Core Insights - Eni SpA has initiated Phase 2 production from the Baleine field in Côte d'Ivoire, increasing production to 60,000 barrels of oil per day and 70 million cubic feet of associated gas, enhancing the country's energy profile globally [1][2] - The Baleine project is Africa's first net-zero emission upstream project, achieving carbon neutrality for Scope 1 and 2 emissions, and supports local initiatives benefiting over 575,000 individuals [3] - Eni's operational efficiency is highlighted by the rapid execution of Baleine Phase 2, which followed the Final Investment Decision in December 2022 and was completed swiftly [4] Company Operations - Eni has been active in Côte d'Ivoire since 2015, currently producing 22,000 barrels of oil equivalent daily and operating 10 deepwater blocks in partnership with Petroci Holding [5] - Future plans include the development of Baleine Phase 3, which could increase total production to 150,000 barrels of oil per day and 200 million cubic feet of associated gas, further establishing Côte d'Ivoire as a regional energy hub [5] Industry Context - TechnipFMC is a key player in the energy sector, focusing on subsea solutions and maintaining a strong backlog for revenue visibility and margin improvements [6] - Oceaneering International provides integrated technology solutions across the offshore oilfield lifecycle, benefiting from a diverse asset portfolio and strong customer relationships [9] - Nine Energy Service operates in key U.S. basins, with anticipated growth in demand for its services due to sustained oil and gas demand [10]

Company Overview - Eni S p A is an Italian multinational oil company and one of the oil supermajors with a market capitalization of just over $40 billion [2] - The company is one of the smallest diversified oil companies and is often overlooked in the industry [2] Retirement Investment Strategies - The Retirement Forum offers actionable ideas, a high-yield safe retirement portfolio, and macroeconomic outlooks to help maximize capital and income [3] - The Value Portfolio specializes in building retirement portfolios using a fact-based research strategy, including extensive readings of 10Ks, analyst commentary, market reports, and investor presentations [4] - The Value Portfolio invests real money in the stocks it recommends, ensuring practical application of its research [4]

Incident Overview - Eni SpA confirmed an explosion at its fuel depot in Calenzano, Italy, resulting in a fire that was quickly extinguished, with no damage to the fuel tanks [1] - The explosion tragically resulted in the deaths of two workers, with eight injured and four still missing as rescue efforts continue [2] - Local authorities have initiated an investigation into the explosion's causes, with Eni cooperating fully [2][3] Safety and Operational Impact - Eni reassured that the tank farm area storing large quantities of fuel was unaffected and that operations at the depot are not at risk [4] - The incident highlighted the risks associated with handling volatile fuels and underscored the need for robust safety protocols in the industry [4] Company Position and Market Context - Eni currently holds a Zacks Rank 3 (Hold), indicating a neutral outlook [5] - Investors may consider better-ranked stocks in the energy sector, such as TechnipFMC plc (Rank 2), FuelCell Energy (Rank 2), and Nine Energy Service (Rank 2) [5]

Group 1 - The article discusses the end-of-year portfolio review process, focusing on decisions regarding cutting, balancing, and purchasing stocks [1] - The author expresses a beneficial long position in shares of specific companies, indicating a personal investment strategy [1] Group 2 - The article emphasizes the importance of conducting due diligence and research before making any investment decisions [2] - It highlights the risks associated with short-term trading and options trading, suggesting that these strategies may not be suitable for all investors [2]

Eni S.p.A (E) , a global integrated energy company, is set to receive a new chunk of investment for its renewable energy business, Plenitude. The Swiss asset management firm Energy Infrastructure Partners (“EIP”) will increase its stake in Plenitude from 7.6% to 10%. The deal values Eni’s renewable energy and retail business unit, Plenitude,at more than 10 billion euros, including debt.Eni has stated that EIP will purchase new shares issued by the company for approximately 209 million euros. E has adopted a ...

Eni SpA (E) reported third-quarter 2024 adjusted earnings from continuing operations of 86 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of 89 cents. The bottom line declined from the year-ago quarter's $1.18. Total quarterly revenues of $23.1 billion declined from $24.7 billion a year ago. The top line also missed the Zacks Consensus Estimate of $23.4 billion. The company's weak quarterly results were driven by lower throughputs and lower average liquids price realization ...

Financial Data and Key Metrics Changes - In Q3 2024, the company reported pro forma adjusted EBIT of €3.4 billion and cash flow from operations of €2.9 billion, both down 14% year-on-year despite a challenging environment [6][15] - Net debt and leverage decreased, remaining comfortably below the top end of the 15%-25% leverage range, with expectations to reach the bottom of this range by year-end [9][10] - Cash flow from operations for the nine months totaled €10.7 billion, indicating consistent conversion of profits into cash [7] Business Line Data and Key Metrics Changes - Upstream businesses were the standout contributors, with E&P contributing €3.2 billion of pro forma EBIT, supported by a 2% year-on-year production increase [8] - Transition businesses, particularly Enilive, showed strong biorefining throughput growth, although EBIT was impacted by a weak bio scenario [8] - CapEx for Q3 was €2 billion, totaling €6.1 billion for the nine months, a 10% decrease compared to the previous year [7] Market Data and Key Metrics Changes - The company identified over 30 trillion cubic feet (TcF) of near-field exploration potential, indicating significant growth opportunities beyond the current four-year plan [5] - In Indonesia, the company expects combined production of over 400,000 barrels of oil equivalent per day from new developments, with significant exploration potential [27][28] Company Strategy and Development Direction - The company is focused on maintaining resilient and competitive performance while advancing its strategic portfolio, particularly in transition-oriented businesses [2][3] - A significant investment of €2.9 billion by KKR into Enilive supports growth and reflects the value created in the transition sector [3] - The restructuring of the chemicals segment aims to transform Versalis into a high-value downstream portfolio, focusing on biochemistry and circular economy [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the volatile energy markets driven by geopolitical factors and speculative trading, emphasizing the need for resilient performance [2] - The outlook for the chemicals sector remains challenging, with expectations for breakeven EBITDA in 2027 and free cash flow breakeven in 2028 [13][22] - The company plans to continue its cost reduction program, having already achieved €300 million in savings for the year [15] Other Important Information - The company announced an increase in the 2024 share buyback program to €2 billion, reflecting better-than-expected progress in M&A activities [10] - The company is also evaluating the construction of a biorefinery and plans to shut down less competitive operations in the chemicals segment [12] Q&A Session Summary Question: Update on Enilive and petrochemical restructuring - Management indicated that after selling a 25% stake to KKR, they are considering a smaller additional stake but are prioritizing the lower end of the range for future sales [17][18] - The outlook for profitability in the chemicals segment remains grim, with gradual improvements expected over the next four to five years [20][22] Question: Disposals and cash-in expectations - The company expects around €2.5 billion in cash-in from disposals next year, with ongoing opportunities maturing [24][25] Question: U.K. North Sea plans post-Ithaca acquisition - Management emphasized the strategic importance of the U.K. market, focusing on both oil and gas as well as CCS and renewable opportunities [43] Question: CapEx budget and hybrid issuance - The CapEx budget for the U.K. entity is best directed to Ithaca management, while the hybrid issuance relates to financing for floating LNG projects [46][47] Question: Cash flows and upstream equity affiliates EBIT - The last installment of the windfall tax is expected to be €240 million in November, completing the payment cycle [51] - The increase in upstream equity affiliates EBIT is attributed to production optimization activities [51]

9M 2024 RESULTS OCTOBER 25, 2024 Jangkrik FPU, Indonesia 9M 2024 | HIGHLIGHTS STRENGTHENING THE IMPLEMENTATION OF OUR STRATEGY | --- | --- | --- | |----------------------------------|----------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------| | | | | | FINANCIALS RESULTS | GLOBAL NATURAL RESOURCES | TRANSITION & TRANSFORMATION | | | | | | EBIT PRO FORMA €11 ...

Eni SpA's (E) renewable energy arm, Plenitude, has announced the start of operations at the Numancia wind plant in Soria, Spain. This development is aimed at enhancing E's renewable energy portfolio in the region and its wind capacity. E's Plenitude Increases Wind Power in Spain The Numancia wind plant consists of two adjacent farms in the Almarza area of Soria, Spain, spanning 10 hectares. Equipped with three Vestas V136 wind turbines, the facility generates 13 megawatts (MW) of power, providing 31 gigawat ...

Eni SpA's (E) subsidiary, Plenitude, is making significant strides in electric mobility with the launch of "On the Road." This initiative is aimed at unifying all its charging solutions, both domestic and on-road, under a single identity, thereby consolidating the Be Charge integration process within the company. Beginning Oct. 15, the Be Charge app will be rebranded as "Plenitude On the Road," featuring a revamped design and enhanced charging experience that will evolve to include innovative services over ...