Ultime notizie per Eni (NYSE:E) Azioni

Eni is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2023, the company produced 0.8 million barrels of liquids and 4.6 billion cubic feet of natural gas per day. At end-2023, Eni held reserves of 6.4 billion barrels of oil equivalent, 48% of which are liquids. The Italian government owns a 30.1% stake in the company. Eni is placing its renewable and low-carbon business in a separate entity called Plentitude, which it will likely list publicly at some point.

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Eni S.p.A.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>) shares are trading higher on Monday. The company disclosed the successful completion of the sale of 100% of its Nikaitchuq and <a target="_blank" href="https://www.eni.com/en-IT/media/press-release/2024/11/eni-sale-upstream-assets-alaska-hilcorp-completed.html" rel="noreferrer noopener">Oooguruk </a>assets in Alaska to Hilcorp for a total value of $1 billion.
The transaction, approved by all relevant authorities, aligns with Eni&#8217;s strategy to streamline its upstream portfolio by divesting non-core assets.
This sale contributes to Eni&#8217;s financial goal of generating 8 billion euros in net portfolio inflows under its 2024-27 plan. Eni now expects to reach this target by 2025, which is ahead of schedule.
The company&#8217;s proceeds are expected to come from high-grading its Upstream portfolio, reducing ownership in major exploration finds, and securing new capital through Eni&#8217;s satellite strategy to fuel growth in its transition businesses, reinforcing value creation.
Last month, ENI reported a third-quarter adjusted EBIT decline of 14% Y/Y to €3.4 billion, despite a 2% rise in <a target="_blank" href="https://www.benzinga.com//node/41547475" rel="noreferrer noopener">hydrocarbon production and growth in LNG trading.</a>
ENI raised its 2024 share buyback target by 25% to €2 billion and projects €1.70 million boe/d in hydrocarbon production for FY24.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41518786/kkr-acquires-25-stake-in-enilive-supporting-enis-push-for-energy-transition" rel="noreferrer noopener">KKR Acquires 25% Stake In Enilive, Supporting Eni&#8217;s Push For Energy Transition</a>
Price Action: E shares are up 1.02% at $30.61 at the last check Monday.
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Eni Completes $1 Billion Alaska Asset Sale, Fast-Tracks Portfolio Goal: Details

<a href="https://www.bloomberg.com/news/articles/2024-10-25/ares-banks-to-fund-kkr-s-buyout-of-minority-stake-in-eni-unit" title="https://www.bloomberg.com/news/articles/2024-10-25/ares-banks-to-fund-kkr-s-buyout-of-minority-stake-in-eni-unit">https://www.bloomberg.com/news/articles/2024-10-25/ares-banks-to-fund-kkr-s-buyout-of-minority-stake-in-eni-unit</a>

ARES

'Ares, Banks To Fund KKR's Buyout Of Minority Stake In Eni Unit; KKR Will Tap $1.6B Of Debt In Total For The Acquisition' - Bloomberg News

ENI S.p.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>) reported third-quarter pro forma adjusted EBIT of €3.4 billion ($3.68 billion), down <a href="https://www.eni.com/content/dam/enicom/documents/press-release/migrated/2024-en/10/PR-2024-third-quarter-results.pdf" target="_blank" rel="noreferrer noopener">14</a>% year-over-year.
Hydrocarbon production rose&nbsp;2%&nbsp;to 1.661 kboe/d ($1.80 kboe/d), with installed capacity from renewables of 3.1 GW at the end of the period.
E&amp;P proforma adjusted EBIT was 3.2 billion euros, down 5%&nbsp;due to lower realizations impacted by a decrease in crude oil prices in USD.
Global Gas &amp; LNG Portfolio segment proforma adjusted EBIT stood at 0.25 billion euros, up 65% on the more favorable trading environment and the positive outcome of a negotiation/settlement.
Adjusted net profit stood at 1.27 billion euros, down&nbsp;30%&nbsp;from the prior year but above the analyst consensus of <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">1.08&nbsp;billion euros (per Reuters)</a>.
CEO&nbsp;Claudio Descalzi stated, &#8220;We have increased our upstream production alongside investing for the next phase of growth, including gaining approval for the plan of development on our large Indonesian projects.&#8221;
&#8221;Our satellite strategy continues to evolve and we are delighted to confirm the €2.9 bln investment by KKR into Enilive, which builds on the transaction concluded at Plenitude earlier in the year and demonstrates our ability to attract investment,<a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41518786/kkr-acquires-25-stake-in-enilive-supporting-enis-push-for-energy-transition" rel="noreferrer noopener"> confirming the value we are delivering</a>.&#8221;
Outlook: The company projects hydrocarbon production to be around 1.70 million boe/d (vs. upper end of the 1.69 – 1.71 million boe/d range),&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">given a forecast Brent price of&nbsp;$83/bbl</a>.
The company now expects proforma adjusted EBIT of 14 billion euros vs. around 15 billion euros prior, with adjusted CFFO before working capital expected to be 13.5 billion euros (prior view: exceeding 14 billion euros) for the year.
Dividend: Eni anticipates the next quarterly dividend, following shareholder approval of a 1 euros per share dividend for FY 2024 (a&nbsp;6%&nbsp;increase from 2023), will be 0.25 euros per share, payable on November 20, 2024.
Buyback: The company plans to raise the 2024 share buyback, which is now expected to be 2 billion euros, a 25% increase on the previous guidance of 1.6 billion euros and more than 80% higher than the original plan for the year. This will bring the total distribution to around 38% of CFFO.
In a separate release, Eni and SERI Industrial disclosed that they have established an agreement to explore the potential development of an industrial chain for <a target="_blank" href="https://www.eni.com/en-IT/media/press-release/2024/10/eni-and-seri-industrial-an-agreement-for-the-industrial-development-of-the-battery-sector.html" rel="noreferrer noopener">lithium</a>-iron-phosphate electrochemical batteries.
This initiative focuses on applications in energy storage systems (ESS) and industrial and commercial electric mobility.
Price Action: E shares are up&nbsp;1.36%&nbsp;at&nbsp;$31.32 at last check Friday.
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ENI Navigates Lower Oil Prices: Q3 Adjusted EBIT Down 14%, Boosts Stock Buyback

Eni Q3 EPS €0.16 Down From €0.57 YoY, Sales €20.658B Down From €22.3197B YoY

Eni S.p.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>) and KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>) shares are trading higher on Thursday. KKR agreed to acquire a 25% stake in <a href="https://eni.com/en-IT/media/press-release/2024/10/eni-signs-agreement-for-kkr-to-enter-enilive-s-share-capital.html" target="_blank" rel="noreferrer noopener">Enilive </a>for €2.938 billion ($3.172 billion).
The transaction includes a €500 million ($540 million) capital increase reserved for KKR and the purchase of €2.438 billion ($2.633 billion) in Enilive shares from Eni.
The transaction price values Enilive's total equity at €11.75 billion ($12.69 billion) post-transaction.
As part of the deal, Eni will complete a €500 million ($540 million) capital increase before finalizing the transaction to ensure Enilive is debt-free.
The investment improves Eni&#8217;s capital structure by reducing its net financial position while allowing Eni to maintain control and consolidation of Enilive.
This transaction marks a key advancement in Eni&#8217;s satellite model, designed to foster independent growth for high-potential businesses, attract new aligned capital, and provide market value transparency.
Eni CEO, Claudio Descalzi, said, "This agreement marks a significant further step in our business strategy related to the energy transition. Enilive, alongside Plenitude, is central to our commitment to providing decarbonized energy solutions and progressively reducing emissions from the end use of our products.&#8221;
&#8221;Both companies have attracted significant interest from leading international partners and achieved high market valuations, which indicates that our approach to the energy transition is appreciated."
This month, Eni disclosed the completion of its asset combination in the U.K., merging nearly all upstream assets, except for those in the East Irish Sea and&nbsp;CCUS&nbsp;<a target="_blank" href="https://www.benzinga.com//node/41166667" rel="noreferrer noopener">activities, with&nbsp;</a><a target="_blank" href="https://www.benzinga.com//node/41166667" rel="noreferrer noopener">Ithaca Energy plc</a>.
Investors can gain exposure to KKR via&nbsp;FM Focus Equity ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FMCX#NYSE">FMCX</a>) and&nbsp;EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/LBO#BATS">LBO</a>).
Price Action: E shares are up 0.8% at $30.78 and, KKR shares are up 4.3% at $144.51 at the last check Thursday.
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Image created using artificial intelligence via Midjourney.

FMCX

KKR Acquires 25% Stake In Enilive, Supporting Eni's Push For Energy Transition

Jefferies analyst Giacomo Romeo reinstates Eni (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>) from Buy to Buy.

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ENI CEO Says Nuclear Power Generation Is Essential In Europe To Decarbonize Economy; OPEC Has Posed Limited Pressure On Oil Cuts To Cushion Potential Negative Effects From Middle East Crisis; U.S. Investment Funds Are Showing Belief In Our 'Satellite' Strategy; Strategy Of Spinning Off Businesses Is Proceeding Much Faster Than Expected, We Are Very Satisfied

Eni S.p.A&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/e#NYSE">E</a>), a leading integrated energy player, has been awarded an agreement for lease by The Crown Estate for a carbon capture and storage project. The agreement for lease was awarded for the Hynet project, the first CCS project in the United Kingdom to reuse existing pipelines and infrastructure to reduce emissions. Reusing the existing infrastructure should help reduce the project&#39;s cost and the overall environmental damage associated with the construction of a new project.
<h2>Eni Awarded Lease Agreement for the HyNet Project</h2>
Through this agreement, Eni will gain the rights to access and use the seabed and the pipeline infrastructure in place to transport carbon dioxide from the HyNet industrial cluster and safely store it. The HyNet project is aimed at capturing and storing carbon dioxide emitted from large industrial emitting sites in the North West of England and North Wales.
Once captured, these emissions will be safely transported to&nbsp;the storage site. For this project, Eni will leverage its depleted natural gas reservoirs under the&nbsp;Irish Sea. Capturing and storing the carbon dioxide emissions under the seabed will prevent them from leaking into the atmosphere, helping the&nbsp;UK achieve its net zero emissions target.
<h2>Impact on the UK&#39;s Decarbonization Strategy</h2>
After commencing operations, the HyNet project is anticipated to capture up to 10 million tons per year&nbsp;of carbon dioxide after 2030. This project marks a significant step&nbsp;toward the UK&#39;s target of capturing and storing 20-30 million tons of carbon dioxide per year by 2030. The HyNet project is the second Track 1 project to have secured an agreement for lease by The Crown Estate.
Previously, in October 2023, The Crown Estate granted an agreement of lease to another project that is expected to become one of the world&#39;s largest CCS initiatives in the North Sea region. Both projects are crucial parts of the UK&#39;s broader strategy to capture and store large amounts of&nbsp;carbon dioxide, contributing to the country&#39;s decarbonization efforts.
Eni will tap into its extensive experience in developing natural gas fields for this project. The company will leverage its skills, technical know-how and extensive knowledge in handling complex projects to repurpose the existing pipeline infrastructure and platforms. Reusing the existing assets should enable Eni to develop these carbon dioxide storage hubs rapidly and at a lower cost. This should help the company to support the decarbonization of its own activities and provide storage services to third parties.
<h2>The Crown Estate&#39;s Role</h2>
The Crown Estate believes that carbon capture and storage initiatives will play a pivotal role in meeting the UK&#39;s decarbonization target. It also supports Eni&#39;s innovative approach of leveraging its existing infrastructure for the HyNet project, thereby reducing the overall environmental damage.
<h2>E&#39;s Zacks Rank and Key Picks</h2>
Currently, E carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the energy&nbsp;sector are&nbsp;PEDEVCO Corp. (AMEX:PED),&nbsp;Archrock Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aroc#NYSE">AROC</a>) and FuelCell Energy (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fcel#NASDAQ">FCEL</a>). PEDEVCO and Archrock presently sport a Zacks Rank #1 (Strong Buy) each, while FuelCell Energy carries a Zacks Rank #2 (Buy).
PEDEVCO is engaged in the acquisition and development of energy assets in the United States and Pacific Rim countries. PED stands to benefit significantly from its holdings in the Permian Basin, one of the most prolific oil-producing regions in the United States, and in the D-J Basin in Colorado, which includes more than 150 high-quality drilling locations. Combined with bullish oil prices, this is expected to boost the company&#39;s production and overall profitability.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, resulting in reduced carbon emissions and minimizing the environmental impact of power generation. As such, the company is anticipated to play a crucial role in the energy transition by enabling industries and communities to move away from traditional fossil fuels toward low-carbon alternatives.
<a href="https://www.zacks.com/stock/news/2346906/eni-to-develop-ccs-project-to-aid-uk-s-decarbonization-efforts?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2346906">To read this article on Zacks.com click here.</a>

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Eni to Develop CCS Project to Aid UK's Decarbonization Efforts

Eni S.p.A.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>) shares are trading lower on Thursday. The company disclosed the completion of its asset combination in the U.K., merging nearly all upstream assets, except for those in the East Irish Sea and <a target="_blank" href="https://www.eni.com/en-IT/media/press-release/2024/10/eni-completion-combination-eni-s-uk-upstream-operations-with-ithaca-energy.html" rel="noreferrer noopener">CCUS</a> activities, with Ithaca Energy plc.
This combination is financed by issuing new ordinary shares to Eni UK, representing about 38.7% of Ithaca&#8217;s enlarged issued share capital.
As earlier stated, the deal <a target="_blank" href="https://www.eni.com/en-IT/media/press-release/2024/04/transformational-combination-of-substantially-all-of-eni-s-uk-upstream-operations-with-ithaca-energy-creating-a-leading-united-kingdom-continental-shelf-production-and-growth-company.html" rel="noreferrer noopener">reinforces </a>Eni&#8217;s commitment to growth in the UK Continental Shelf (UKCS) following the Neptune Energy acquisition.
Upon deal completion, Eni said earlier that it will enter a relationship agreement with Ithaca. As long as Eni holds over 20% of the Combined Group&#8217;s shares, it can appoint two non-executive directors to the Ithaca Board.
The company said in April that the combined business&#8217; 2024 production is projected to be between 100,000-110,000 boepd, with the potential to grow to 150,000 boepd by the early 2030s.
The transaction has been approved by the competent authorities and the relevant antitrust regulators.
As of June 30, Eni had cash and cash <a target="_blank" href="https://www.eni.com/content/dam/enicom/documents/press-release/migrated/2024-en/07/PR-2024-second-quarter-results.pdf" rel="noreferrer noopener">equivalents </a>of 10.180 billion euros.
Price Action: E shares are down 0.80% at $31.10 at the last check Thursday.
Image via Shutterstock
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</ul>

Eni Completes UK Asset Combination With Ithaca Energy: Details

Funds Approach Eni For Second Biofuel Stake Sale As It Readies Deal With KKR

Bernstein analyst Oswald Clint downgrades Eni (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>) from Outperform to Market Perform.

Downgrades

Bernstein Downgrades Eni to Market Perform

Eni SpA (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/e#NYSE">E</a>), Italy&#39;s leading oil and gas company, is in discussions with several investment funds about selling a minority stake in its renewable and retail business, Plenitude, per a Reuters report. This potential sale would mark another step in Eni&#39;s ongoing strategy to attract specialized investors to support its energy transition efforts. Earlier this year, in March, Eni completed the sale of 7.6% of Plenitude to Energy Infrastructure Partners (&quot;EIP&quot;).
The ongoing talks between Eni and the potential investors in its low-carbon unit centered around Plentitude&#39;s approximate value of more than &euro;10 billion ($11.09 billion), the same for which EIP bought the shares of the unit early in 2024. Investors interested in acquiring a stake of around 10% in Plentitude include the U.S. asset management firm Apollo Capital Management, Norway&#39;s private equity fund HitecVision and London-based Trilantic Europe. However, both Eni and the investors involved have refused to comment publicly on these developments.
Plenitude is a key component of Eni&#39;s renewable energy efforts, generating power from renewables, providing electricity and gas services, and developing a network of charging stations for electric vehicles. The business unit is expected to attain earnings before interest, taxes, depreciation, and amortization (EBITDA) of &euro;1 billion this year, up from &euro;900 million in 2023.
This latest move aligns with Eni&#39;s &quot;satellite strategy&quot;, where it creates separate units for renewable energy and biofuels, seeking investment partners to help grow these businesses. In July, Eni entered into exclusive talks with U.S. investment firm KKR over the sale of up to 25% of its biofuel business, Enilive.
This strategic approach is aimed at driving Eni&#39;s transformation toward a sustainable energy future.
<h2>E&#39;s Zacks Rank &amp; Key Picks</h2>
E currently has a Zack Rank #3 (Hold).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked stocks like MPLX LP, Core Laboratories Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/clb#NYSE">CLB</a>) and VAALCO Energy, Inc.&nbsp;While MPLX currently sports a Zacks Rank #1 (Strong Buy), Core Laboratories and VAALCO Energy carry a Zacks Rank #2 (Buy) each.
MPLX derives stable fee-based revenues from long-term contracts, with minimal exposure to commodity-price fluctuations. The partnership&#39;s robust capital expenditure forecast for 2024, along with significant expansion initiatives, underscores its commitment to sustainable growth.
The Zacks Consensus Estimate for MPLX&#39;s 2024 EPS is pegged at $4.29. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Core Laboratories, an oilfield services company, has a deep portfolio of sophisticated, proprietary products and services that positions it to take advantage of the growing maturity in the global hydrocarbon reserve base. CLB&#39;s expanding international upstream projects indicate a positive trajectory for revenues and profitability, especially as oil demand continues to rise globally.
The Zacks Consensus Estimate for CLB&#39;s 2024 EPS is pegged at $0.95. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
VAALCO Energy is an independent energy company involved in upstream business operations, with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company&#39;s production outlook seems bright.
The Zacks Consensus Estimate for EGY&#39;s 2024 EPS is pegged at $0.65. The company has a Value Score of A. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.
<a href="https://www.zacks.com/stock/news/2336317/eni-eyes-new-plenitude-stake-sale-to-boost-energy-transition?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2336317">To read this article on Zacks.com click here.</a>

Eni Eyes New Plenitude Stake Sale to Boost Energy Transition

Italy's Eni In Talks With Several Funds Over Potential Sale Of Another Minority Stake In Low-Carbon Unit Plenitude; Talks Between Eni And Investors On Plenitude Based On Valuation Of More Than €10 Billion For The Business, Sources Say

Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>), along with ENI S.p.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>), reportedly have spearheaded an initial funding round for Boston-based climate technology start-up Mantel Capture.
Mantel Capture is developing a method to use molten salts to capture carbon dioxide emissions from refineries, factories, and other industrial sites, reported Reuters.
Mantel aims to extract 95% of carbon from smokestack emissions using molten salts.
The company claims this method is particularly cost-effective, leveraging the high temperatures within industrial furnaces and boilers to minimize the additional energy needed compared to other capture technologies.
As per the report, the $30 million secured in the Series A round will enable Mantel to construct a demonstration project at a paper mill capable of capturing 1,800 metric tons of emissions annually—about ten times the half ton per day achieved in their laboratory tests.
The report quoted Mantel CEO Cameron Halliday saying in an interview, &#8220;This is a technology that could radically change the energy industry, but there is still risk to what we&#8217;re doing.&#8221;
Halliday added, &#8220;At a scale of hundreds of thousands to millions of tons, Mantel could theoretically capture carbon at about $30 to $50 a ton, making it economically viable in many countries offering either incentives for carbon capture or taxing emissions, and far below competing systems.&#8221;
As per the report, Hector MacQuarrie, a principal at Shell Ventures, noted that Shell will monitor pilot projects before fully committing to the technology.
However, he also mentioned that this technology could significantly advance carbon capture for industries that are difficult to decarbonize.
Investors can gain exposure to Shell via&nbsp;Macquarie ETF Trust Macquarie Energy Transition ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWER#NYSE">PWER</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares are down 0.28% at $68.32 at the last check Thursday.
Photo courtesy: Shutterstock
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Shell Backs Climate Technology Start-up for Emissions Reduction: Report

ENI S.p.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>) shares are trading lower Tuesday. The company, through its Joint Venture with&nbsp;Snam SPA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SNMRY#OTC">SNMRY</a>), began CO2 injection activities for Phase 1 of the Ravenna CCS project.
This initiative, aimed at industrial decarbonization, marks Italy&#8217;s first project dedicated solely to capturing, transporting, and permanently storing <a target="_blank" href="https://www.eni.com/en-IT/media/press-release/2024/09/eni-snam-launch-ravenna-css-italy-s-first-carbon-capture-storage-project.html" rel="noreferrer noopener">CO2</a> for environmental purposes.
As per the company&#8217;s statement, Ravenna CCS stands out as the world&#8217;s first industrial-scale project to achieve such high levels of carbon capture efficiency.
Phase 1 of the project involves capturing around 25,000 tonnes of CO2 annually from Eni&#8217;s natural gas treatment plant in Casalborsetti, Ravenna.
The captured CO2 will be transported via reconverted gas pipelines to the offshore Porto Corsini Mare Ovest platform, where it will be injected and stored at a depth of 3,000 meters in the depleted gas field.
The project has already achieved a reduction of over 90% in CO₂ emissions from the Casalborsetti plant, with peaks reaching 96%.
In the coming years, Phase 2 of the project aims to store up to 4 million tonnes of CO2 annually by 2030, aligning with Italy&#8217;s Integrated National Energy and Climate Plan (PNIEC).
Claudio Descalzi, CEO of Eni, said, &#8220;The capture and storage of CO2&nbsp;is an effective, safe – and now available &#8211; means to reduce emissions from energy-intensive industries whose activities cannot be electrified. We are using our depleted fields, existing infrastructure, and technical expertise in reinjection techniques to offer a very competitive service, which is receiving tremendous interest.&#8221;
&#8220;We are tackling the complexity of the energy transition with real substance and determination, increasing and enhancing the solutions available to us to decarbonise our activities as well as various areas of economic and industrial systems.&#8221;
In July, Eni reported second-quarter FY24 pro forma adjusted EBIT of €4.1 billion, with <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39986032/enis-q2-profit-declines-but-beats-expectations-shares-rise-on-strong-production" rel="noreferrer noopener">hydrocarbon production rising 6% Y/Y</a>.
Price Action: E shares are down 2.89% at $31.63 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

SNMRY

Eni Launches CO2 Capture Project In Italy: Details

Morgan Stanley analyst Martijn Rats upgrades Eni (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>) from Equal-Weight to Overweight and maintains the price target from $39.6 to $39.6.

Upgrades

Price Target

Morgan Stanley Upgrades Eni to Overweight, Maintains Price Target to $39.6

Eni SpA (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/e#NYSE">E</a>), an Italian energy giant, has received approval from Indonesian authorities to develop two offshore fields, paving the way for a new gas and condensates production hub in the Kutei Basin off the coast of Indonesia. This move is set to enhance Eni&#39;s gas production capacity significantly. It also marks a strategic expansion of the company in the Asian market.
<h2>New Production Hub in the Kutei Basin</h2>
Eni&#39;s new venture involves the integrated development of the Geng North (North Ganal PSC) and Gehem (Rapak PSC) fields. Together, these fields will form the &quot;Northern Hub&quot; a new offshore production center in the Kutei Basin. The project will tap into the 5 trillion cubic feet (tcf) of gas and 400 million barrels of condensates from the Geng North discovery, announced in October 2023, as well as 1.6 tcf of gas from the nearby Gehem field.
The development includes the installation of subsea wells, flowlines, and a newly built floating production storage and offloading (FPSO) unit. This FPSO will have the capacity to handle approximately 1 billion cubic feet per day (bcf/d) of gas and 80,000 barrels of condensates per day, with a storage capacity of 1 million barrels.
<h2>Gas and Condensates Management</h2>
The gas produced from these fields will be processed on the FPSO before being transported to the onshore receiving facilities at the Santan terminal and integrated into the East Kalimantan pipeline network. The gas will then be partially liquefied at the Bontang LNG facility for export and supplied to the domestic market.Meanwhile, condensates production will be stabilized and stored onboard the FPSO before being offloaded via shuttle tankers.
<h2>Expansion of Existing Operations</h2>
In addition to the Northern Hub, Indonesian authorities have also approved the development plan for the Gendalo &amp; Gandang fields (Ganal PSC), which hold an estimated 2 tcf of gas reserves. The gas from these fields will be developed using subsea wells connected to the floating production unit (FPU) Jangkrik, extending its production plateau by at least 15 years.
Following a recent 20-year extension of its IDD licenses for the Ganal and Rapak blocks, Eni aims to establish a production capacity of approximately 2 bcf/d of gas and 80,000 barrels per day of condensates in the East Kalimantan region. This expansion will cater to both domestic and international markets and leverage synergies with existing facilities such as the Bontang LNG plant and FPU Jangkrik.
<h2>Strategic Milestone for Eni</h2>
Claudio Descalzi, CEO of Eni, emphasized the strategic importance of these projects, noting that the approval of the Northern Hub and Gendalo &amp; Gandang development plans by Indonesian authorities is a critical step toward the final investment decision for both gas projects. This aligns with Eni&#39;s goals of decarbonization and energy security. Descalzi pointed out that this development is a significant breakthrough for Eni in Indonesia, strengthening the company&#39;s position in the Kutei Basin, a prime location close to its key markets and existing infrastructure.
<h2>Future Exploration Plans</h2>
In addition to the current developments, Eni plans to conduct a drilling campaign over the next four to five years to explore the near-field potential within its operated blocks in the Kutei Basin. These blocks are estimated to contain more than 30 tcf of gas, which is considered largely de-risked following the recent Geng North discovery.
<h2>Collaborative Efforts and Outlook</h2>
Eni holds an 83.3% stake in the North Ganal Block (Geng North field), with Agra Energi holding the remaining 16.7%. For the Ganal and Rapak blocks, Eni owns an 82% stake, with Tip Top holding 18%. Eni&#39;s close collaboration with SKK Migas, Indonesia&#39;s oil and gas regulator, has been pivotal in achieving these milestones. These projects are expected to boost local content, increase the utilization of the Bontang LNG plant&#39;s capacity and secure gas supply for domestic consumption.
With these strategic initiatives, Eni is set to strengthen its role in the global energy market while contributing to Indonesia&#39;s energy security and economic development.
<h2>Zacks Rank &amp; Key Picks</h2>
E currently has a Zack Rank #3 (Hold).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked stocks like SM Energy Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>), MPLX LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mplx#NYSE">MPLX</a>) and TechnipFMC plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fti#NYSE">FTI</a>). While SM Energy currently sports a Zacks Rank #1 (Strong Buy), MPLX and TechnipFMC carry a Zacks Rank #2 (Buy) each.
SM Energy is set to expand its oil-centered operations in the coming years with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company&#39;s attractive oil and gas investments should create long-term value for its shareholders.
The Zacks Consensus Estimate for SM&#39;s 2024 EPS is pegged at $7.57. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
MPLX derives stable fee-based revenues driven by long-term contracts, with minimal exposure to commodity-price fluctuations. The partnership&#39;s robust capital expenditure forecast for 2024, along with significant expansion initiatives, underscores its commitment to sustainable growth.
The Zacks Consensus Estimate for MPLX&#39;s 2024 EPS is pegged at $4.21. The company has a Zacks Style Score of B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry, with a focus on the subsea segment in offshore basins worldwide. FTI&#39;s growing backlog ensures strong revenue visibility and supports margin improvements.
The Zacks Consensus Estimate for FTI&#39;s 2024 EPS is pegged at $1.25. The company has a Zacks Style Score of B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
<a href="https://www.zacks.com/stock/news/2326918/eni-e-secures-new-offshore-gas-hub-approvals-in-indonesia?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2326918">To read this article on Zacks.com click here.</a>

Asia

MPLX

Eni Secures New Offshore Gas Hub Approvals in Indonesia

Shares of oil and gas stocks are trading lower. Weakness in the sector may be due to wore-than-expected US economic data, which could pressure demand outlook.

RBC Capital analyst Biraj Borkhataria upgrades Eni (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>) from Sector Perform to Outperform.

RBC Capital Upgrades Eni to Outperform

Berenberg Bank analyst Henry Tarr maintained a Hold rating on ENI S.p.A. (0N9S – Research Report) today and set a price target of €15.50. The compa...

Berenberg Bank Reaffirms Their Hold Rating on ENI S.p.A. (0N9S)

Here are the major earnings after the close today

Kepler Capital analyst Bertrand Hodee maintained a Buy rating on ENI S.p.A. (0N9S – Research Report) on October 28 and set a price target of €16.00...

ENI S.p.A. (0N9S) Gets a Buy from Kepler Capital

Berenberg lowered the firm's price target on Eni (E) to EUR 15.50 from EUR 15.80 and keeps a Hold rating on the shares. Published first on TheFly –...

Eni price target lowered to EUR 15.50 from EUR 15.80 at Berenberg

Eni SPA (E) has released an update. Eni has announced a strategic agreement with KKR, where KKR will acquire a 25% stake in Enilive for €2.938 bill...

Eni Boosts Growth with KKR Deal and Dividend

Eni completes $1B sale of Alaskan upstream assets to Hilcorp

Morgan Stanley lowered the firm's price target on Eni (E) to EUR 17.10 from EUR 18 and keeps an Overweight rating on the shares. Published first on...

Eni price target lowered to EUR 17.10 from EUR 18 at Morgan Stanley

Goldman Sachs analyst Michele Della Vigna maintained a Buy rating on ENI S.p.A. (0N9S – Research Report) today and set a price target of €18.00. Th...

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