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| Share Name | Share Symbol | Market | Stock Type |
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| Edin. New It | ENI | London | Ordinary Share |
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| 0.00 | 0.00% | 62.00 | 00:00:00 |
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Posted at 19/1/2025 20:48 by waldron Eni, TotalEnergies Announce New Exploration Projects in LibyaEni is launching three exploration plays, TotalEnergies is expecting promising results from its recent onshore exploration project, and other developments were shared during an upstream IOC-led panel at the Libya Energy & Economic Summit TRIPOLI, Libya, January 19, 2025/APO Group/ -- Libya’s National Oil Corporation (NOC) and international energy companies TotalEnergies, Eni, OMV, Repsol and Nabors outlined key exploration milestones and strategies to advance oil and gas production in Libya at the Libya Energy & Economic Summit 2025 on January 18. Among the key developments highlighted were TotalEnergies’ recent onshore exploration project and promising exploration opportunities in the Sirte and Murzuq basins. “With 40% of Africa’s reserves, Libya remains largely untapped,” said Julien Pouget, Senior Vice President for the Middle East and North Africa at TotalEnergies. Pouget shared TotalEnergies’ plans for 2025, including the completion of an onshore exploration project and new exploration in the Waha and Sharara fields. “We expect results next week,” he added. Luca Vignati, Upstream Director at Eni, echoed optimism for Libya’s potential and outlined the company’s ongoing investment initiatives in the country. “We are launching three exploration plays – shallow, deepwater and ultra-deep offshore. No other country offers such opportunities,&rdquo Repsol affirmed its commitment to advancing exploration in Libya, focusing on overcoming industry challenges and achieving significant production milestones. We have 48 billion barrels of discovered but unexploited oil, with total potential estimated at 90 billion barrels, especially offshore “Over the past decade, Libya has made remarkable efforts to fight natural field decline and encourage exploration,” said Francisco Gea, Executive Managing Director, Exploration & Production at Repsol. “We have reached 340,000 barrels per day. The two million target is within reach, and as international companies, we have the responsibility to bring capacity and technology.” “Innovation is key to maximizing production and accelerating exploration. By deploying cutting-edge solutions, Nabors can enhance efficiency, reduce costs and ensure safer operations,” added Travis Purvis, Senior Vice President of Global Drilling Operations at Nabors. Bashir Garea, Technical Advisor to the Chairman of the NOC, highlighted the country’s immense oil and gas potential. “We have 48 billion barrels of discovered but unexploited oil, with total potential estimated at 90 billion barrels, especially offshore,” he said. He also pointed to Libya’s sizable gas reserves, noting, “Libya has 122 trillion cubic feet of gas yet to be developed. To unlock this potential, we need more investors and new technology, particularly for brownfield revitalization.&rdqu “Our strategy spans the entire value chain. Strengthening infrastructure is essential to maximizing production and efficiency,” said Hisham Najah, General Manager of the NOC’s Investment & Owners Committees Department. NJ Ayuk, Executive Chairman of the African Energy Chamber and session moderator, underlined Libya as a prime destination for foreign investment: “Libya is at the cusp of a new energy era. The time for bold investments and strategic partnerships is now.” Distributed by APO Group on behalf of Energy Capital & Power. |
Posted at 14/1/2025 08:57 by waldron Eni to issue two new hybrid bonds, launches buyback on 1.5 bn bondJanuary 14, 2025 at 03:22 am EST Eni plans to place two new issues of hybrid perpetual subordinated bonds today, denominated in euros, with fixed interest rates and aimed at institutional investors as part of its Euro Medium Term Note program, a note says. Eni also intends to anchor a voluntary repurchase offer aimed at holders of its existing €1.5 billion hybrid bond with first call date in October 2025 and annual coupon of 2.625 percent and aimed at subsequently cancelling the repurchased bonds. For the hybrid bond issuance, Eni is using a syndicate of banks consisting of Banca Akros, Barclays, BBVA, Deutsche Bank, Goldman Sachs International, HSBC, Mediobanca, MUFG, Société Générale Corporate & Investment Banking, and UniCredit who will act as joint lead managers. The Tender Offer is supported by a group of banks Barclays, Goldman Sachs International, HSBC, UniCredit who will act as dealer managers. (Francesca Piscioneri, editing Cristina Carlevaro) marketscreener |
Posted at 13/1/2025 11:40 by waldron Eni SpA (E - Free Report) , the Italian energy giant, is accelerating its asset divestment strategy. UBS analysts predict €3 billion in additional sales by the end of 2025. This milestone will bring Eni’s total asset sales to €8 billion, fulfilling its strategic goal two years ahead of schedule. The company has already completed disposals worth €5.9 billion.Eni's divestment strategy focuses on rebalancing its portfolio, with nearly half of the proceeds expected from selling stakes in its units and the other half from upstream activities, such as energy exploration and production. The remaining assets for potential sale include stakes in Ivory Coast operations, upstream interests and its biofuel and bioplastic unit, Novamont. The company is also in discussions to sell a stake in its planned carbon capture and storage division, aligning with its sustainability goals. The swift progress in sales could make Eni a "victim of its own success," with UBS warning that delays in the remaining sales could tilt risks to the downside. Chief executive officer Claudio Descalzi is steering Eni through a transformative phase, emphasizing energy transition initiatives. This strategy includes a "satellite model," which involves spinning off divisions and inviting external investments, potentially culminating in public listings. As part of this approach, Eni is negotiating with investors to sell a stake in its new carbon capture and storage (CCS) division. The CCS unit is one of the company’s flagship initiatives to reduce carbon emissions and align with global climate goals. Eni plans to unveil its updated 2025-28 strategic roadmap on Feb. 27, highlighting the next phase of its energy transition and growth agenda. The company’s commitment to reducing hydrocarbon reliance while advancing renewable energy projects positions it at the forefront of Europe’s energy transition landscape. E currently has a Zack Rank #3 (Hold). Investors interested in the energy sector may look at some better-ranked stocks like Sunoco LP ( SUN - Free Report) , TechnipFMC plc (FTI - Free Report) and Oceaneering International, Inc. (OII - Free Report) . While Sunoco presently sports a Zacks Rank #1 (Strong Buy), TechnipFMC and Oceaneering carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here. 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 more than 10 fuel brands, ensuring a stable revenue stream. Sunoco is poised to benefit from the strategic acquisitions aimed at diversifying its business portfolio. TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. It focuses on the subsea segment in offshore basins worldwide. FTI’s growing backlog ensures strong revenue visibility and supports margin improvements. Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. With a geographically diverse asset portfolio and a balanced revenue mix between domestic and international operations, the company effectively mitigates risk. As a leading provider of offshore equipment and technology solutions to the energy sector, OII benefits from strong relationships with top-tier customers, ensuring revenue visibility and business stability. ZACKS |
Posted at 12/12/2024 23:01 by waldron hybrid bond issue12 December 2024 - 7:02 PM CET San Donato Milanese (Milan), 12 December 2024– Eni's Board of Directors, chaired by Giuseppe Zafarana, today approved the possible issue of one or more hybrid subordinated bonds, to be placed with institutional investors, with a value up to a maximum aggregate amount of 1.5 billion euro, or its equivalent in other currencies, to be issued in one or more tranches by 30 June 2026. The bonds, if issued, will enable Eni to maintain a well-balanced financial structure and will be used for general corporate purposes. The bonds are intended to be listed on one or more regulated markets or on multilateral trading facilities. |
Posted at 20/11/2024 20:26 by adrian j boris Eni S.p.A. Boosts Shareholder Value with Buyback ProgramTipRanks Auto-Generated Newsdesk Nov 20, 2024, 05:29 PM Eni S.p.A. recently acquired 889,000 treasury shares on the Euronext Milan, valued at approximately 12.5 million euros, as part of its ongoing buyback program aimed at enhancing shareholder returns. Since the start of the second tranche in June 2024, Eni has purchased over 70 million shares, representing 2.13% of its share capital. This strategic move reflects Eni’s commitment to optimizing its capital structure and delivering additional value to its investors. |
Posted at 12/11/2024 00:50 by waldron Eni Sells Another Slice of Plenitude to EIPEnergy Intelligence Group Published: Mon, Nov 11, 2024 Author Noah Brenner, London Editor Andrew Kelly Eni has sold another 1% interest in its Plenitude renewable power unit for €209 million ($223 million) to Swiss investor Energy Infrastructure Partners (EIP) as the Italian company continues to make swift progress toward its divestment targets. |
Posted at 25/10/2024 07:48 by maywillow Eni Cuts Profit Guidance on Weakening Oil-Price OutlookBy Alberto Brambilla October 25, 2024 at 2:23AM EDT (Bloomberg) -- Eni SpA lowered profit guidance for the year, reflecting a worsening oil-price outlook, even as third-quarter earnings beat analyst estimates. Europe’s energy companies are reporting results for a period marked by lower crude prices and narrower margins for refining and chemical products. Eni reduced its forecast for full-year proforma adjusted earnings before interest and taxes to €14 billion ($15.2 billion) from previous guidance of about €15 billion. Quarterly adjusted net income edged above estimates at €1.27 billion. Although energy companies around Europe and elsewhere braced for weaker profits in the quarter, there’s so far no sign they’ll curtail returns to investors. Eni confirmed plans to raise its 2024 share buyback to €2 billion. “Lower guidance was widely expected, as management had $86 a barrel for Brent for 2024 — too high compared to year-to-date average and prevailing oil prices,” Mediobanca analyst Alessandro Pozzi said in a note. Benchmark Brent crude is currently trading around $75 a barrel in London. Earlier this week, Eni signed a deal with KKR & Co. to sell a minority stake in its biorefining unit, Enilive. It’s seeking funds to finance clean-energy projects, a move that includes asset disposals and spinoffs. The company said Friday its €8 billion asset-sale plan to 2027 is “proceeding faster than expected,” with half of the disposals coming from the exploration and production business. “In upstream, we continue our divestment program, and are also in the final stages of evaluating options to monetize recent material discoveries via our dual exploration model,” Chief Executive Officer Claudio Descalzi said. Eni also plans to spend about €2 billion to overhaul its aging chemicals business in Italy as part of a shift toward lower-carbon options, the company said Thursday, confirming an earlier Bloomberg report. The shares traded up 1.1% at 9:10 a.m. in Milan on Friday. Eni “continues to deliver on its strategic objectives, and the nudge-up in distributions is likely to be welcomed by investors,” RBC Europe Ltd. analysts said in a note. (Updates with analyst comments starting in fifth paragraph, shares in 11th) |
Posted at 24/10/2024 08:38 by maywillow Eni Sells Stake in Biorefining Unit Enilive to KKR in Green PushAntonio Vanuzzo Thu, October 24, 2024 at 9:07 AM GMT+2 1 min read (Bloomberg) -- Eni SpA signed a deal with KKR & Co Inc to sell a minority stake in its biorefining unit Enilive in a push to finance its green transition. The deal envisages the US investment firm taking 25% of Enilive for €2.94 billion ($3.17 billion), giving the division a valuation of €11.75 billion, according to a statement on Thursday. Eni said it will also inject €500 million in the unit — which comprises biorefining and biomethane assets as well as mobility solutions — to make it debt-free. Eni’s new strategy started with the disposal of a minority stake in green division Plenitude to Energy Infrastructure Partners AG in 2023. The company’s so-called satellite model includes spinning off divisions and partnering with external investors, with a view to eventually listing them. Shares of the company rose as much as 1.5% in Milan trading. Eni, which reports results for the third quarter on Friday, is also in talks with investors including Snam SpA for a stake in a new carbon capture and storage division. It’s also planning to spend about €2 billion to overhaul its aging chemicals business in Italy as part of a shift away from fossil fuel-based products toward increasing use of decarbonized options. Bloomberg Businessweek |
Posted at 19/9/2024 10:35 by florenceorbis Oil Is Not Out of the Woods YetBy Irina Slav - Sep 18, 2024, 11:30 AM CDT Crude oil prices revived this week with WTI recovering to $70 per barrel. This week, the climb is being fueled by the U.S. Federal Reserve, which is later today expected to announce the first rate cut after four years of hikes. A number of investment banks and forecasters have revised down oil price forecasts for the remainder of 2024. Oil prices started the week with a gain after slumping to the lowest in nearly three years, with analysts of a mostly unanimous opinion that bearish factors are stronger than bullish ones, regardless of their actual weight. Some even believe prices will fall further before a correction begins. Morgan Stanley, for instance, revised down its Brent crude forecast for the fourth quarter to $75 per barrel from $80 per barrel. Swedish financial major SEB concurs, with its chief commodities analyst also putting Brent’s average at $75 per barrel—in 2025. Bjarne Schieldrop added, however, that prices typically move within a $15 range from that figure. BCA Research is also pessimistic about the potential for oil prices to break out of their current, increasingly lower, range. Roukaya Ibrahim, BCA’s commodity and energy strategist, said recently in a note that the worst for oil prices was yet to come after speculators turned net bearish on crude for the first time since record-keeping began. “The cyclical global growth outlook ultimately suggests that the worst has not yet passed for the oil market. The path of least resistance for prices is to the downside over a six-to-nine-month horizon,” Ibrahim said, adding that “Investors who are long oil should cut back their exposure in anticipation of lower prices ahead.” All this does not sound good for those betting on a rise in oil prices in the observable future. Yet prices are up this week, extending a climb that began last week on supply disruptions in the Gulf of Mexico. This week, the climb is being fueled by the U.S. Federal Reserve, which is later today expected to announce the first rate cut after four years of hikes aimed at stemming the progress of inflation. Related: China's Coal Power Generation Returns to Growth A rate cut would probably buoy oil prices for some time as it would signal the U.S. economy is truly on the mend, and those who talked about a soft landing knew what they were talking about. The interesting question is how long the potential rally would last and how high prices would go before Chinese demand disappointment settles back over oil markets. Another interesting question is when those markets will get used to the fact that Chinese demand is unlikely to return to double-digit growth rates, and oil bets begin to reflect that new, calmer reality. It might be a while, judging by current sentiment, with market analyst John Kemp noting that “crude prices have retreated to levels last seen when the major economies were still in the grip of the coronavirus pandemic and the first successful vaccines had only recently been announced.” This seems a bit excessive, seeing as there are currently no pandemic lockdowns anywhere, and demand for crude oil has certainly recovered from the trough of 2020. Bloomberg has noted in several reports that CTAs—commodity trading advisors—tend to amplify price changes because they follow technical trends and disregard fundamentals. This probably had a part to play in the latest rout and the net bearish record on the futures market. A pessimistic economic outlook also had a part to play. “The weakness is at the back of the market,” Black Gold Investors fund manager Gary Ross told Bloomberg recently. “The industry is bearish 2025. The financials drive the flat price and are hugely short by historical standards — they are clearly pricing in a very poor economic outlook.” The Economist Intelligence Unit recently noted U.S. elections as a factor creating uncertainty about the global economic outlook and also slowing U.S. growth as a bearish factor. Finland-based Nordea said all major economies were witnessing weak growth, noting that “This could encourage China to ease fiscal policy further, and the Western central banks are expected to cut rates. With a delay, both actions should bring more stability to the growth numbers.” McKinsey noted that growth has been weak but took a more optimistic stance in its latest update, noting that even though it was slow, growth was still present in all the major economies, moving faster in developing nations. In China, the consultancy said that GDP growth over the first half of the year was a healthy 5%. All this suggests that physical demand for oil is not about to plunge, and positive fundamental news will eventually reach the futures market and change traders’ behavior. Meanwhile, the focus would be on potential supply disruptions and geopolitics as the situation in the Middle East remains extra-tense, although it has so far failed to lead to the abovementioned disruptions. Everyone seems to be looking at OPEC+, which has planned to bring back some supply starting in October but delayed that because of low prices. Meanwhile, U.S. producers are beginning to slow down production growth because lower prices are not something they like in the usual supply adjustment to demand perceptions. This production growth slowdown is happening gradually, and few are paying attention because the watchers are too busy watching OPEC supply and China demand. It could, however, eventually swing the market into a deficit. By Irina Slav for Oilprice.com |
Posted at 10/11/2023 00:02 by pj84 This super-cheap oil stock is the toast of the world’s top ‘value’ investorsWhen a stock suddenly becomes more popular with the best-performing fund managers in the world, it’s worth a closer look. This is what has happened to Eni, the Italian oil and gas giant, which has surged to a top AAA rating from Citywire Elite Companies, which rates stocks on the basis of their backing by the world’s top professional investors. Seven of these fund managers – each among the top-performing 3pc of the 10,000 equity fund managers tracked by the financial publisher Citywire – own shares in Eni, which has climbed from the lowest + rating to AAA status in the past month. What unites these investors, apart from their strong performance, is their style of “value” investing. Examine Eni in more detail and it’s clear why its shares are particularly appealing to them. Even in an oil and gas sector where low valuations are the norm, Eni stands out for the cheapness of its shares. Compared with eight of its largest oil and gas rivals, Eni’s shares trade on the lowest price-to-earnings ratio of 6.6 times expected profits over the next 12 months. Its forecast dividend yield of 6.2pc, based on the expected dividend and the current share price, is meanwhile the highest. By historic standards too, the shares’ valuation looks low. Valued according to forecast earnings, sales and free cash flows, the shares are trading towards the bottom of their 10-year range. But unlike many shares on rock-bottom valuations, Eni has been a very good investment over recent years. It is not a “falling knife”. In sterling terms, since hitting a lockdown low almost exactly three years ago, the shares have clocked up a 200pc total return. Better-than-expected third-quarter results at the end of last month are cause for further optimism, even as rivals such as BP have disappointed. Industry trends also look supportive. The American oil and gas “supermajors&r Eni’s acquisition record is less extravagant; the Italian government’s 30pc stake is a limiting factor. But a $4.9bn deal announced in June to buy Neptune Energy looks strategically sound. The takeover, which should complete early next year, will help Eni achieve a target of producing 60pc of output from gas by 2030. As gas produces fewer carbon emissions than oil, the European Commission has designated it a transition fuel, which will help underpin long-term demand. Increasing gas production will also mean that Eni’s liquified natural gas (LNG) business becomes less reliant on third-party supplies, the risk of which has been brought home by Russia’s invasion of Ukraine. Another opportunity for investors lies in potential divestments and in particular the mooted flotation of its green energy arm, Plenitude. Original plans for a listing were delayed last year as investors turned from hot to cold on renewable energy companies. Now Eni is considering selling a stake in the division before potentially floating it next year. If successful, this could prove particularly beneficial for shareholders. That’s because one explanation for Eni’s low valuation is investors’ preference for oil companies that stick to their fossil-fuel roots and hand back excess cash to shareholders via dividends and share buybacks rather than spending it on expensive renewable energy projects. Eni’s valuation of Plenitude suggests the bar is set low for the flotation to deliver value for shareholders. Outside investors could put a higher price on the business, which is working towards ambitious targets. Eni aims to increase renewable energy production from 2.2 gigawatts last year to 15 gigawatts by 2030 and 60 by 2050 and treble Plenitude’s earnings on the “Ebitda” (earnings before interest, tax, depreciation and amortisation) measure by €1.8bn by 2026. While Eni is increasing spending, raising a four-year investment plan from €28bn to €37bn this year, those commitments are unlikely to threaten returns to shareholders. Net debt remains comfortably inside the target range of 10pc to 20pc of net assets, while Eni is committed to annual dividend increases and will continue to buy back shares with spare cash. Buybacks reduced the share count by 6pc in the 12 months to the end of September. These cash returns should help support the shares, while Eni’s low valuation should mean it won’t take much to send them higher. |
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