Saipem has said that it will no longer pursue the acquisition of the Deep Value Driller drill-ship after Deep Value Driller AS, the owner of the vessel, informed the market of its decision to sell to a third-party buyer. Earlier this month, Saipem and Deep Value Driller AS reached an agreement on the main terms and conditions for the transaction, with completion subject to approval from both companies’ Boards of Directors. Saipem’s board gave its authorisation for the deal on 24 February 2026. The vess ...

Core Viewpoint - Eni can now receive oil from Venezuela as payment for gas, following an easing of U.S. sanctions, which allows the company to recover a significant debt owed by Venezuela, estimated at around $3 billion [1]. Group 1: Financial Implications - Venezuela owes Eni approximately $3 billion, which has been a significant issue due to previous sanctions that restricted payment methods [1]. - The ability to pay with oil is expected to improve Eni's financial position and reduce outstanding debts [1]. Group 2: Operational Developments - Eni is collaborating with U.S. companies on potential joint ventures to enhance oil production in the Junin and Corocoro fields, which could expedite the recovery of credits from Venezuela [1]. - The company operates the Perla offshore gas project, the only active offshore gas project in Venezuela, and is considering exporting some of the gas produced to Europe to replace supplies previously sourced from Russia [1].

Eni (NYSE:E) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Company ParticipantsAdriano Alfani - CEOAlastair Syme - Global Head of Energy ResearchAlejandro Vigil - Head of European Integrated Energy & Chemicals Equity ResearchBiraj Borkhataria - Global Head of Energy Transition ResearchClaudio Descalzi - CEOGuido Brusco - Chief Operating Officer of Global Natural Resources and General ManagerIrene Hermono - Managing Director of Oil & GasJosh Stone - Head of European Energy and Equity ResearchLydia Rain ...

Eni (NYSE:E) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Company ParticipantsAdriano Alfani - CEOAlastair Syme - Global Head of Energy ResearchAlejandro Vigil - Head of European Integrated Energy & Chemicals Equity ResearchBiraj Borkhataria - Global Head of Energy Transition ResearchClaudio Descalzi - CEOFrancesco Gattei - Chief Transition & Financial Officer, Chief Operating Officer, and General ManagerGuido Brusco - Chief Operating Officer of Global Natural Resources and General ManagerIrene Himon ...

Financial Data and Key Metrics Changes - In 2025, the company achieved a cash flow from operations (CFFO) of EUR 12.5 billion, which was EUR 1.5 billion ahead of plan on a scenario-adjusted basis [7] - Pro forma adjusted EBIT for Q4 was EUR 2.9 billion, up 6% year-on-year, despite lower oil prices and a weaker dollar [8] - Full-year production reached 1.728 million barrels per day, 2% above guidance, with Q4 production at 1.839 million barrels per day, up 7% year-on-year [8][9] - The company reduced gross CapEx from EUR 9 billion to EUR 8.5 billion, with net CapEx on a pro forma basis lower than EUR 5 billion [7][10] Business Line Data and Key Metrics Changes - The global natural resources segment saw a 4% increase in underlying production, with a reserves replacement ratio above 160% [3] - Transition activities generated EUR 2 billion of EBITDA, with a contribution of EUR 5.8 billion from private equity firms [5] - The industrial transformation segment delivered EBIT above EUR 1 billion for the fourth consecutive year, despite a softer market [4] Market Data and Key Metrics Changes - The company discovered 900 million barrels of new resources in 2025, reaffirming its industry-leading track record [4] - The biofuel market is expected to see demand exceed 20 million in 2026, driven by regulatory changes in Europe and the U.S. [75] Company Strategy and Development Direction - The company plans to continue its focus on organic growth in upstream operations, leveraging exploration successes and partnerships [12] - The strategy remains unchanged, emphasizing operational efficiency and disciplined capital alignment [12][13] - The company is advancing its energy transition programs, including CCS, fusion, and battery storage [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges in the energy market while capturing growth opportunities [6] - The outlook for 2026 includes a focus on maintaining low gearing levels and a commitment to shareholder distributions [11][12] - Management highlighted the importance of maintaining a robust financial position to manage market cycles [6] Other Important Information - The company raised its share buyback program by 20% to EUR 1.8 billion, reflecting a commitment to enhancing shareholder returns [8][12] - The company expects to limit gross CapEx to around EUR 7 billion in 2026, with net CapEx at around EUR 5 billion [11] Q&A Session Questions and Answers Question: Outlook for the joint venture with PETRONAS - Management indicated that the joint venture is expected to contribute to production, with a target of reaching 500,000 barrels per day in the coming years [17][18] Question: CapEx guidance and deconsolidation of Indonesia - Management confirmed that the reduction in CapEx is due to optimization strategies and not a reduction in growth [25][26] Question: Biofuel trading environment in 2026 - The company anticipates a constructive development in the biofuel market, driven by regulatory changes and increased demand [75] Question: Impact of Italian energy reform - Management noted that the impact of the energy reform is slightly negative but marginal, given the company's diverse activities [50] Question: Update on offshore Libya drilling - Management confirmed that drilling is ongoing and results will be announced when available [96]

The major U.S. index futures are currently pointing to a roughly flat open on Thursday, with stocks likely to show a lack of direction after moving notably higher over the two previous sessions.A mixed reaction to earnings news from Dow components Nvidia (NVDA) and Salesforce (CRM) may lead to choppy trading on Wall Street.Shares of Nvidia are jumping by 1.0 percent in pre-market trading after the AI leader reported better than expected fiscal fourth quarter results and provided upbeat guidance."Despite al ...

2025 RESULTS FEBRUARY 26, 2026 Congo LNG Ph2 DISCLAIMER This document contains certain forward‐looking statements particularly those regarding capital expenditure, development and management of oil and gas resources, dividends, share repurchases, allocation of future cash flow from operations, future operating performance, gearing, targets of production and sales growth, new markets and the progress and timing of projects. By their nature, forward‐looking statements involve risks and uncertainties because t ...

Core Insights - The company's adjusted net profit increased by 35%, indicating strong financial performance [1] - Earnings growth was supported by a more than 7% rise in oil and gas production, reflecting operational efficiency and market demand [1]

Group 1 - Ocado targets to become cash flow positive in the second half of 2026 [1] - The company reported underlying earnings of 178 million pounds ($241.3 million) for the 2024/25 year, an increase from 112 million pounds in the previous year [1]

Core Insights - Eni reported a 35% year-on-year increase in adjusted net profit for Q4, driven by strong growth in its exploration and production division [1] - The adjusted net profit for the fourth quarter reached 1.2 billion euros ($1.4 billion), up from 885 million euros in the same period last year, surpassing analyst expectations of 960 million euros [1] Financial Performance - Adjusted net profit for Q4: 1.2 billion euros ($1.4 billion) [1] - Year-on-year growth: 35% increase from 885 million euros [1] - Analyst consensus: Expected profit of 960 million euros [1]