will you be able to call for force majeure and under what conditions? And is there a risk of a mismatch between your alternative source of supply and your already committed selling gas price?

是的。我還剩下一個問題。 Francesco，如果俄羅斯天然氣工業股份公司因任何原因停止天然氣供應，您能否量化財務上的風險？您是否已經承諾將部分天然氣遠期出售給第三方？簡而言之，您可以主張不可抗力嗎？在什麼條件下？您的替代供應來源與您已經承諾的天然氣銷售價格之間是否存在不匹配的風險？

It is a complicated question. I think that you know that there are a lot of different option alternatives and flexibility in our portfolio. We were referring before to the new rules or additional volumes that we added during the past month. Clearly, there is also LNG that could be, let's say, captured through the market opportunity. And therefore, clearly, it is too difficult now to give you an answer because there will be many, many components that have to be matched.

這是一個複雜的問題。我想您知道我們的投資組合有很多不同的選擇和靈活性。我們之前提到過新規則或上個月新增的額外磁碟區。顯然，液化天然氣也可以透過市場機會獲得。因此，很明顯，現在很難給你答案，因為有很多很多組件需要匹配。

In general speaking, if there is -- there are special string condition, there are contractual protection and general legal coverage that could be called in terms of force majeure. So in that case of string condition, you could have also that level of protection. So I would say that there are different tools that could be activated in different scenarios.

一般來說，如果有的話——有特殊的條件，有合約保護和一般法律覆蓋範圍，可以稱為不可抗力。因此，在這種字串情況下，您也可以獲得該層級的保護。所以我想說，在不同的場景下可以啟動不同的工具。

Can I ask just a follow-up. Are you still selling let's say, longer than 1 month ahead, your expected supply from Gazprom or have you completely stopped selling on a forward basis volumes that could eventually disappear?

可以問一下後續狀況嗎？比方說，您是否仍在銷售（比方說，未來 1 個月以上）俄羅斯天然氣工業股份公司的預期供應量，或者您是否已完全停止遠期銷售（最終可能會消失）？

I think this is a commercial sensitive information that I prefer not to disclose.

我認為這是一個商業敏感訊息，我不想透露。

We have another question that has joined from Alastair Syme of Citi.

我們還有花旗集團的阿拉斯泰爾·賽姆提出的另一個問題。

Can I just ask on the accounting treatment that you've put into Saipem. Just a little bit unclear of what's gone through this quarter and what's still to come for the remainder of the year in terms of the recapitalization.

我可以問一下你們對 Saipem 的會計處理嗎？只是有點不清楚本季發生了什麼以及今年剩餘時間在資本重組方面仍將發生什麼。

We had considered the contribution to Saipem. You know that we have, let's say, provided financial support in terms of future increase of capital, you will see in our portfolio and M&A activity. So it is practically the share of Eni, the contribution of Eni of the EUR 1.5 billion that was the first step is already included in that amount of portfolio, Eni portfolio activities.

我們考慮了對 Saipem 的貢獻。您知道，我們已經為未來的資本增加提供了財務支持，您將在我們的投資組合和併購活動中看到。因此，實際上埃尼的份額，埃尼的第一步 15 億歐元的貢獻已經包含在埃尼投資組合活動的金額中。

But do you -- is there something for the future underwriting that has to go on the balance sheet as well? Or would that come later in the year?

但是，未來的承保是否有某些東西也必須記在資產負債表上？還是會在今年稍晚出現？

So we have already included the provision for the additional increase of capital.

所以我們已經計入了額外增加資本的撥備。

Gentlemen, there are no more questions at this time. Would you like to make any closing remarks?

先生們，目前沒有其他問題了。您想作結束語嗎？

Thank you. Thank you to all for the question. I think that the quarter was confirming the strategic path and the effective of our execution clearly. We will thank you and we'll remain in contact for any additional questions. There is our Investor Relations team with Jonathan Rigby that you know very well as new head for answering all your questions. Thank you very much.

謝謝。謝謝大家的提問。我認為這個季度清楚地確認了我們的策略路徑和執行的有效性。我們將感謝您，如有任何其他問題，我們將與您保持聯繫。我們的投資者關係團隊由您非常熟悉的喬納森·里格比 (Jonathan Rigby) 作為新負責人來回答您的所有問題。非常感謝。