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ENI S.p.A. (E)

  • Wed, May 20, 11:15 PM
    • Europe’s largest oil companies - including Shell (RDS.A, RDS.B), Total (NYSE:TOT), BP, Statoil (NYSE:STO) and Eni (NYSE:E) - are banding together to forge a joint strategy on climate change policy, worried they could be ignored as the world moves toward a potential deal limiting greenhouse gases.
    • The companies are said to be working on a plan to start a new industry body or think tank to develop common positions on climate change issues, with a public announcement as soon as next month.
    • “If we don’t [act], we risk becoming an industry that neither gets access nor acceptance, and that’s not a good thing,” as STO's Eldar Saetre said recently.
    • So far, the largest U.S. companies - Exxon (NYSE:XOM) and Chevron (NYSE:CVX) - are not participating.
  • Tue, May 19, 10:35 AM
    • The chairman of Libya’s National Oil Co. is reassuring Western energy firms that its company is operating without political interference, even as the country is divided between a Western-backed government and an Islamist militia that controls the capital Tripoli.
    • The chairman says said he has gathered officials from joint ventures with Marathon Oil (NYSE:MRO), ConocoPhillips (NYSE:COP), Hess (NYSE:HES), Eni (NYSE:E) and Total (NYSE:TOT) to tell them the National Oil Co. was free of political interference in Tripoli and that its revenues moved transparently through Libya’s banking system.
    • Libya currently produces 436K bbl/day of oil, less than a third of its normal output.
  • Wed, May 13, 3:15 PM
    • Eni (E +0.3%) says it is producing ~300K bbl/day of oil in Libya, bringing output above pre-civil war levels despite ongoing strife in the country.
    • Eni, Libya’s biggest oil producer, is one of the few foreign companies still operating there even after battles between rival governments and a surge in strikes and terrorist attacks forced most foreign businesses to leave the country.
    • CEO Claudio Descalzi says there is a strong push for dialogue among the warring parties and is confident the situation will improve in Libya "in the medium-to-long term."
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  • Thu, Apr. 30, 3:25 PM
    • BP (BP -0.8%) says production has started at the Kizomba Satellites phase 2 development in Block 15 offshore Angola, in the first of its planned start-ups for 2015 to be followed up later in the year with the Greater Plutonio phase 3 project in neighboring Block 18.
    • The project develops 190M barrels of oil with peak production estimated at 70K bbl/day, and is expected to increase total Block 15 production to 350K bbl/day.
    • The project is operated by Exxon Mobil (NYSE:XOM) with a 40% interest, BP has a 26.67% stake, Eni (NYSE:E) has 20% and Statoil (NYSE:STO) has 13.33%.
  • Wed, Apr. 29, 8:15 AM
    • Eni's (NYSE:E) Q1 adjusted net income fell 46% Y/Y to €704M ($768.5M) from €1.30B a year ago but beat analyst estimates calling for €446M, as improved performance at its refining and gas businesses and a lower tax rate helped offset lower crude prices; revenues fell 19% to €23.79B.
    • Q1 production rose 7.2% Y/Y to 1.7M boe/day, helped by new field start-ups and ramp-ups mainly in Angola, Congo, Egypt, Venezuela, Norway and the U.S.
    • Q1 operating earnings in the E&P division - traditionally the company's main profit generator - plunged 72% Y/Y, but for the first time in nearly five years, Eni reported a profit in the same period at all three other main divisions - gas and power, engineering and construction, and refining and marketing, the latter reporting a sixfold margin increase.
    • Cost cuts have helped offset lower revenue, and Eni says it has recovered €600M over the past 12 months; Morgan Stanley calls the cuts "encouraging."
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  • Fri, Apr. 17, 5:36 PM
    • Top gainers, as of 5:15 p.m.: MDVN +2.5%. PH +2.4%. VSLR +2.2%. E +2.1%. FXCM +1.9%.
    • Top losers, as of 5:15 p.m.: FARO -13.2%. IGT -3.9%. CRIS -3.2%. YOKU -2.0%. MNK -1.9%.
  • Wed, Apr. 15, 12:32 PM
    • Anadarko Petroleum (APC +2.1%) says it may close sales accords in the coming months that would enable it to authorize a Mozambican project that has the potential to make the country one of the top three liquefied natural gas exporters.
    • A final investment decision depends on converting a non-binding heads of agreement that the APC-led project has in place for 8M metric tons/year of gas with customers in Japan, China, Thailand and Singapore into a sales contract.
    • APC’s Area 1 and Eni’s (NYSE:E) Area 4 in the Rovuma Basin off Mozambique’s north coast together hold technically recoverable reserves of 120T cf, according to industry consultant Wood Mackenzie.
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  • Wed, Apr. 8, 3:48 AM
  • Tue, Apr. 7, 5:38 PM
    • Eni (NYSE:E) has emerged in recent weeks as the only international oil company still pumping near capacity in war-torn Libya, helped by protection from militias and tribes secured by its local partners, WSJ reports.
    • The security risks have crippled the efforts of rival oil companies such as Total (NYSE:TOT), Repsol (OTCQX:REPYY, OTCPK:REPYF) and Marathon Oil (NYSE:MRO), which have said they have suspended production onshore in the country.
    • Eni is the largest western producer in Africa, and its relationships there have helped it produce 240K boe/day in Libya last year and 300K boe/day in early 2015, by far the most of any company in the country.
    • Eni says it has no agreements with any militias in Libya.
  • Thu, Apr. 2, 3:58 PM
    • Stefano Cao is designated CEO of oil contractor Saipem (OTCPK:SAPMY) by the company's main shareholder Eni (NYSE:E), which put forward its slate of candidates for the new board to be appointed in April.
    • Cao, a former top exec at both Saipem and Eni, would replace current CEO Umberto Vergine, who took over at Saipem at the end of 2012.
    • Eni, which is slightly over 30% controlled by the Italian government, had planned to sell at least part of its 43% stake in Saipem but in December put the process on hold due to adverse market conditions.
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  • Thu, Apr. 2, 8:51 AM
    • In a bit of good news for a beleaguered oil services company, Hercules Offshore (NASDAQ:HERO) +8.8% premarket after agreeing to a five-year contract with Eni (NYSE:E) for use of the Hercules 260 drilling rig in West Africa.
    • HERO says the dayrate under the contract will range from a minimum of $75K/day when the price of Brent crude oil is $86/bbl or less to a maximum of $125K/day when the price of Brent crude is $125/bbl or more.
  • Mon, Mar. 30, 5:35 PM
    • As Iran nears a potential nuclear deal with U.S. that eases Western sanctions, the country is emerging again as a potential prize for Western oil companies such as BP, Royal Dutch Shell (RDS.A, RDS.B), Eni (NYSE:E) and Total (NYSE:TOT); the Chinese also are likely to enter the race, while U.S. companies are expected to be further down the pack.
    • Iran is a big prize for oil companies, as it holds 10% of the world’s oil reserves - no. 4 globally after Venezuela, Saudi Arabia and Canada and ahead of Iraq - and almost a fifth of global gas reserves - second only to Russia.
    • Raymond James says Iran could add 500K bbl/day to world oil supply by year-end 2016 if an agreement is reached.
    • However, experts believe Iran is in a much weaker position since it last negotiated with Western oil majors in the late 1990s, as Iraq is now open to outside investors, Mexico is allowing foreign investment in oil for the first time since 1938, and $50 oil has forced companies to focus on investments that deliver stronger returns and less risk.
  • Mon, Mar. 30, 3:58 PM
    • Exxon Mobil (XOM +2.4%) says it began production at its Hadrian South gas development in the deepwater Gulf of Mexico with facilities tied back to the nearby Lucius project, reducing additional infrastructure requirements.
    • XOM expects daily gross production from Hadrian South, its deepest subsea tie-back in nearly a mile and a half of water, to reach ~300M cf of gas and 3K barrels of liquids from two wells.
    • Hadrian South is a subsea production system with flowlines connected to the Anadarko-operated Lucius truss spar, which started production in January.
    • With the startup of Hadrian South and Lucius, XOM's total Gulf of Mexico net production capacity has increased by more than 45K boe/day.
    • XOM holds a 46.7% interest in Hadrian South, with partners Petrobras (NYSE:PBR) at 23.3% and Eni (NYSE:E) holding a 30% stake; XOM owns a 23.3% interest in Lucius.
  • Thu, Mar. 26, 3:18 PM
    • Italy's Eni (E -0.5%) and Korea Gas fail to find commercial hydrocarbons off Cyprus, the country's energy minister says, marking another strike out for energy exploration in what has been considered a promising region.
    • A consortium between the two companies also failed to discover exploitable reserves during drilling at a different location within the same offshore block in 2014; France's Total also failed to find notable reserves to warrant drilling in Cypriot waters last year.
    • The area's only major gas find so far is Noble Energy's 2011 discovery of a field with an estimated 4.5T cf of gas, but it is close to Israel's Leviathan with its estimated 22T cf of reserves.
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  • Mon, Mar. 23, 6:45 PM
    • Oceaneering International (NYSE:OII) says it has won a $100M contract with Eni (NYSE:E) as part of a consortium with GE Oil & Gas to supply equipment for the Offshore Cape Three Points project off Ghana.
    • OII's scope of work is to supply electro-hydraulic steel tube umbilicals totaling ~32 miles in length, and the contract adds more than $100M to its subsea products backlog.
    • OII expects product manufacturing to be completed by Q4 2017.
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  • Fri, Mar. 20, 7:53 AM
    • Royal Dutch Shell (RDS.A, RDS.B) says its Nigerian subsidiary has sold its 30% stake in an oil mining lease and related facilities in the eastern Niger Delta to Eroton Exploration & Production for $737M.
    • Eroton also took additional stakes in the area from subsidiaries of Total (NYSE:TOT) and Eni (NYSE:E).
    • Shell says the divestment is part of the strategic review of its onshore portfolio, and that it is committed to keeping a long-term presence both onshore and offshore Nigeria.
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Company Description
Eni SpA together with its subsidiaries offers integrated energy services. Its business segments include Exploration & Production, Gas & Power and Refining & Marketing.