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ENI S.p.A. (E)

  • Wed, Feb. 18, 9:02 AM
    • ENI (NYSE:E): Q4 EPS of €0.13
    • Revenue of €27.45B (-10.0% Y/Y)
    • Shares +2.45% PM.
    • Press Release
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  • Fri, Jan. 23, 11:52 AM
    • Eni (E -2.2%) expects to cut costs this year by 10%-15% while postponing investments in its most costly projects, Chairwoman Emma Marcegaglia tells WSJ.
    • The company has managed to obtain better terms - discounts of as much as 30% vs. the recent past - on new contracts with its contractors and the governments in the countries where it operates, Marcegaglia also says.
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  • Thu, Jan. 8, 9:14 AM
    • DryShips (NASDAQ:DRYS) +3.9% premarket on news that its Ocean Rig UDW (NASDAQ:ORIG) subsidiary has secured a contract extension for one of its drillships with Eni (NYSE:E) and gains work for possibly another two units.
    • As part of the contract extension for the Ocean Rig Poseidon, ORIG will adjust the existing dayrate of the Ocean Rig Poseidon contract and Eni will enter into two contracts for the employment of one or more of ORIG's available drillships in West Africa starting in Q1.
    • DRYS says the agreement increases ORIG's total contract backlog by ~$187M.
  • Mon, Jan. 5, 2:44 PM
    • Chevron (CVX -3.8%) is downgraded to Neutral from Buy at Citigroup after outperforming big oil peers in the past three months in a reflection of the resilience of CVX's balance sheet.
    • Citi revises its earnings forecasts to reflect lower oil prices, and says the stock now offers little upside in absolute and relative terms, "certainly when balanced against a portfolio that still carries uncertainties around both execution and reinvestment."
    • The firm also downgrades Eni (E -8.6%) and Repsol (OTCQX:REPYY -5.8%), whose business models and valuations will look more challenged in a lower oil environment, but prefers companies it says boast strong growth credentials, such as BG (OTCPK:BRGXF), Total (NYSE:TOT) and ConocoPhillips (NYSE:COP); it keeps Exxon (XOM -2.6%) at Neutral, thinking share buybacks likely will be dialed down to preserve the balance sheet for a prolonged period of lower prices or eventual acquisitions.
  • Mon, Jan. 5, 12:39 PM
    • ConocoPhillips (COP -4.8%) says it is flowing its first barrels of oil from the Eldfisk II project in the Norwegian North Sea, in the company’s second big startup off the coast of Norway since late 2013.
    • COP says its newly productive project, alongside its other Norwegian offshore wells, will boost its output by 60K boe/day by 2017, and plans to drill 40 new water-injection and oil wells at its Norwegian field over the next three years.
    • The Eldfisk field is one of four offshore oil regions that make up Norway’s Greater Ekofisk Area, operated by COP and co-owned with Total (NYSE:TOT), Eni (NYSE:E), Statoil (NYSE:STO) and others.
  • Mon, Jan. 5, 9:10 AM
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  • Dec. 17, 2014, 5:40 PM
    • Top gainers, as of 5:15 p.m.: TTPH +19.0%. ZAGG +14.5%. E +8.4%. AKS +5.9%. ORCL +5.4%.
    • Top losers, as of 5:15 p.m.: REI -16.5%. GTI -7.8%. RCAP -7.7%. RUSS -7.3%. PKD -7.0%.
  • Dec. 2, 2014, 12:15 PM
    • Chevron (CVX +1.8%) says oil and natural gas production has begun from the Jack and St. Malo fields development project in the deepwater Gulf of Mexico, 10 years after the fields were first discovered.
    • CVX expects total production from the $7.5B project - its costliest active investment in the Americas - to ramp up to 94K bbl/day of crude and 21M cf/day of gas by 2020, with 500M boe from the two fields over their 30-year lifespan.
    • CVX has a 50% interest in the Jack field, with Statoil (NYSE:STO) and Maersk splitting the remaining half, and it owns 51% of St. Malo, with co-owners Petrobras (NYSE:PBR), Statoil, Exxon (NYSE:XOM) and Eni (NYSE:E).
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  • Sep. 11, 2014, 10:22 AM
    • Eni (E -2.3%) says Milan prosecutors have placed Claudio Descalzi, its CEO since May and longtime company veteran, under investigation as part of a preliminary probe related to the acquisition of a Nigerian offshore oil block.
    • Descalzi is suspected by prosecutors of playing a role in the corruption of Nigerian politicians and bureaucrats in the oil license deal which closed in 2011 when he was Eni’s head of exploration and production the deal already is under scrutiny in Nigeria's parliament.
    • Eni has said it did not act illegally in the matter.
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  • Aug. 27, 2014, 10:59 AM
    • Quicksilver Resources (KWK +10.1%) surges after announcing the initial results of its first horizontal well under its exploration agreement with Eni (E +0.2%) in Pecos County, Texas.
    • KWK says the Stallings #1H well began flow back two weeks ago and now is producing at a rate of 750 boe/day (90% oil), and is drilling the Mitchell #1H, the second of its JV wells with Eni.
    • KWK is operator of Stallings #1H and owns an equal working interest with Eni.
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  • Jul. 31, 2014, 12:58 PM
    • Eni (E -2.2%) says it plans to speed up asset sales to €11B ($14.74B) by the end of 2017, a €2B increase from a previous business plan, and place a greater focus on its core business and recent exploration discoveries; Saipem (OTCPK:SAPMY), Eni's troubled services unit, isn't a core part of the business and could be sold.
    • In addition to the asset sales - €6B of which are scheduled by the end of next year - Eni says it will seek to boost cash flow by cutting €1.7B in costs by the end of 2017, and plans reduce its refining capacity by more than 50% by restructuring plants in Italy and reducing its presence in Europe.
    • Earlier: Eni Q2 adjusted net profit jumps 51% but misses forecast.
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  • Jul. 31, 2014, 10:46 AM
    • Eni (E -2.3%) says its Q2 adjusted net profit rose 51% to €868M, boosted by the improved performance of its gas and power division and its Saipem (OTCPK:SAPMY) services subsidiary but results were below analyst expectations as refining margins fell.
    • Eni says several uncertainties remain for the rest of the year connected to weak eurozone growth prospects and risks in many of the emerging economies where the company has operations.
    • Q2 refining margins plunged 30% Y/Y, while retail sales in Italy slid 6.4%.
    • The gas and power division posted a €40M profit from a €227M loss a year earlier, benefiting from the successful renegotiation of gas supply tariffs with Gazprom; Eni now expects the unit to break even in 2014, a year earlier than previously announced.
    • Produced 1.58M boe/day during Q2 vs. 1.65M boe/day in the year-ago period; expects output for the year to be substantially in line with 2013 net of the sale of its stake in Arctic Russia.
    • Says Q2 operating cash flow of €3.59B, highest since Q2 2012, will allow for a proposed interim dividend of €0.56/share.
    • Eni also says it made an important gas and condensates discovery off the coast of Gabon, where preliminary estimates suggest the initial potential is ~500M boe.
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  • Jul. 10, 2014, 12:43 PM
    • Eni (E -2.9%) is close to selling its 50% stake in its German gas operations to German partner Energie Baden-Wuerttemberg in a deal valued at ~€150M ($205M) that could be announced as soon as this week, WSJ reports.
    • E.ON and RWE, Germany's other major utilities, sold gas transmission networks in 2012 to reduce debt piles and improve ratings, but the situation for EnBW is different since it is 97% owned by regional governments and municipalities.
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  • Apr. 30, 2014, 2:12 PM
  • Feb. 13, 2014, 12:45 PM
    • FMC Technologies (FTI +1.7%) wins a $720M contract for subsea systems from Eni (E) for work at the deepwater Jangkrik development offshore Indonesia.
    • FMC Tech's scope of supply includes subsea trees, manifolds, jumpers and connection systems, umbilicals, tooling and associated topside and subsea controls systems.
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  • Jan. 10, 2014, 2:19 PM
    • Eni (E +1.4%) shuts down an export pipeline following a sabotage in the Niger Delta of Nigeria as community unrest adds to oil theft to rattle the oil industry in the African country.
    • The Tedidaba-Brass pipeline normally carries the high-quality Brass grade for export; Eni says it was losing 3.5K bbl/day through its 20% share of the venture, suggesting a loss of 17.5K bbl/day for the overall operation.
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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.