Apr 24, 2024 / NTS GMT
Operator
Good afternoon, ladies and gentlemen, and welcome to Eni's 2024 First Quarter Results Conference Call, hosted by Mr. Francesco Gattei, Chief Financial Officer. (Operator Instructions) I'm now handing over to your host to begin today's conference. Thank you.
Francesco Gattei - Eni S.p.A. - CFO
Thank you. Good afternoon, and welcome to Eni Quarter 1 2024 Results Conference Call. Our first quarter is an excellent result. We have reported pro forma EBIT of EUR 4.1 billion and cash flow from operation of EUR 3.9 billion.
Production growth in our upstream of 5%, and excellent contribution from our transition business of Enilive and Plenitude meant that we substantially resisted the overall deterioration in this scenario. The continued excellent cash conversion and CapEx discipline also meant that balanced gearing remains comfortably within our range, despite completing on Neptune and the 2023 share buyback program in this quarter.
I will analyze our results in more detail shortly, but the slides also emphasize how busy we continue to be in actions to
Q1 2024 Eni SpA Earnings Call Transcript
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