Guido Brusco: Given the — I mean, the size of operation in activity, of course, we still have some limited in field activity and production optimization projects. We have clearly slowed down a little bit the exploration, but I mean, overall, we are running our activity as per the plan and as we expected to carry out over this year. So, no big changes other than some slowdown on exploration activity.
Operator: The next question is from Henry Tarr with Berenberg. Please go ahead.
Henry Tarr: Two. One is just on the share buyback uplift. I guess the increase comes from the higher scenario and so the lift to your cash flow estimates. But if you could just sort of talk through how you got to the 1.6, that would be great? And then I guess, the current guidance is, if cash flow is better than the 14 billion, is it an incremental 60% of the incremental that will come through into the buyback? That’s the first question. And then just on the second question. You mentioned that the supercomputer that you’re investing in. What sort of an edge do you think it gives you through the reservoir modeling and exploration side?
Francesco Gattei: Okay. In terms of the updated guidance of the buyback, clearly, this is a mix of two elements. One is the strategic execution. If you have seen production performance, the growth in the renewables and Enilive, the downtime of the biorefineries, even the performance clearly that we’ve already accumulated in the traditional refineries. All these are facts that are behind our — the past month, the last quarter. So, we have already cashed this advantage in the past month. And the other element, clearly, is the scenario. The scenario that we designed at the beginning of the year was a scenario where the price of oil was 80. The price of oil today year-to-date as a practically four months already occurred is 85, almost 85.
The gas in Europe, as we discussed before, is much stronger than expected. Some proved to be extremely resilient. So, I think that proves that the energy environment is more supportive. There is also a geopolitical risk that had with the Iranian events of the past weeks, some additional factors to be bullish. And clearly, we are quite confident that the performance that we have seen so far is continuing. So, I will say that there is a contribution of internal and external factors. On the supercomputer, I will leave to Guido Brusco for the comment.
Guido Brusco: I mean the supercomputer is just one element of our competitive advantage, together with, of course, the technology, which I mean, is the — our proprietary algorithm, which helps our staff to better understand the geological and reservoir modeling and, of course, the skill set of our people. We have teams. We have — we always trusted in the exploration as an engine for both of the Company. We never dismissed through-the-cycle people, and we maintained knowledge capability in the Company. So, the supercomputer is a big enabler of course, but I mean the high computational capacity without the right skill set and without the algorithm, which would drive this computational capacity towards something meaningful is — wouldn’t explain completely our competitive hedge.
Henry Tarr: Okay. Is there a CapEx number that you’ve given for the computer itself? Is it material or not really?
Francesco Gattei: It is around €40 million, €50 million, so not particularly expense. Sorry, €140 million, €140 million, €140 million.
Operator: The next question is from Irene Himona with Bernstein. Please go ahead.
Irene Himona: My first question on Enilive, if you can talk a little bit about the performance of marketing within that in the quarter? And also, as you step up your biorefining throughput, are you seeing a corresponding step-up in the agri feedstocks where I think you aim to be sort of 30%, 35% integrated? And then the second question, if we go back to the asset disposal plan, the €8 billion over four years, which really to take you back to pre-Neptune, I guess we had Neptune, so it’s really €10 billion over four years. You said at the beginning in your prepared remarks that the dual exploration model has delivered €10 billion in 15 years, I think. So how confident are you in €10 billion over four years, basically?
Francesco Gattei: First of all, and then I will let them answer related to the marketing and to the agri feedstocks to other people. About the disposal, that €10 billion actually were accumulated in less than five years because we’re — 2013 and 2018, if you remember, we clearly — we showed that this overall disposal plan over the last 10 years, because we are associated to the amount of discovery that we did over the 10 years. But if you remember, the model deal and the door deals were substantially concluded between 2013 and 2018 or there was just a small, let’s say, portion at the end of 2019. So, in four years or five years. Clearly, now we are even more confident because at the end of the day, we are working on a larger set of opportunities that are coming from the traditional upstream but also through the new satellites.
So, I believe that five — four years, five years in order to execute a plan of disposal, is the one that we mentioned in the Capital Market Day is absolutely achievable. I then leave the floor to Ballista, Stefano Ballista for the marketing; and then to Guido for the agri feedstock.
Stefano Ballista: Yes, Francisco. Yes, marketing, we got a very good performance in this first quarter. Twofold main reasons. The first one is related to very good contribution from the wholesale business. This is coming from a revised strategy focused on the optimal trade-off between volume and margins. Contribution got fully realized this quarter as well. And second point on retail performance, it’s good. We managed, in a very peculiar way, let’s say, the optimal pricing strategy per cluster. And then, we start to get increased results from non-oil activities.
