Últimas noticias sobre Eni (NYSE:E) Bolsa

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 (E) está negociando la venta de una participación en Plenitude para impulsar su transición energética.

Eni podría vender Plenitude para impulsar la transición energética

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Las acciones de ENI caen un 2,89% tras el inicio de la Fase 1 del proyecto Ravenna CCS para la captura y almacenamiento de CO2 en Italia.

Eni lanza proyecto de captura de CO2 en Italia

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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.
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Asset Sales

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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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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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.

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>

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MPLX

Eni Secures New Offshore Gas Hub Approvals in Indonesia

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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

Eni S.p.A.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>) shares are trading higher after the company reported Q2 FY24 pro forma adjusted EBIT of €4.1 billion, down 8% Y/Y, in the <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">quarter</a>.
Hydrocarbon production rose 6% Y/Y to €1,712 kboe/d, with installed capacity from renewables of 3.1 GW at the end of the period.
Production benefitted from a continued ramp-up of the company&#8217;s flagship projects in Côte d&#8217;Ivoire and Congo Floating LNG, a higher contribution from Libya, and the full integration of Neptune.
In Q2 2024, E&amp;P proforma adjusted EBIT was €3.5 billion, up 26% Y/Y, fueled by higher production and efficiency gains.
GGP proforma adjusted EBIT stood at €0.33 billion, reflecting ongoing optimization of the gas and LNG portfolio.
Adjusted net profit stood at €1.5 billion, down 21% Y/Y, in the quarter but above an analyst consensus of €1.42 billion (as per Reuters).
Cash flow from operations before changes in working capital at replacement cost fell 8% Y/Y to €3.91 billion.
CEO Claudio Descalzi stated, "We are upgrading our Upstream portfolio, having recently announced the divestment of our non-core assets in Alaska, the ongoing completion of the sale of onshore Nigeria, and agreed a combination with Ithaca Energy for our UK assets.&#8221;
Apart from this, PETRONAS, Eni&#8217;s Enilive S.p.A, and Euglena Co. finalized the investment decision to build a biorefinery at PETRONAS&#8217; Pengerang Integrated Complex (PIC) in Johor, <a target="_blank" href="https://www.eni.com/en-IT/media/press-release/2024/07/petronas-enilive-and-euglena-reach-final-investment-decision-to-construct-a-biorefinery-in-malaysia.html" rel="noreferrer noopener">Malaysia</a>.
The biorefinery, slated for completion in late 2028, will produce Sustainable Aviation Fuel (SAF) and other biofuels.
Construction starts in Q4 2024, and the facility will process 650,000 tonnes of raw materials per year to produce SAF, HVO, and bio-naphtha.
Outlook: The company projects hydrocarbon production to reach the upper end of the 1.69 &#8211; 1.71 million boe/d range, <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">given a forecast Brent price of $86/bbl</a>.
The company now expects proforma adjusted EBIT of around €15 billion, with adjusted CFFO before working capital expected to exceed €14 billion for the year.
Eni anticipates the next quarterly dividend, following shareholder approval of a €1 per share dividend for FY 2024 (a 6% increase from 2023), will be €0.25 per share, payable on Sept. 25, 2024.
After shareholder approval of a new €3.5 billion buyback plan, management confirms a 2024 buyback of €1.6 billion, with a faster pace of repurchases than previously planned.
The company&#8217;s disposal plan is advancing ahead of schedule, with nearly all of the €8 billion net proceeds over the four-year period now clearly visible.
This week, Eni secures an exclusivity agreement with KKR to sell a 20%-25% <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39914011/italys-eni-nears-deal-to-sell-enilive-stake-to-kkr-details" rel="noreferrer noopener">stake in Enilive, valuing it at €11.5 billion-€12.5 billion</a>.
Investors can gain exposure to Eni via&nbsp;The Advisors? Inner Circle Fund Cambiar Aggressive Value ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAMX#NYSE">CAMX</a>).
Price Action: E shares are up 4.23% at $31.57 at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

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CAMX

Eni's Q2 Profit Declines But Beats Expectations: Shares Rise On Strong Production

Eni shares are trading higher following a rise in Q2 revenues.

Eni (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>) reported $24.82 billion in sales this quarter. This is a 15.05 percent increase over sales of $21.57 billion the same period last year.

Eni Q2 Sales $24.82B Up From $21.57B YoY

Eni S.p.A.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>) disclosed securing a temporary exclusivity agreement with KKR &amp; Co. Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>) to advance due diligence and finalize documents for selling a 20% to 25% stake in Enilive, based on a valuation&nbsp;between €11.5 billion and €12.5 <a target="_blank" href="https://www.eni.com/en-IT/media/press-release/2024/07/eni-enilive.html" rel="noreferrer noopener">billion</a>.
This move supports Eni&#8217;s satellite model strategy, attracting valuable new partners and funding growth at favorable multiples, confirming the value of these new ventures.
The high interest from major institutional investors may result in the sale of an additional 10% stake in Enilive.
While the final deal depends on agreeing to definitive terms, both parties are committed to negotiating.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39525949/eni-sells-alaskan-upstream-assets-to-hilcorp-in-strategic-streamlining-details" rel="noreferrer noopener">Eni Sells Alaskan Upstream Assets To Hilcorp In Strategic Streamlining: Details</a>
Biraj Borkhataria, head of Global Energy Transition Research at Royal Bank of Canada, said, &#8220;The valuation in the range of 11.5-12.5 billion euros is well above market expectations, which we think were in the range of 7-10 billion euros,&#8221; reported Reuters.
As per the report, Enilive, which specializes in biorefining, biomethane production, and smart mobility, operates over 5,000 multi-fuel stations across Europe. It aims to double its biorefining capacity to over 3 million tons by 2026.
Recently, Eni extended its long-term agreement with Vår Energi&nbsp;ASA. Under the agreement, Vår Energi will supply Eni with up to five billion cubic meters (bcm) of <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39574851/european-energy-giant-eni-seals-extended-gas-deal-with-v-r-energi-details" rel="noreferrer noopener">gas between 2024 and 2036</a>.
Investors can gain exposure to Eni via&nbsp;The Advisors? Inner Circle Fund Cambiar Aggressive Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAMX#NYSE">CAMX</a>).
Price Action: E shares are down 0.39% at $30.43, while KKR shares are up 0.56% at $118.54 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.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/05/38784290/eni-monetizes-oil-past-to-finance-clean-energy-future-report" target="_blank" rel="noreferrer noopener">Eni Monetizes Oil Past to Finance Clean Energy Future: Report</a></li>
</ul>

Italy's Eni Nears Deal To Sell Enilive Stake To KKR: Details

Eni and ITQuanta have agreed to form a joint venture, Eniquantic1, with the aim of developing an integrated hardware and software quantum machine2&nbsp;capable of solving complex problems (mathematical optimisation, modelling and simulation, artificial intelligence) and initiating specific and significant quantum computing applications to support the energy transition.

Tech

Eni, ITQuanta To Form Joint Venture, Eniquanti To Develop An Integrated Hardware And Software Quantum Machine

Eni&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/e#NYSE">E</a>) chemical company, Versalis, in collaboration with Forever Plast, has launched REFENCE, an innovative range of recycled polymers designed for food contact packaging.
REFENCE is now available in the market, specifically for polystyrene applications such as yogurt pots, trays for meat and fish, and various types of rigid and expanded packaging. This new range enhances the Versalis Revive portfolio of mechanically recycled materials, pushing the boundaries of its applications and enabling direct contact with food.
The development of REFENCE has been made possible through NEWER technology, a groundbreaking advancement developed in Versalis&#39; research laboratories in Mantua and industrialized at Italy&#39;s leading post-consumer plastic recycling company Forever Plast&#39;s facilities in Lograto (Brescia).
The co-development agreement between Versalis and Forever Plast has resulted in a purification process for recycled polymers that complies with EU Regulation 1616/2022 on recycling. Additionally, the technology has received a non-objection letter from the U.S. Food and Drug Administration, further validating its safety and effectiveness for food contact applications.
Circularity stands as a fundamental strategic lever for Eni and Versalis. As part of their commitment to enhancing the value of end-of-life plastics, they are developing complementary recycling processes and integrating these processes into Italy&#39;s national collection chain. This commitment is exemplified by the ongoing construction of their first advanced mechanical recycling hub in Porto Marghera, which focuses on post-consumer plastics, particularly styrenic polymers.
The collaboration between Versalis and Forever Plast aims to address application sectors, such as food packaging, wherein sustainability and quality are paramount. By advancing recycling technologies and processes, the companies are strengthening their leadership in mechanical recycling within Europe and setting new standards for the industry.
With REFENCE, Versalis and Forever Plast are not only redefining the limits of recycled polymer applications but also contributing to a more sustainable and circular economy. This innovative product range is poised to make a significant impact on the food packaging industry, ensuring that recycled materials meet the highest standards of safety and quality.
<h3>Zacks Ranks &amp; Stocks to Consider</h3>
Eni currently carries a Zacks Rank #3 (Hold).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked companies mentioned below. The three companies presently sport a Zacks Rank #1 (Strong Buy).
USA Compression Partners, LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/usac#NYSE">USAC</a>) is one of the largest independent natural gas compression service providers across the United States in terms of fleet horsepower. USAC earns its revenues from the overall horsepower use of natural gas transported rather than the price. As such, the partnership is largely insulated from fluctuations in commodity prices.
The Zacks Consensus Estimate for USAC&#39;s 2024 and 2025 EPS is pegged at 77 cents and 98 cents, respectively. USA Compression Partners has a Zacks Style Score of B for Growth. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>) is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, the company distributes more than 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.17, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
SM Energy&nbsp;Company&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>) 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 shareholders.
The Zacks Consensus Estimate for SM&#39;s 2024 EPS is pegged at $6.95. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2025 in the past seven days.
<a href="https://www.zacks.com/stock/news/2300926/eni-s-e-versalis-makes-breakthrough-in-food-contact-packaging?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2300926">To read this article on Zacks.com click here.</a>

USAC

Eni's Versalis Makes Breakthrough in Food Contact Packaging

Eni SpA (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/e#NYSE">E</a>), an Italian energy giant, has announced a major new oil discovery in the Yopaat-1 EXP exploration well in Block 9, located approximately 63 kilometers off the coast in the mid-deep waters of the Cuenca Salina in the Sureste Basin, offshore Mexico. The preliminary estimates suggest that the discovery holds around 300-400 million barrels of oil equivalents (Mboe) and associated gas in place.
The Yopaat-1 EXP well was drilled in a water depth of 525 meters and reached a total depth of 2,931 meters, encountering approximately 200 meters of net pay of hydrocarbon-bearing sands in the Pliocene and Miocene sequences. The drilling operation was accompanied by an extensive subsurface data acquisition campaign, ensuring a comprehensive understanding of the geological formation.
The Block 9 joint venture consists of Eni as the operator with a 50% participating interest and Repsol holding the remaining 50%. This discovery, in conjunction with other successful finds in Eni-operated Blocks 7 and 10, underscores the significant value of Eni&#39;s asset portfolio in the Sureste Basin. The overall estimate of resources now exceeds 1.3 billion barrels of oil equivalent (Bboe), paving the way for future development plans. Eni is exploring the potential for a &quot;Hub&quot; development to integrate this discovery with others in the area, leveraging the existing infrastructure.
Eni&#39;s presence in Mexico dates back to 2006, and in 2015, the company established its wholly-owned subsidiary, Eni Mexico S. de R. L. de C.V. Today, Eni stands as the leading foreign operator in the country, holding rights in eight exploration and production blocks in the Sureste Basin, of which the company operates seven.
Eni&#39;s latest discovery in the Sureste Basin marks a promising chapter in its Mexican operations, paving the way for future growth and development. The company&#39;s ongoing efforts to explore and develop new resources underscore its role as a key player in the global energy market.
With the support of its partner Repsol, Eni is well-positioned to capitalize on this discovery, driving forward its vision of a sustainable and prosperous energy future in Mexico.
<h3>Zacks Rank &amp; Key Picks</h3>
E currently has a Zack Rank #3 (Hold).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked stocks like Hess Corporation, Sunoco LP&nbsp;and SM Energy Company, each sporting a Zacks Rank #1 (Strong Buy) at present.
Hess is a leading oil and natural gas exploration and production company that made several world-class oil discoveries in the Stabroek Block, located off the coast of Guyana.&nbsp;The company is currently in the process of being acquired by supermajor Chevron in an all-stock deal worth $53 billion. The merger will likely result in the creation of an energy behemoth with a massive portfolio of producing assets.&nbsp;
The Zacks Consensus Estimate for HES&#39; 2024 EPS is pegged at $10.28. The company has a Zacks Style Score of B for Growth. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes over 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.17, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
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 shareholders.
The Zacks Consensus Estimate for SM&#39;s 2024 EPS is pegged at $6.95. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2025 in the past seven days.
<a href="https://www.zacks.com/stock/news/2298288/eni-e-strikes-big-with-new-discovery-in-sureste-basin?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2298288">To read this article on Zacks.com click here.</a>

Eni Strikes Big With New Discovery in Sureste Basin

Global

ENI Announces New Discovery Offshore Mexico; Block 9 Joint Venture Consists Of ENI As Operator With A 50% Participating Interest And Repsol With Remaining 50%; Preliminary Estimates Indicate Discovered Potential Of Around 300M-400M Barrels Equivalents Of Oil And Associated Gas In Place

Eni SPA (E) has released an update. Eni S.p.A., the Italian multinational oil and gas company, has reported the acquisition of 2,728,500 treasury s...

Eni S.p.A. Advances Share Buyback Program

Warning: E is at high risk of cutting its dividend

ENI goes ex dividend today

Eni SPA (E) has released an update. Eni S.p.A. has reported the purchase of 540,000 treasury shares at an average price of 14.0651 euros per share,...

Eni S.p.A. Expands Treasury Shares Holdings

Kazakhstan sees progress in claims against international oil firms by December

Vår Energi: Priced For Perfection

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...

Goldman Sachs Remains a Buy on ENI S.p.A. (0N9S)

Eni attracts suitors for additional stake in Enilive biofuel unit - Reuters

Eni: 2 Likely Spin-Offs Make It Uniquely Attractive

Eni SPA (E) has released an update. Eni S.p.A. has reported purchasing 2,188,355 treasury shares between September 24 and 27, 2024, for a total cos...

Eni S.p.A. Advances Treasury Shares Buyback

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