|Bid||14.34 x 0|
|Ask||14.34 x 0|
|Day's Range||14.27 - 14.38|
|52 Week Range||13.39 - 16.71|
|Beta (3Y Monthly)||0.83|
|PE Ratio (TTM)||12.07|
|Earnings Date||Jul 26, 2019|
|Forward Dividend & Yield||0.82 (5.77%)|
|1y Target Est||18.06|
Eni S.p.A. (BIT:ENI), a large-cap worth €53b, comes to mind for investors seeking a strong and reliable stock...
(Bloomberg) -- Investors’ 11-year wait for the Nigerian government to open up Africa’s biggest crude industry may be over.An overhaul of oil policy that’s been in the works for more than a decade is among a raft of laws President Muhammadu Buhari could steer through parliament in his second term to help drive investment in the oil-dependent economy. The delays cost an estimated $15 billion a year in lost funding for the industry over the past decade, according to the Petroleum Ministry.The ability to implement reforms would mark a departure from Buhari’s first four years in office, when he faced hostile leaders of both chambers of the legislature. Since his re-election in February, Buhari loyalists have taken over as the heads of the Senate and the House of Representatives.“Expect an improved level of harmony between the National Assembly and the president going forward,” said Luke Ofojebe, an analyst at Lagos-based Vetiva Capital Ltd.The urgency to get the oil reforms going was signaled by a July 4 meeting between the new Senate president, Ahmed Lawan, and head of Exxon Mobil Corp.’s Nigerian unit, Paul McGrath, where they discussed the quick passage of the bill.“I promise Nigerians, as soon as we inaugurate our committee, they’ll start work on the Petroleum Industry Bill,” Lawan told reporters afterward. “This time around, we will work with every stakeholder in the industry.”The reforms are needed to drive investment in oil exploration and production that have been withheld because of policy uncertainty. As a result, Nigeria’s crude output and reserves have stagnated over the past two decades, and targets to reach reserves of 40 billion barrels and output of 4 million barrels a day have been pushed back more than 15 years.Unless new investment comes in, the government may have to cut spending and could struggle to service existing debt. The state relies on oil for two-thirds of government revenue and has failed to meet its income targets in the past three years mainly due to lower-than-expected crude volumes.The reforms being considered include:An intention to sell part of the state’s controlling stakes in joint ventures. Another initiative being considered is the conversion of the partnerships into incorporated entities, which would enable them to raise funding from financial markets.Plans to introduce royalties and taxes for the first time on deep-water exploration -- a proposal that has faced stiff opposition from oil companies including Exxon, Royal Dutch Shell Plc, Chevron Corp., Total SA and Eni SpA, the state’s joint-venture partners.Ensuring that the state derives more benefit from oil and gas contracts.Addressing the root causes of violence in the oil-rich Niger River delta that has plagued the industry for more than two decades.Even with all the reins now in his hands, some analysts still doubt there’ll be rapid progress, given Buhari’s inclination for state intervention rather than market reforms. When the economy was beset by falling revenue in 2016, the government imposed capital controls, banned certain imports and refused a currency devaluation amid a foreign-currency shortage.“I don’t think the government is interested in any reform, judging by history,” said Robert Omotunde, an analyst at Lagos-based Afrinvest West Africa Ltd.Foreign portfolio investors fled in the face of the interventionist measures, and only began to return when the central bank set up a market-determined trading window for exporters and importers. Confidence remains low. The Nigerian Stock Exchange Main-Board Index has declined 10% since the first trading day after Buhari’s re-election.Delicate NegotiationsTo arrive at a new law that satisfies the energy companies will take delicate negotiations in the coming months, given lawsuits filed by the government against joint-venture partners that accused them of taking more than their fair share of crude revenue.Still, a more compliant legislature gives Buhari the muscle he needs to push his reform agenda through.“It is more likely they will pass now more than ever because of the mutual suspicion with the leadership of the last National Assembly,” said Bismarck Rewane, chief executive officer of Lagos-based advisory Financial Derivatives Co. “When you remove that, it is more likely to be passed now.”\--With assistance from Elisha Bala-Gbogbo.To contact the reporters on this story: Dulue Mbachu in Abuja at firstname.lastname@example.org;Tope Alake in Lagos at email@example.comTo contact the editors responsible for this story: Paul Richardson at firstname.lastname@example.org, Karl MaierFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Turkey has vowed to increase its efforts to drill for gas off the coast of Cyprus, striking a defiant note in the face of EU sanctions against Ankara. EU foreign ministers approved a set of sanctions on Monday in retaliation for Turkish exploration activities in the Eastern Mediterranean that Brussels says are illegal. In a statement issued on Tuesday, the Turkish foreign ministry promised to continue with the drilling.
European Union foreign ministers on Monday turned up the pressure on Turkey after approving an initial batch of sanctions against the country over its drilling for gas in waters where EU member Cyprus has exclusive economic rights.
(Bloomberg Opinion) -- Italian Interior Minister Matteo Salvini, leader of the nationalist-populist League party, is having a hard time waving off accusations that one of his close aides plotted to get Kremlin funding for the political force. It should be clear by now that such aid is readily available to European populist parties. If voters don’t see it as a deterrent – and so far they don’t – then it’s only going to become more brazen. The first report of a Moscow meeting between Gianluca Savoini, Salvini’s former spokesman, and some Russians with high-level government contacts appeared in the Italian magazine L’Espresso in February. At the meeting, an oil deal was supposedly discussed: The Russian state-owned oil company Rosneft would sell some Russian diesel fuel to an Italian intermediary at a discount; the intermediary would then sell it on to Italy’s Eni SpA and use the profit to fund the League.Last week, Buzzfeed published what it said was the transcript of a secret recording of that meeting. It contains some titillating details about how the proposed deal would be structured to hide the Russian involvement, the amount of fuel to be sold (250,000 tons a month for a year), the size of the discount (4%) – and a Russian demand for a kickback. Buzzfeed calculated the Italians stood to receive about $65 million so the League could “sustain a campaign.”As in February, there’s still no evidence that the deal actually took place, that the League received any Russian money or that Salvini even knew about the negotiations. An Italian lawyer, Gianluca Meranda, has since come forward claiming that he’d been present at the meeting and that the transaction hadn’t been completed. And Salvini has said that he’s “never taken a ruble, a euro, a dollar or a liter of vodka in financing from Russia.”As Samuel Greene, director of the Russia Institute at King’s College London, pointed out in a recent Twitter thread, it’s natural for Putin to offer enticements to potential allies, and he doesn’t much care about European laws (or Russian ones, for that matter). “What should be much more surprising and troubling,” Greene wrote, “is the increasing number of players in our own political establishments who are willing to sell out -- politicians and voters who no longer think our own rules matter. That's the threat.”As I’ve written before, European populists are perfectly aware of the toxicity of accepting Russian money in any form. In some countries, Italy among them, political slush funds are not unheard of – but Russian interference in the 2016 U.S. presidential election has drawn so much attention, including from intelligence services, that accepting the Kremlin’s financial aid increases the probability of getting caught. That explains Salvini’s obvious caution – and that of Brexit campaign funder Arron Banks, who apparently turned down offers of lucrative Russian deals. And yet the aftermath of the sting operation that brought down the Austrian government just before the European Parliament election in May suggests voters may increasingly be willing to shrug off such Russian involvement. Austrian Vice Chancellor Heinz-Christian Strache, then leader of the Freedom Party, the junior partner in the ruling coalition, was recorded holding talks with a woman he thought was a Russian billionaire’s niece. He discussed a plan to buy Austria’s biggest tabloid newspaper to ensure favorable coverage for his party and told her she could make an illegal donation to the party through a special foundation. Then-Chancellor Sebastian Kurz forced Strache to resign and dissolved the coalition. But the Freedom Party’s support didn’t collapse. In the European Parliament election, it won 17.2% of the vote, less than the 20.5% it garnered in the 2017 national election but still a surprisingly high percentage under the circumstances.Strache himself received the second highest number of votes among Freedom Party candidates and won one of the party’s three European Parliament seats. He refused to take it, saying he didn’t want to move to Brussels. Indeed, he only paid a political price because his coalition partner, Kurz, used the scandal to shake off an uncomfortable alliance with the far right. The Freedom Party is polling close to 19% in the run-up to the national election in October.The League’s polling numbers are on the rise despite the Russia scandal. It’s conceivable that populist voters simply don’t care about the Kremlin scare, either because they’re generally sympathetic toward Russian President Vladimir Putin (who cleverly echoes hard right rhetoric as he seeks allies in Europe) or because they write off media reports of Russia scandals as fake news. The more Russia scandals hatch and pass without consequences, the more the latter perception will be reinforced: one can’t cry wolf too many times. Voters also know these parties have a harder time gaining funding and may simply be willing to ignore such freelancing if it helps their larger anti-establishment cause. It has long been clear that legal forms of aid, such as French nationalist Marine Le Pen’s Russian bank loans, are fine with such politicians’ supporters. The Brexit Party’s voters have also brushed off concerns about Russian interference in the 2016 referendum. Ultimately, if voters keep showing they don’t mind politicians’ Kremlin links, all the politicians need to do is set up legal structures to receive Putin’s aid with a minimum of risk. That may not be straightforward, but it’s more a technical task rather than a political one.So far, the European establishment has failed to impress on a significant number of voters the idea that Putin is a threat. That’s part of its general vulnerability. Whether or not the Kremlin may becomes an agenda-setting player in European politics, the record so far suggests it will continue to look for open doors and increasingly find them. To contact the author of this story: Leonid Bershidsky at email@example.comTo contact the editor responsible for this story: Therese Raphael at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Leonid Bershidsky is Bloomberg Opinion's Europe columnist. He was the founding editor of the Russian business daily Vedomosti and founded the opinion website Slon.ru.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Income investors love high-yield stocks, but you need to be on the lookout for dividend cuts. Here are some clues that there's trouble brewing.
The event is EnerCom's 24th annual Denver investment conference. At this year's conference, c-level leadership of leading oil and gas companies will present their plans for drilling and completing wells, discuss well results and capital efficiency, and estimate capital expenditures and production for the balance of 2019 and into 2020.
Oil prices jumped Thursday as geopolitical risks reach levels not seen since the 2003 Iraq War, following a string of recent attacks in the Mideast.
After years of largely banking on low-cost Russia for growth, OMV is shifting attention towards the Middle East as its chemist chief executive chases his vision of making the Austrian oil and gas group a major supplier of plastics. OMV boss Rainer Seele has spent more than 4 billion euros ($4.5 billion) - 40% of the group's M&A budget until 2025 - for oil and gas concessions in the region, a 15% stake in Abu Dhabi National Oil Co's (ADNOC) refining business and a to-be-formed trading joint venture with ADNOC and Italy's Eni.
As part of its earlier cooperation agreement with state-owned Sonangol EP, Eni SPA has let a contract to a subsidiary of Maire Tecnimont SPA for an upgrading project involving installation of two new processing units as well as other utilities and offsites at Sonangol’s 65,000-b/d refinery in Luanda, Angola.
Pope Francis said on Friday that carbon pricing is "essential" to stem global warming - his clearest statement yet in support of penalising polluters - and appealed to climate change deniers to listen to science. In an address to energy executives at the end of a two-day meeting, he also called for "open, transparent, science-based and standardised" reporting of climate risk and a "radical energy transition" away from carbon to save the planet. Carbon pricing, via taxes or emissions trading schemes, is used by many governments to make energy consumers pay for the costs of using the fossil fuels that contribute to global warming, and to spur investment in low-carbon technology.
DENVER, June 5, 2019 /PRNewswire/ -- EnerCom is pleased to announce that global oil and gas giant Eni, SpA Vice President Andrew Lees will deliver the keynote luncheon address at EnerCom's The Oil & Gas Conference® on Aug. 14, 2019. Eni, SpA (NYSE:E) is an Italian global oil and gas and energy company operating in 67 countries worldwide, with 30,000 employees in upstream, midstream and downstream operations.
Norway's oil and gas output will be cut by about 440,000 barrels of oil equivalents per day if workers go on strike from June 4, industry association Norwegian Oil and Gas said on Monday. Altogether nine ...
DENVER, May 29, 2019 /PRNewswire/ -- EnerCom is pleased to announce that legendary oilman Harold G. Hamm, chairman and CEO of Continental Resources (CLR), will take the stage for a discussion about U.S. shale and look at the prospects for U.S. oil and gas exploration in a "fireside chat" Tuesday, August 13, 2019, during EnerCom's The Oil & Gas Conference® in downtown Denver's Westin hotel.
DENVER, May 22, 2019 /PRNewswire/ -- EnerCom is pleased to announce that Senior Vice President and Chief Financial Officer of Occidental Petroleum (OXY) Cedric Burgher will deliver the luncheon keynote address on Monday, August 12, 2019, at EnerCom's The Oil & Gas Conference® in downtown Denver's Westin hotel. Mr. Burgher joined Occidental in May 2017 bringing more than 25 years of experience in the energy sector. Prior to joining Occidental, he was senior vice president of investor relations at EOG Resources (EOG), and he led financial organizations at QR Energy, Quantum Energy Partners, KBR, Halliburton (HAL) and Baker Hughes (BHGE). Mr. Burgher's experience includes a decade of CFO experience, leading two IPOs and a broad range of M&A and capital markets transactions.
Total said on Tuesday it had curbed output at its German refinery at Leuna due to continuing problems with contaminated Russian crude oil supply, while Germany's oil industry's lobby said national supply security was not at risk. Russia's oil export flows have been disrupted since April when high levels of organic chloride were found in crude pumped via the Druzhba pipeline to the Baltic port of Ust-Luga and elsewhere in Europe via Poland.
Hopes for a speedy resumption of oil exports from Russia to Poland and Germany along the Druzhba pipeline route are fading after plans to remove dirty oil from the pipeline had a major setback last week, three trading sources said. Russia halted oil flows along the pipeline to Eastern Europe and Germany in April because of contaminated crude, leaving refiners in Europe scrambling to find supplies. Under the restart plan, Total was due to take the lion's share of the dirty oil into its Leuna refinery in Germany to dilute and process it there, sources said.
Total and Eni have stopped payments for the contaminated oil sold to them by Russian firms and said they will only pay when compensation is agreed, trading sources said, upping the stakes in what the sources say is Russia's worst oil supply disruption. The French and Italian oil majors told their suppliers, including Russia's Rosneft and Surgut, that they would be ready to make payments when the extent of damages is clear and would pay for clean oil when supplies resume, the sources said. Total and Eni are big buyers of Russian oil and are still purchasing it via multiple routes besides Druzhba, which is a major pipeline from Russia to Central Europe and Germany.
The consortium exploring the Kekra-1 well off the coast of Pakistan is ending drilling operations after no reserves of oil and gas were found, a spokesman for Oil and Gas Development Co Ltd, one of the Pakistani partners, said. "The oil exploration well will be plugged and abandoned," said Ahmed Lak, spokesman for state-owned OGDC, part of the group behind the exploration led by Italy's Eni SpA which included Exxon Mobile Corp and Pakistan Petroleum Ltd. No comment was immediately available from Eni, which has operated the exploration licence under a deal signed in 2012.