Edin. New It Share Discussion Threads

[ariane] 29/7/2023 07:42

Eni Beats Estimates Despite 49% Profit Decline
By Charles Kennedy - Jul 28, 2023, 10:30 AM CDT

Eni’s (NYSE: E) adjusted net profit for the second quarter exceeded analyst estimates thanks to a very strong gas business despite the 49% earnings slump compared to last year’s second quarter.

Eni reported on Friday an adjusted net profit of $2.13 billion (1.935 billion euros) for the second quarter, down by 49% on the year. The earnings nevertheless beat the analyst consensus estimate of $1.8 billion (1.64 billion euros).

Adjusted profit before tax fell by 41%, but it is “a highly robust outcome given the 30% fall in crude oil prices and with gas price and refining margin down over 60%,” the Italian energy major said.

The pre-tax profit reflects resilient E&P earnings featuring growing production and another very strong contribution from the Global Gas & LNG Portfolio (GGP) division, Eni said.

Eni’s earnings were “underpinned by a solid and growing Upstream and another excellent result in GGP,” chief executive Claudio Descalzi said in comments to the Q2 performance and results.

The company raised its adjusted EBIT guidance for the gas division for 2023 to $3 billion-$3.3 billion (2.7 billion-3.0 billion euros), up from the previous guidance of $2.2 billion-2.42 billion (2.0 billion-2.2 billion euros).

In the upstream division, Eni confirmed its 2023 full-year target of oil and gas production for 2023 in the range of 1.63-1.67 million boe/d in an oil price scenario of $80 per barrel. Production in the third quarter is forecast to be around 1.63 million boe/d.

“Considering our first half results and continuing business performance that drives raised guidance, we have a solid position from which to pay our first quarterly installment of the raised €0.94 per share 2023 dividend in September and continue our €2.2 bln buyback which commenced in May,’’ Descalzi said.

Eni joins other international majors in reporting nearly halved profits compared to a year ago, but unlike Shell, TotalEnergies, and Exxon, the Italian company beat analyst estimates.

By Charles Kennedy for Oilprice.com

[grupo guitarlumber] 28/7/2023 10:19

‘ResilientR17; Eni beats analyst forecasts despite sharp drop in quarterly profits

Chief executive Descalzi noted another “excellentR21; performance of the major’s Gas and LNG division



28 July 2023 6:26 GMT Updated 28 July 2023 8:18 GMT


By Davide Ghilotti
in London

Italian oil major Eni posted a sharp decline in its latest quarterly profits, which fell nearly 50% but topped analysts' expectations.

Eni reported adjusted net profit of €1.94 billion ($2.14 billion), 49% down on the same time last year but above analysts' consensus of €1.64 billion.



Eni eyes new IPO for ‘$11 billion’ renewable energy unit Plenitude


Chief executive Claudio Descalzi spoke of a “less supportive environment” having characterised the business in the second quarter of the year, as lower oil and gas prices affected realised sales, and refining margins decreased.

“This resilience is significant after having successfully captured upside in the previous stronger scenario,” said Descalzi.

He highlighted an “excellentR21; result for the company’s gas and LNG division, GGP, which saw adjusted operating profits of €1.01 billion, against a €14 million loss last year.

Eni said the market continued to show “some degree of volatility and arbitrage opportunities”, which led to a positive contribution from GGP.

Meanwhile, E&P, the major’s single largest division, saw adjusted operating profits fall 58% in the period, to €2.07 billion.
Supermajor capital distribution takes centre stage amid expectations for smaller second quarter profits


The company confirmed its quarterly dividend increase to €0.94 per share from September, and maintained a share buyback programme of €2.2 billion that started in May.

In line with its peers, the major had to contend with falling oil and gas prices in the quarter, after the highs reached in 2022 amid energy shortage concerns in Europe that followed disruption of Russian piped gas flows.

Eni described a “highly robust” result despite a 30% decrease in crude oil prices, and a 60% decline in gas prices and refining margins in the period.

Total hydrocarbons production in the quarter rose 2% to 1.61 million barrels of oil equivalent per day.

Performance in E&P was affected by lower prices as well as the impact of the deconsolidation of Azule, the joint venture business which Eni set up with BP in Angola last year.

Eni’s renewables business, Plenitude, recorded an 18% increase in adjusted operating profit in the quarter against year-ago levels, to €165 million. Ramp-up of renewable energy installed capacity and production volumes contributed to the increase.


Algeria, Egypt, Indonesia, Norway: Neptune’s crown jewels changing hands with Eni takeover


In June, the Italian major and its Norwegian subsidiary, Vaar Energi, set out to acquire UK independent oil and gas producer Neptune Energy in a $4.9 billion deal, which is expected to conclude at the beginning of next year.

The takeover will bring Eni a widespread portfolio of gas-oriented operations in Western Europe, Indonesia, Australia and North Africa. Eni said the deal will allow Eni and Vaar to increase their total production plateau by over 100,000 boepd.

Earlier this month, Eni closed the acquisition of Chevron’s development and production assets IDD offshore Indonesia, where the Italian company was already a minority partner in the project.


Upstream is part of DN Media Group.

[grupo guitarlumber] 28/7/2023 07:33

Eni 2Q Profit Plunged Amid Lower Oil, Natural Gas Prices
Today at 02:27 am

Eni 2Q Profit Plunged Amid Lower Oil, Natural Gas Prices

By Mauro Orru

Eni posted a much lower profit for the second quarter, as the group reeled from the effects of declining benchmark crude oil and natural gas prices.

The Italian oil-and-gas major on Friday said that quarterly net profit plunged to 294 million euros ($322.8 million) from EUR3.82 billion in last year's second quarter. On an adjusted basis, net profit declined 49% to EUR1.94 billion.

Adjusted operating profit--one of Eni's most closely watched metrics by analysts and investors--fell 42% to EUR3.38 billion. Sales decreased 38% to EUR19.59 billion.

Hydrocarbon production rose 2% on year to 1.61 million barrels of oil equivalent a day. For the current quarter, the group is forecasting hydrocarbon production of about 1.63 million barrels of oil equivalent a day.

For the year, hydrocarbon production is still expected between 1.63 million and 1.67 million barrels of oil equivalent a day. However, capital expenditure should now be under EUR9 billion, below previous guidance of around EUR9.2 billion.

The group is still targeting an adjusted operating profit of EUR12 billion. Cash flow from operations before working capital should be between EUR15.5 billion and EUR16 billion. Eni had previously expected cash flow of more than EUR16 billion.

Write to Mauro Orru at [e-mail]; @MauroOrru94

(END) Dow Jones Newswires

07-28-23 0226ET

[ariane] 28/7/2023 06:55

SLB and Eni announce alliance for vibroacoustic pipeline integrity monitoring and analysis



By NS Energy Staff Writer 27 Jul 2023

Enivibes will bring the new proprietary pipeline integrity technology to the global market through SLB’s industry-leading digital expertise and operations in more than 100 countries


SLB and Eni announce alliance for vibroacoustic pipeline integrity monitoring and analysis. (Credit: SLB)

SLB (NYSE: SLB) and Eni, through its subsidiary Enivibes, have announced an alliance to deploy e-vpms (Eni Vibroacoustic Pipeline Monitoring System) technology, an innovative vibroacoustic wave detection system capable of providing real-time analysis, monitoring and leak detection for pipelines around the world.

Enivibes will bring the new proprietary pipeline integrity technology to the global market through SLB’s industry-leading digital expertise and operations in more than 100 countries. The e-vpms technology can be retrofitted to any pipeline, regardless of age, providing immediate integrity data essential for maintaining a network’s continually reliable operation.

The alliance covers the deployment of e-vpms technology for pipelines transporting liquid hydrocarbons and produced water and enables the detection of product loss attributable to external events such as attempted product theft or accidental impact, corrosion related leak events, and land movement events caused by earthquakes or landslides.

“The e-vpms technology will equip operators with the ability to extract real-time data from even their oldest assets,” said Ziad Jeha, business line director, Midstream Production Systems, SLB. “Operators will be able to receive reliable and specific real-time information, allowing for focused and timely responses, especially in instances of an environmental nature.”

Source: Company Press Release

[florenceorbis] 27/7/2023 12:18

would be nice to see a bump up towards 14 euros plus


Borsa Italiana - 12:17:00 2023-07-27 pm


13.65 EUR +0.47%

[florenceorbis] 27/7/2023 12:10

26/07/2023 Q2 2023 Earnings Release

27/07/2023 Q2 2023 Earnings Call

[ariane] 24/7/2023 06:45

Goldman Sachs expects ‘all time high’ oil demand to spur large deficits, boosting prices

Published Mon, Jul 24 2023
12:55 AM EDTUpdated 47 Min Ago

Lee Ying Shan
@LeeYingshan

Key Points

Goldman Sachs forecasts “all-time high” demand in oil markets leading to a “sizeable deficit.”


The investment bank projects Brent crude to rise from just above $80 per barrel now to $86 per barrel by year end.

[adrian j boris] 22/7/2023 10:21

looking forward to a substantial share price increase once earnings release out


Borsa Italiana - 17:44:59 21/07/2023


13.64 EUR +0.74%

[waldron] 20/7/2023 13:53

Upcoming events on Eni S.p.A

26/07/2023 Q2 2023 Earnings Release

27/07/2023 Q2 2023 Earnings Call

[waldron] 20/7/2023 13:52

Borsa Italiana - 12:51:16 2023-07-20 pm


13.55 EUR +0.88%

[ariane] 19/7/2023 10:00

ENI : JP Morgan sticks Neutral
Today at 04:53 am

JP Morgan confirms his opinion on the stock and remains Neutral.

The target price is reduced from EUR 16.00 to EUR 15.50.

[ariane] 19/7/2023 09:58

Borsa Italiana - 04:57:18 2023-07-19 am EDT


13.44 EUR +0.04%

[grupo guitarlumber] 17/7/2023 18:43

Borsa Italiana - 11:44:59 2023-07-17 am EDT


13.29 EUR -0.98%

oilies presently not going anywhere

[waldron] 14/7/2023 16:46

Eni (E) Collaborates With Maritime Majors for Decarbonization

Zacks Equity Research July 14, 2023


E - Free Report) joined forces with various other companies, including three of the largest businesses in the maritime sector, and presented a document titled "The route to net zero. Decarbonizing the maritime sector". Some of its partners are Assarmatori, Confitarma, Unem, Assocostieri and RINA.

In order to develop a common strategy, the contributors monitored the work of 40 experts who have been working in unison since last March. The end result was the drafting of a strategic orientation document that started with an examination of the technological evolution of engines and the accessibility of low-carbon energy sources in terms of infrastructure.

According to Eni, 12 billion tons of goods are transported annually by more than 100,000 merchant ships. Currently, 90% of goods are transported by sea. It is estimated that the maritime sector is responsible for around 3% of global greenhouse gas emissions. Approximately 75% of external and 36% of internal EU trade are conducted via nautical means.

In order to gradually achieve zero CO2 emissions and enable shipowners to meet the objectives set by the EU Commission, the sector requires short, medium and long-term solutions that are compatible with economic trends. Biofuels are an option for a short to medium-term solution.

Engine makers are prepared to create custom solutions for various fuel types. For new orders, shipowners are currently experimenting with single-fuel engines (along with technologies that capture carbon in solid form before combustion for LNG) and dual-fuel engines (using liquid or gaseous fuels like biofuels, methanol, and in the long-term ammonia and hydrogen).

According to Giuseppe Ricci, chief operating officer for Energy Evolution at Eni, the maritime sector is crucial for Italy's competitiveness and also for experimenting with technology that enables carbon neutrality by adopting solutions that further Eni’s goal to enable a just transition, based on three dimensions — environment, economy and society.

The initiative, he continued, was an inclusive example of collaboration among multiple players in the sector. For Eni, it is the first initiative to promote mature solutions like biofuels and test long-term solutions.


Eni currently carries a Zack Rank #4 (Sell).

Some better-ranked stocks in the energy sector are Evolution Petroleum Corporation (
EPM - Free Report) , NGL Energy Partners LP (NGL - Free Report) and Murphy USA (

MUSA - Free Report) . While Evolution Petroleum sports a Zacks Rank #1 (Strong Buy), both NGL Energy Partners and Murphy USA carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 60 days.

NGL Energy Partners, headquartered in Tulsa, OK, is a limited partnership operating a vertically-integrated propane business with three operating segments — retail propane, wholesale supply and marketing, and midstream. NGL has witnessed an upward earnings estimate revision for 2024 in the past 60 days.

Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company to get a lot more business than its competitors. Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed an upward earnings estimate revision for 2023 and 2024.

[maywillow] 13/7/2023 11:36

Borsa Italiana - 12:35:08 13/07/2023


13.60 EUR +0.49%

[waldron] 12/7/2023 14:14

Incryptowillow
12 Jul '23 - 13:55 - 286 of 286 (Filtered)


0 0 0

[waldron] 12/7/2023 13:21

Borsa Italiana - 14:19:42 12/07/2023

.
13.44 EUR +1.59%

Might well break thru resistance and then hopefully gap up

[waldron] 11/7/2023 09:06

Borsa Italiana - 09:05:41 11/07/2023 BST


13.17 EUR +0.38%

[waldron] 10/7/2023 08:37

Borsa Italiana - 09:36:41 10/07/2023


13.12 EUR +0.54%

it seems not to be going anywhere convincingly

[waldron] 08/7/2023 19:29

Eni delivers first commercial LNG cargo to Piombino
08 July 2023 - 10:16 AM CEST


San Donato Milanese (Milan), 8 July 2023 – Eni delivered a gas cargo of 90 million cubic meters to the SNAM regasification terminal in Piombino, Italy, today. Unloading operations took place following the completion of the test phase and mark the beginning of the terminal’s commercial operation.

This additional delivery confirms the value of gas as a reliable energy source, capable of providing a reliable response to growing energy demand while supporting the energy transition.

The cargo was produced at the Sonatrach liquefaction plant in Betihoua, Algeria. The partnership with Sonatrach and Algeria plays a central role in Eni's strategy to diversify supplies and expand its gas portfolio, with investments in fast-track projects that will increase available volumes for the Italian and European markets.

Eni targets growth in its LNG activities with contracted volumes expected to rise to over 18 million tonnes in 2026, more than double that of 2022. It is an important component of a reshaped global gas portfolio that will contribute to the security of supply and increasingly leverage equity production.

[waldron] 07/7/2023 09:20

Borsa Italiana - 10:19:38 07/07/2023


12.97 EUR -0.52%