Eni (NYSE:E) Stock, Quote.Headers.trade-ideas

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 SpA (NYSE: E), 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.

Eni Eyes New Plenitude Stake Sale to Boost Energy Transition

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Shell PLC and ENI lead funding round for Mantel Capture, a carbon capture tech startup using molten salts to extract 95% of emissions from industrial sites.

Shell Backs Climate Technology Start-up for Emissions Reduction: Report

ENI spa

SNMRY

ENI begin CO2 injection for Italy&#39;s first industrial CCS project with Snam SPA.

Eni Launches CO2 Capture Project In Italy: Details

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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>

Asset Sales

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

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.

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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Eni Secures New Offshore Gas Hub Approvals in Indonesia

WIIM

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

Guidance

Dividends

Commodities

Buybacks

Movers

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:
<ul>
<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>

Events

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

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved the sale of Eni SpA&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/e#NYSE">E</a>) local unit, Nigerian Agip Oil Company (&quot;NAOC&quot;), to Oando in a significant development for Nigeria&#39;s oil sector.
The approval marks a crucial step forward for the transaction, which includes the transfer of interests in four onshore oil mining leases - 60, 61, 62 and 63.
Announced initially in September 2023, the sale of NAOC to Oando had been pending for months due to regulatory requirements under Nigeria&#39;s new oil industry law. The law mandates that such deals receive a sign-off from the petroleum minister, a process that had caused considerable delays.
Gbenga Komolafe, the head of the NUPRC, confirmed the approval during an energy conference in Abuja, highlighting the regulatory body&#39;s commitment to facilitating smoother transitions in the sector. This move is seen as part of a broader strategy to streamline approvals and encourage responsible divestments by international oil companies.
Simultaneously, the NUPRC has sanctioned the sale of Equinor&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/eqnr#NYSE">EQNR</a>) assets to the new entrant, Project Odinmim. The transaction represents a notable entry for Project Odinmim into Nigeria&#39;s oil industry, underscoring the country&#39;s evolving landscape as established players divest from onshore operations.
While the approvals for Eni and Equinor&#39;s sales have been granted, other significant transactions remain in the pipeline. The recent approvals come amid broader challenges facing Nigeria&#39;s onshore oil operations, including theft, vandalism and environmental pollution. These issues have prompted major oil companies to shift their focus toward deepwater explorations, seeking more secure and profitable ventures.
In response to these challenges, the NUPRC introduced measures to expedite pending asset sales. One notable condition was that the selling companies must take responsibility for oil spills and provide compensation to affected communities. This stipulation aims to prevent prolonged delays caused by disputes over liability and ensure that transactions proceed more swiftly.
The NUPRC&#39;s recent approvals signify a pivotal moment for Nigeria&#39;s oil sector, reflecting both challenges and opportunities within the industry. As Oando and Project Odinmim prepare to take over their newly acquired assets, the focus will be on how these transitions impact the broader market dynamics and address the longstanding issues of theft, vandalism and environmental concerns.
With significant transactions still awaiting approval, the coming months will be critical in shaping the future landscape of Nigeria&#39;s oil industry.
<h3>Zacks Rank &amp; Key Picks</h3>
Currently, Eni carries a Zacks Rank #3 (Hold).
Investors interested in the&nbsp;energy&nbsp;sector may look at some better-ranked stocks like&nbsp;Transportadora (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tgs#NYSE">TGS</a>) and&nbsp;GeoPark Ltd.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gprk#NYSE">GPRK</a>), each currently sporting a Zacks Rank #1 (Strong Buy).
Transportadora&#39;s midstream asset portfolio has the most extensive natural gas pipeline network in Latin America. It generates stable fee-based revenues since its pipeline assets transport more than 60% of the gas consumed in Argentina.
Transportadora has witnessed upward estimate revisions for its 2024 bottom line in the past 60 days.&nbsp;The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at 77 cents and $1.81, respectively. TGS currently has a Growth Score of A and B for Value.
GeoPark, based in Hamilton, Bermuda, is an explorer, operator and consolidator in the oil and gas sector. The company primarily operates in Chile, Colombia, Brazil and Argentina. It has a Zacks Style Score of A for Value and B for Growth.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $3.23 and $3.98, respectively. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
<a href="https://www.zacks.com/stock/news/2297021/eni-s-e-sale-to-oando-approved-amid-nigeria-regulatory-shifts?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2297021">To read this article on Zacks.com click here.</a>

EQNR

GPRK

Eni's Sale to Oando Approved Amid Nigeria Regulatory Shifts

Eni SpA (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/e#NYSE">E</a>), an Italian energy giant, is set to raise more than &euro;4 billion (approximately $4.3 billion) through the sale of assets in its global upstream business. This move is part of a broader strategy to sell &euro;8 billion in assets over the next three years, as reported by Bloomberg on Monday.
The asset sales are expected to include operations in Indonesia and Cyprus, among other locations. Under the leadership of CEO Claudio Descalzi, Eni&#39;s strategy involves a dual approach to divestments. This includes selling smaller projects that might attract local buyers and considering the sale of stakes in some of its major projects. This strategy is designed to streamline the company&#39;s operations and enhance its financial flexibility.
The company has not yet made a public statement on this. However, it had previously indicated a desire to gradually reduce its involvement in hydrocarbon-related activities to finance its transition toward more sustainable energy sources. Descalzi&#39;s strategy, known as the satellite model, involves separating divisions and partnering with external investors with the long-term goal of listing these entities. This approach is set to include businesses like Plenitude, a renewables specialist, and Enilive, which focuses on biorefining and mobility.
Among the specific assets under consideration, Eni could raise between &euro;850 million and &euro;1 billion from selling its Alaskan assets to U.S.-based Hilcorp. A similar amount could be raised through the sale of a 30% stake in Eni&#39;s operations in the Ivory Coast, according to the report.
Upstream activities, which involve identifying, extracting, and producing oil and gas, are targeted to account for more than half of Eni&#39;s planned asset disposals, according to the company&#39;s latest business plan. Additionally, Eni is contemplating a reorganization of its upstream activities within Italy, potentially consolidating them into a single unit. This reorganization is still under discussion, and no final decisions have been made yet.
Eni&#39;s aggressive asset disposal plan highlights the company&#39;s commitment to its energy transition goals while balancing financial stability. The outcome of these disposals and reorganization efforts will be crucial for Eni&#39;s future in the evolving global energy landscape.
<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 (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hes#NYSE">HES</a>), Sunoco LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sun#NYSE">SUN</a>) and SM Energy Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>). While Hess and Sunoco currently sport a Zacks Rank #1 (Strong Buy) each, SM Energy carries a Zacks Rank #2 (Buy).
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 30 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 $6.69. 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 seven days.
<a href="https://www.zacks.com/stock/news/2296145/eni-e-targets-raising-4b-euros-from-upstream-asset-sales?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2296145">To read this article on Zacks.com click here.</a>

Eni Targets Raising 4B Euros From Upstream Asset Sales

<a href="https://www.bloomberg.com/news/articles/2024-07-01/italian-oil-major-eni-eyes-over-4-billion-in-upstream-asset-sale-plan?srnd=homepage-europe#:~:text=Italian%20energy%20group%20Eni%20SpA,over%20the%20next%20three%20years" title="https://www.bloomberg.com/news/articles/2024-07-01/italian-oil-major-eni-eyes-over-4-billion-in-upstream-asset-sale-plan?srnd=homepage-europe#:~:text=Italian%20energy%20group%20Eni%20SpA,over%20the%20next%20three%20years">https://www.bloomberg.com/news/articles/2024-07-01/italian-oil-major-eni-eyes-over-4-billion-in-upstream-asset-sale-plan?srnd=homepage-europe#:~:text=Italian%20energy%20group%20Eni%20SpA,over%20the%20next%20three%20years</a>.

'Italian Oil Major Eni Eyes Over €4 Billion In Upstream Asset Sale Plan' - Bloomberg News

Eni S.p.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>) extended its long-term agreement with Vår Energi <a target="_blank" href="https://varenergi.no/en/investor/?release=5DDC3DC929D6ECE9" rel="noreferrer noopener">ASA</a>. As per the agreement, Vår Energi will supply up to five billion cubic meters (bcm) of gas to Eni&nbsp;between 2024 and 2036.
Vår Energi will make deliveries to the gas terminals in Emden and Dornum, Germany, and pricing will be based on market terms. This agreement complements the recently announced gas sales contract with VNG, per a statement from Vår Energi.
Vår Energi&#8217;s CEO, Nick Walker, stated, &#8220;The agreement with Eni, being confirmed shortly after a similar signing with VNG, is yet another strong testimony of Vår Energi&#8217;s commitment to being a stable and reliable energy supplier to key European markets.&#8221;&nbsp;
&#8220;As Norway's second largest exporter of natural gas, Vår Energi will continue to explore for further petroleum resources across the Norwegian Continental Shelf.&#8221;
&#8220;Continued access to new exploration acreage, long term, stable framework conditions and political support are key elements in our ability to meet the obligations to our European customers and to ensure value creation in Norway.&#8221;
Last month, Eni&nbsp;finalized a binding agreement with Hilcorp to sell complete ownership of the Nikaitchuq and <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">Oooguruk assets in&nbsp;Alaska</a>.
Investors can gain exposure to Eni via 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: Eni shares are up 1.14% at $31.14 premarket at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Contracts

European Energy Giant Eni Seals Extended Gas Deal With Vår Energi: Details

Single-digit tickers = single-digit returns? - Bespoke

Single-letter tickers = single-digit returns?

Eni SPA (E) has released an update. Eni S.p.A. has reported the acquisition of 3,957,981 treasury shares, amounting to 0.12% of its share capital, ...

Eni S.p.A. Expands Treasury Shares Holdings

In a report released today, Biraj Borkhataria from RBC Capital maintained a Buy rating on ENI S.p.A. (0N9S – Research Report), with a price target ...

RBC Capital Reaffirms Their Buy Rating on ENI S.p.A. (0N9S)

Eni SPA (E) has released an update. Eni S.p.A., the Italian multinational oil and gas company, has filed its report for August 2024 with the SEC, o...

Eni S.p.A. Commits to Sustainable Energy Future

RBC Capital Remains a Buy on ENI S.p.A. (0N9S)

Eni SPA (E) has released an update. Eni S.p.A. has reported the purchase of 3,898,000 treasury shares valued at a total of 57,510,366.70 euros in t...

Eni S.p.A. Enhances Shareholder Value with Stock Buyback

Eni SPA (E) has released an update. Eni S.p.A. has reported purchasing 4,007,068 treasury shares between September 2nd and 6th, 2024, amounting to ...

Eni S.p.A. Executes Treasury Shares Buyback

Berenberg Bank analyst Henry Tarr maintained a Hold rating on ENI S.p.A. (0N9S – Research Report) yesterday and set a price target of €15.80. The c...

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

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...

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Eni (E) Forecast

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