Stephen Simpson, CFA
Oct. 28, 2015, 8:41 AM
- Eni (NYSE:E) agrees to sell a 12.5% stake in Saipem (OTCPK:SAPMY, OTCPK:SAPMF) to Fondo Strategico Italiano as part of a larger deal that will allow it to reduce its net debt by ~€5.1B and focus on exploration and production.
- Eni will collect ~€6.5B ($7.2B) from the deal - €6.1B from the repayment of Saipem’s debt and €400M for the value of the stake.
- Saipem’s borrowings have weighed heavily on Eni, its largest shareholder, amid a slump in crude prices; Eni will continue to hold ~30% of Saipem after the close of the deal.
Apr. 8, 2015, 3:48 AM
- European energy shares are having a party in early trading following confirmation of Shell's blockbuster deal to buy BG Group for $70B.
- Tullow Oil (OTCPK:TUWLF) soars 11.5%, BP (NYSE:BP) is +4.2%, Repsol (OTCQX:REPYY) +2.2%, Total (NYSE:TOT) +1.3% and Eni (NYSE:E) +1.5%. The STOXX Europe 600 Oil & Gas index is +5.4%.
- "The deal is done on a net asset value basis, and the good price tag is set to trigger some re-rating across the whole sector," says a Paris-based trader.
- ETFs: XLE, ERX, VDE, OIH, XOP, ERY, FCG, DIG, GASL, DUG, IYE, XES, IEO, IXC, IEZ, PXE, IPW, PXI, FENY, PXJ, PSCE, RYE, FXN, GNAT, DDG, FILL
Aug. 27, 2014, 6:11 AM
- Royal Dutch Shell (RDS.A, RDS.B) is leading a consortium to sell several Nigerian oilfields for approximately $5B, as foreign companies reduce their onshore oil presence in the country due to theft, sabotage and local disruptions.
- The four oilfields and a key pipeline are co-owned by Shell, France’s Total (NYSE:TOT) and Eni (NYSE:E) of Italy.
- A deal is expected in the next few weeks after which all potential buyers will require government approval.
Nov. 20, 2013, 7:08 AM
- Eni (E) has agreed to sell its 60% stake in Arctic Russia to to Yamal Development, a joint venture owned by Novatek (NOVKY) and GazpromNeft (OGZPY), for $2.94B.
- "With this sale, Eni monetizes its investment in Siberian upstream assets, which have...significantly matured," the company said.
- Arctic Russia owns 49% of Severenergia, which holds four licenses for the exploration and production of hydrocarbons in the region of Yamal Nenets in Siberia. (PR)
Nov. 18, 2013, 9:41 AM
- Seadrill (SDRL) reportedly is interested in buying Saipem's offshore drilling business in a deal that could cost as much as €3.9B.
- Such a deal could be positive for both Saipem (SAPMY, SAAYY) and parent Eni (E) by cutting their debt levels, analysts say.
- Proceeds from SDRL’s planned New York listing of its 74%-owned North Atlantic Drilling subsidiary could provide the funding for such an acquisition.
Mar. 14, 2013, 6:01 AM
Italy's ENI (E +1.9% in Milan) has agreed to sell a 28.6% stake in Eni East Africa to China National Petroleum Corp. for $4.21B. The deal will enable CNPC to indirectly acquire a 20% holding in the Area 4 natural gas field in Mozambique, after which Eni East Africa will retain a 50% stake in the field. (PR)| Mar. 14, 2013, 6:01 AM | 1 Comment
Nov. 9, 2012, 6:16 AM
Exxon Mobil (XOM) is in talks with BP (BP), Shell (RDS.A), Lukoil, CNPC and Eni (E) about selling its stake in the West Qurna-1 oilfield in southern Iraq, a senior government spokesman says. Exxon expects to complete a sale of the "super-giant oilfield" by the end of December. It's getting out so it can concentrate on exploration projects in Kurdistan, which is in a dispute with Baghdad over the region's energy resources.| Nov. 9, 2012, 6:16 AM
Jul. 1, 2012, 5:03 AM