Edin. New It Share Discussion Threads

[grupo guitarlumber] 16/2/2023 07:45

Upcoming events on ENI SPA

02/23/23 Capital Markets Day - FY 2022

02/23/23 FY 2022 Earnings Release

02/27/23 Credit Suisse Vail Summit

[waldron] 16/2/2023 07:22

Eni, Repsol Push Maduro for More Control in Venezuela Oil Fields

Fabiola Zerpa and Nicolle Yapur, Bloomberg News


(Bloomberg) -- European oil companies are pressing Venezuelan President Nicolas Maduro for greater control of their operations in Venezuela, after US driller Chevron Corp. renegotiated its contract last year.

Italy’s Eni SpA and Spain’s Repsol SA are reviewing drafts of contracts after holding a series of meetings with high-ranking members of government in which they asked for operational control at oil and gas ventures jointly held with state energy company PDVSA, according to people familiar with the matter who asked not be named because the information is private.

Chevron received a similar deal last year, raising expectations from analysts that Venezuela would give other energy companies broader control over joint ventures. Eni, Repsol and French company Maurel et Prom have the capacity to pump an additional 50,000 to 80,000 barrels per day if they increase operations in the South American country, according to Francisco Monaldi, lecturer in energy economics at Rice University’s Baker Institute for Public Policy.

While even an extra 80,0000 barrels a day would do little to immediately impact global energy markets, the move would be the latest sign of an advancing political agenda in the nation. Maduro used the Chevron deal to call on the US to ease more sanctions on the country’s beleaguered oil industry. It would also add to Venezuela’s efforts to increase production in an industry responsible for the vast majority of its exports. The country’s current output of around 690,000 barrels a day is roughly one-third of what it was five years ago, according to OPEC.

Eni declined to comment. Repsol didn’t reply to request for comment. Venezuela’s oil ministry office and Petroleos de Venezuela SA didn’t reply to a request for comment. Eni and Repsol hold oil and gas ventures in Venezuela. Cardon IV, a jointly-run offshore venture, supplies natural gas to most of Western Venezuela. On the oil side, they both each hold three ventures partnered with PDVSA.

Latin America, home to a fifth of the world’s oil reserves, has largely missed out on its full potential to cash in on higher oil prices over the last few years amid a potent combination of mismanagement, limited finances and political missteps. Venezuela has also faced the hurdle of economic sanctions. Increasing output would help to shore up the region’s economies, which deal with some of the worst wealth inequality in the world, while also helping to boost tight global energy supplies.


If the European oil companies are granted more control from the Venezuelan government, it isn’t clear if the companies would need an additional permission from the US Treasury to avoid secondary sanctions before increasing production.

Eni and Repsol began negotiations with Venezuelan officials, including Vice President Delcy Rodriguez, in mid-2022. But the negotiations have taken on momentum more recently, according to the people. The Venezuelan government has requested that in exchange for more control at oil fields, the companies make investments in gas projects.

Venezuela’s production has suffered since the US slapped the country with sanctions in 2019. Eni and Repsol ventures have also decreased. Both companies hold a waiver from US Treasury Department that lets them take oil shipments from PDVSA to offset 2022’s sales from a natural gas project to supply the domestic market. In a recent move, they agreed to a swap deal to load 4 million barrels of Venezuelan oil through March to continue an agreement reached with Maduro to offset PDVSA debt.


In November, the US Treasury eased some restrictions on Chevron, allowing the firm to produce and export Venezuelan oil. With more control over its operations, Chevron has raised its production to 90,000 barrels a day from 50,000 barrels a day, helping it recoup part of the debt owed by PDVSA.

The move from the US government came as President Joe Biden asked American oil companies to boost production in order to combat higher gasoline prices that have burdened consumers.

[waldron] 16/2/2023 07:18

DIRECTORS TALK


ENI S.p.A. – Consensus Indicates Potential 13.4% Upside
Broker Ratings

Charlotte Edwards
February 15, 2023

1:53 pm

ENI S.p.A. found using ticker (E) have now 3 analysts in total covering the stock. The consensus rating is ‘Buy’.


The target price ranges between 42 and 32.5 calculating the average target price we see 35.96.

Now with the previous closing price of 31.72 this is indicating there is a potential upside of 13.4%.

The 50 day moving average now sits at 29.76 and the 200 moving average now moves to 26.49.

The market capitalisation for the company is $53,577m. Visit the company website at:

[grupo] 14/2/2023 09:04

Eni SpA : Towards the breakout of a major resistance level
02/10/2023 | 07:43am GMT

Entry price : 14.3€ | Target : 16€ | Stop-loss : 13.6€ | Potential : 11.89%


Eni SpA is close to a major resistance level, whereby the breach of this level could be considered as a buy signal. This reflects our preferred scenario in light of the stock's current technical chart pattern.
Investors have an opportunity to buy the stock and target the € 16.


Eni SpA : Eni SpA : Towards the breakout of a major resistance level


Summary

The company has strong fundamentals. More than 70% of companies have a lower mix of growth, profitability, debt and visibility.

Overall, and from a short-term perspective, the company presents an interesting fundamental situation.

The company's Refinitiv ESG score, based on a ranking of the company relative to its industry, comes out particularly well.


Strengths

Its low valuation, with P/E ratio at 3.67 and 5.61 for the ongoing fiscal year and 2023 respectively, makes the stock pretty attractive with regard to earnings multiples.

The stock, which is currently worth 2022 to 0.5 times its sales, is clearly overvalued in comparison with peers.

The company appears to be poorly valued given its net asset value.

The company has a low valuation given the cash flows generated by its activity.

This company will be of major interest to investors in search of a high dividend stock.

Over the past year, analysts have regularly revised upwards their sales forecast for the company.


Analysts have consistently raised their revenue expectations for the company, which provides good prospects for the current and next years in terms of revenue growth.

For the last twelve months, analysts have been gradually revising upwards their EPS forecast for the upcoming fiscal year.

Analysts covering this company mostly recommend stock overweighting or purchase.

The average target price set by analysts covering the stock is above current prices and offers a tremendous appreciation potential.


Weaknesses

With relatively low growth outlooks, the group is not among those with the highest revenue growth potential.

The company's currently anticipated earnings per share (EPS) growth for the next few years is a notable weakness.

The overall consensus opinion of analysts has deteriorated sharply over the past four months.

The company's earnings releases usually do not meet expectations.

[ariane] 13/2/2023 08:34

February 13, 2023
9 min read
Can Meloni and Italy really build energy ties with Libya?

Charlie Mitchell

The Italian prime minister has visited Tripoli in her bid to ramp up new cross-Mediterranean energy links, but critics say that Libya is in no fit state to be a stable energy partner for Europe.

Disembarking her official plane at Tripoli’s only functioning airport late last month, Giorgia Meloni looked like she was on a mission.

Still in her first 100 days as Italy’s prime minister, Meloni was in Libya to market Rome as a gas hub linking North African producers with Europe, and to stem the flow of migrants across the Mediterranean. She did not go home empty-handed. During her trip, Italian oil major Eni and Libya’s National Oil Corporation (NOC) signed an $8bn gas production deal aimed at boosting gas supplies to Europe.

The agreement is said to be the largest investment in Libya’s energy sector in a quarter of a century and a sign that Italy is taking a leading role in gas extraction in North Africa as Europe scrambles to find alternatives to Russian energy following the invasion of Ukraine.

But with Libya still engulfed in chaos a decade after a Nato-backed uprising ousted and killed longtime dictator Muammar Gaddafi, analysts say the country is not a reliable energy partner. Before Meloni had even left the troubled country, Libya’s oil minister had slammed the landmark gas deal as “illegal”.

Two offshore fields to be developed

If all goes to plan, Eni’s deal will increase both gas output for the Libyan domestic market and exports to Europe, in large part through the development of two offshore gas fields.

In a statement, the Italian company said output will begin in 2026 and reach a plateau of 750m cubic feet per day. “This agreement will enable important investments in Libya’s energy sector, contributing to local development and job creation while strengthening Eni’s role as a leading operator in the country,” said chief executive Claudio Descalzi.

Meloni, who is the first top European official to visit Libya since the country failed to hold vital elections in December 2021, described the deal as “big and historic”.

The pact builds on a robust pre-existing oil and gas partnership between the two countries, underpinned by the GreenStream pipeline, which connects western Libyan gas fields to the island of Sicily and can carry 11bn cubic metres of gas per year. The pipeline was opened in 2004 but supply has plummeted since Libya erupted into chaos a decade ago.

Since then, Algeria – which Meloni visited before Tripoli – has overtaken Libya as Italy’s primary North African energy partner and biggest gas supplier. Italy is also banking on future gas imports from Egypt, Angola, Republic of Congo and Mozambique.

Finding alternatives to Russian gas

Efforts to diversify gas supply picked up following the onset of the war in Ukraine, which sparked a dash for alternatives to Russian energy.

Italy, once heavily reliant on Russian hydrocarbons, has reduced its imports of Russian gas by two-thirds to around 11bn cubic metres a year and plans to eliminate Russian gas from its energy mix by 2024.

Algeria, which has a capacity of more than 36bn cubic metres, according to Descalzi, has replaced a significant chunk. Eni hopes increased exports from Libya can help too.

On a more strategic level, Rome also sees a role for itself as a link between North African gas producers and northern Europe, building on strong relationships in the region, and hopes to build an energy corridor to Germany, Austria and Switzerland.

In a statement of intent at a roundtable in Tripoli, Meloni said that while Italy wants to expand its profile in the region, it does not seek a “predatory” role but instead wants to help African nations “grow and become richer”.

That message could resonate with African governments who resent attacks from climate activists and demands by Western officials to reduce emissions when 600m Africans still lack access to electricity. Energy-rich countries like Uganda say they cannot develop without resource extraction.

So strong is the desire to replace Russian gas that investment is flowing away from traditional crude projects in Africa and towards gas development, particularly floating LNG projects offshore that are less vulnerable to security risks.

Oil majors, including ExxonMobil, Eni, Shell and Chevron, all closed traditional projects in Nigeria, Angola and Equatorial Guinea last year. Meanwhile, oil cash investment is flooding into gas-rich nations, including Mozambique, Tanzania, Mauritania and Senegal in the hopes they can fill European shortfalls.

Libya ‘in no way a reliable partner’

Libya, too, could benefit from that shift. However, analysts were quick to pour cold water on the significance of the Eni deal, given Libya’s chronic instability, underinvestment, high domestic demand and lack of exports since a civil war broke out in 2011.

Last year, for instance, Libya delivered just 2.63bn cubic metres to Italy, well below the annual pre-2011 level of 8bn cubic metres, and Italy’s demands of around 5bn cubic metres a year.

The trip was “mainly a political spectacle meant to produce an announcement effect in the media and give the impression that Italy’s new prime minister is assertive, effective, firm, active, and no-nonsense,” says Jalel Harchaoui, a Libya expert and an associate fellow at the Royal United Services Institute.

“There is no reason to believe that the headline figure of $8bn is going to be invested within the foreseeable future. Half of that figure is to be invested by Libya’s own National Oil Corporation, and right now nobody has any compelling reason to believe that this will happen.”

Experts say Libya’s political instability and insecurity remains a major constraint. “Libya is of course in no way a reliable partner,” states Matteo Villa, a senior research fellow at Italian think-tank ISPI.

For years Libya has been under the control of rival governments, one in Tripoli in the west, the Government of National Unity (GNU), which is backed by the United Nations. The other, based in Benghazi in the country’s east, is under the control of Khalifa Haftar, who has earned the backing of Gulf states.

Following a split in 2014, Haftar waged a war on western factions, launching a bloody but unsuccessful one-year offensive on Tripoli. Today the country remains divided between rival factions who vie for control and dispute each other’s political legitimacy. Last February, the eastern-based House of Representatives confirmed a new eastern government, prolonging the institutional division.

The deal with Eni is likely to deepen the rift between the rival administrations, as has been the case with oil and military deals between Libya and Turkey, and has already exposed in-fighting in GNU prime minister Abdul Hamid Dbeibeh’s government. Mohamed Oun, Dbeibeh’s oil and gas minister, did not attend the Eni deal signing but instead criticised it on local television, saying that such agreements should be made by the ministry, not the NOC.

The eastern-based parliament has roundly rejected the appointment of Farhat Bengdara as chairman of the NOC and by extension any deals it or Tripoli might strike with foreign companies and states.

Competition between rival administrations and bouts of violent conflict have led to the blockade and shutdown of oil facilities in recent years, hindering the sector’s growth. Oil production in the second quarter of 2022 averaged just 0.88m barrels per day, a third less than during the first. According to the World Bank, lost oil revenues due to the blockade of facilities has cost the country $4bn.

Libyan economy in the doldrums

Meanwhile, Libya’s economy is in the doldrums, despite high energy prices. Inflation is high at 37% year on year for a basket of basic expenditures as of April 2022.

As a result, the World Bank notes: “Political instability in Libya and the ongoing war in Ukraine will likely slow down Libya’s economic recovery. If the country could sustain current levels of oil production and exports, it will benefit from soaring global oil prices, translating into higher fiscal revenues and more significant inflows of hard currency. This will positively impact its growth and its fiscal and external balances.”

But that will depend, the international lender noted, on transparent and accountable management of oil revenues and an improvement in the political and security conditions.

With no end in sight to the country’s security challenges, growth is unlikely. Although Libya’s GDP grew by a staggering 177.3% in 2021 after a 59.7% contraction in 2020 driven primarily by Covid-19, the African Development Bank expects more modest 4.4% economic growth in 2023.

In addition to the insecurity and uncertainty facing energy firms looking to invest in Libya, heavy domestic demand will continue to frustrate oil and gas exports, as it does in Egypt.

“The problem is that securing a long gas pipeline means cutting deals with local powers and militias, which also entails leaving a lot of produced gas to the domestic market,” says Villa. “Around 60%of the gas produced is used domestically, often in a subsidised way, and therefore somewhat wasted.”

With Eni unable to depend on Libya in the long run, experts say Meloni’s trip could be reduced to a mere spectacle. Algeria is a reliable partner for Italy at current levels – about 24bn cubic metres per year – but not more, and Libya cannot be relied on to export more than 3bn cubic metres per year.

“It’s mostly political signalling that we are committed to stay the course with the partners that we are left with, now that we almost ‘lost’ Russia,” says Villa.

For now it seems that North Africa is not Italy’s silver bullet. For Europe, the quest to find reliable alternatives to Russian oil and gas will continue.

[misca2] 11/2/2023 10:28

Eni SpA: Resistance should break


10/02/2023 | 08:43

buy


Entry price: 14.3€ | Target: 16€ | Stop: 13.6€ | Potential: 11.89


Below the resistance zone currently being tested, the potential appears limited for Eni SpA.

The configuration of the stock nevertheless suggests a breakout from this level.


We could buy the stock to target €16.


Summary

The company has strong fundamentals. More than 70% of companies have a lower mix of growth, profitability, debt and visibility.

The company has an attractive fundamental position from a short-term investment perspective.

The company's Refinitiv ESG score, based on a ranking of the company relative to its industry, is particularly good.


Strengths

The company has very attractive earnings multiples.

The stock is valued over 2022 at 0.5 times its turnover, which is a very attractive valuation compared to other listed companies.


The company appears poorly valued given its net asset value.


The company is poorly valued given the cash flows generated by its business.

Yield-seeking investors may find the stock of major interest.

Over the past 12 months, future revenue expectations have been revised upwards numerous times.

Analysts have recently raised their revenue expectations significantly.

Over the past year, analysts covering the stock have significantly raised their earnings per share expectations.

The majority of analysts covering the stock have a Buy or Overweight recommendation.

The spread between current prices and the average price target of the analysts covering the file is relatively large and implies a significant upside potential.


Weaknesses

With relatively low expected growth, the group is not among those with the highest potential for revenue growth.

The potential for earnings per share (EPS) growth in the coming years appears limited according to current analyst estimates.

The average consensus view of analysts covering the stock has deteriorated over the past four months.

In the past, the group has often disappointed analysts by publishing business figures below their expectations.

Translated with www.DeepL.com/Translator (free version)

[grupo guitarlumber] 08/2/2023 22:35

looking forward to a melt up next week


Consensus

Mean consensus BUY


Number of Analysts 27


Last Close Price 14,16 €


Average target price 17,07 €
Spread / Average Target 20,5%

[grupo guitarlumber] 08/2/2023 22:32

Upcoming events on ENI SPA


FEB/17/23 FY 2022 Earnings Release (Projected)

[adrian j boris] 08/2/2023 08:23

Eni's CEO: We've signed important gas agreement with Libya's NOC
January 29, 2023 - 19:21


Written By: AbdulkaderAssad

The CEO of the Italian company Eni, Claudio Descalzi, said that the "technical economic agreement" with the Libyan National Oil Corporation (NOC) aimed to develop very large gas potentials in Libya, which when fully operational would provide more than 160,000 barrels of oil equivalent per day, and could be able to cover most electricity demands of Libya, and provide at least a third of the capacity of Italian energy needs as exports, according to the Italian news agency NOVA.

Descalzi explained that the $8 billion project would not only develop Libyan oil resources, but also Libyan professional resources and companies, in addition to Italian companies that could come to work in Libya for Eni and NOC.

"This development leads to other major energy developments in both the offshore and onshore parts of Libya, with the potential to double existing gas production," he pointed out, saying they would not only develop gas, but also capture the carbon dioxide produced by these products and develop solar energy. He added that future projects to export not only gas but also electricity to Italy will be via the Green Stream gas pipeline.


The Libya Observer

[sarkasm] 05/2/2023 06:14

Latest Dividends

Next dividend


Quarterly




Per share 22¢ PERHAPS


Declaration date 23 Feb 2023 (Thu)


Ex-div date 20 Mar 2023 (Mon)


Pay date 22 Mar 2023 (Wed)

[waldron] 04/2/2023 15:27

ENI SPA (ENI)

Delayed Borsa Italiana - 16:39:20 03/02/2023 GMT

13.84 EUR +0.68%

[florenceorbis] 03/2/2023 08:53

Eni : Plenitude returns to Sanremo in the name of the energy transition
02/02/2023 | 10:50am GMT


Milan, 2 February 2023 - The journey to improve energy efficiency at the Sanremo Festival, which Plenitude began in 2022 with Rai and Rai Pubblicità, continues today. The company is Partner of the 73rd edition of Italy's most important music event.

Plenitude's presence at Sanremo will focus on the energy transition and innovation. In the coming months, Plenitude will help powering the offices of the Ariston Theater with a photovoltaic system installed on the roof. This is the first intervention following studies carried out in 2022.


Many additional surprises can be expected during the Festival week: the return of the green carpet; an exclusive performance by internationally renowned composer Dardust; the "Feeling the Energy" installation at Forte Santa Tecla; and a series of events organised in collaboration with Comehome.

Stefano Goberti, CEO of Plenitude, said: "We are proud to be a partner of the Sanremo Festival again this year, and to bring a concrete contribution in terms of energy efficiency and sustainability as part of the decarbonization plan for such an important event.

We will continue along the path we set out together last year, telling the story of a transformation that sees Plenitude as an outpost of Eni's decarbonization strategy, with the aim of creating value through the energy transition and achieving carbon neutrality by 2040, providing 100% decarbonized energy to all our customers."

Rai and Rai Pubblicità, in collaboration with Plenitude, will once again bring to Sanremo the green carpet to connect all the main areas of the event and serve as a backdrop to the parade of the many Festival guests. Measuring 300 metres, the carpet will be made of real grass that will be reused after the event to contribute to green enhancements across the city of Sanremo.


A number of photovoltaic panels will be installed along the carpet. The energy they accumulate will help power the carpet's lights, together with small wind turbines and charging stations for electric mobility, representing Plenitude's commitment to the energy transition.

While waiting for the opening of Italy's most important music event of the year, on Sunday, February 5th, at Forte Santa Tecla, Plenitude will organize a spectacular performance dedicated to the theme of nature and music, powered by energy and technology.

"The Blooming Symphony" will be a show featuring Dardust, internationally renowned musician and music producer collaborating with some of the best-known names in Italian music. He will be playing "the rhythm of nature" with tracks produced thanks to electrical impulses emitted by plants and flowers. Plants Play devices, developed by the namesake Italian company, can detect electrical variations through sensors placed on leaves and stems, processing the signal and converting it into notes, so as to create a real musical composition.


Plenitude will also organize an exhibition at Forte Santa Tecla to reiterate its commitment to sustainability and energy efficiency. This is the installation "Feeling the Energy," originally created for FuoriSalone 2022 by international design and innovation studio CRA - Carlo Ratti Associati with the support of Italo Rota. The installation emphasizes the importance of collaboration between people: thanks to the synergy between human beings and nature, we come to the production of vital energy that powers our planet every day.

Finally, Plenitude has chosen Comehome, a digital platform dedicated to the organization of events with a community of more than 300,000 users, with the goal of fostering a sense of community and enhance the experience of people watching the Sanremo Festival together. Users will have the opportunity to organize listening groups or to participate, through the platform, in one of the events organized in Milan's Plenitude Flagship Store in Corso Buenos Aires 3, which, for the occasion, will be transformed into a real living room where to experience and comment on the show together with various guests and talent.



Plenitude is Eni's Benefit Corporation (Società Benefit) integrating the production of energy from 100% renewable sources, the sale of energy services and an extensive network of charging points for electric vehicles. The company currently supplies energy to about 10 million European customers in the retail market and aims to reach more than 11 million customers by 2025 and to install more than 30,000 charging points for electric mobility. The company also plans to exceed 15 GW of installed capacity by 2030 and achieve carbon neutrality by 2040.



Disclaimer

Eni S.p.A. published this content on 02 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 February 2023 10:49:10 UTC.

[gibbs1] 24/1/2023 08:08

Consensus

Mean consensus BUY

Number of Analysts 27

Last Close Price 14,40 €

Average target price 17,04 €
Spread / Average Target 18,4%

[florenceorbis] 23/1/2023 16:15

Eni announces rate on sustainability-linked bonds 2023-2028
01/23/2023 | 02:10pm GMT


(Alliance News) - Eni Spa announced Monday that the initial nominal interest rate of the 2 million bonds of the sustainability-linked loan 2023-2028 has been determined at 4.3 percent

Specifically, the effective rate of return on the bonds is 4.30 percent per annum gross to maturity if the Step Up Event does not occur and 4.39 percent per annum gross to maturity if the Step Up Event occurs.

In addition, the company disclosed that the expected amount of expenses related to the offering is approximately EUR38 million.

In connection with the EUR2 billion bonds placed last week, Eni reported that the total demand was more than EUR10 million, with applications received from more than 300,000 investors.

Eni CEO Claudio Descalzi commented, "The success of this transaction has been extraordinary and surprising. It was for us above all a very strong response in terms of trust from the Italian public, and this is the aspect that gives us the greatest satisfaction and strengthens us. So many Italians have believed in what we are doing, both in terms of progressive evolution towards decarbonized industrial processes and products and in terms of guaranteeing energy security."

Eni's stock is in the red by 0.4 percent at EUR14.40 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to [e-mail]

[misca2] 15/1/2023 10:25

Consensus

Mean consensus BUY


Number of Analysts 26


Last Close Price 14,42 €

Average target price 17,11 €
Spread / Average Target 18,6%

High Price Target 20,00 €
Spread / Highest target 38,7%

Low Price Target 13,90 €
Spread / Lowest Target -3,62%