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Eni (E) Plans to Divest Its Oil & Gas Assets in Pakistan
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Eni S.P.A (E - Free Report) seeks to divest its Pakistan assets as part of plans to reprioritize its oil and gas portfolio due to the change in the company’s plan of action this year, per Reuters.
The divestment will comprise the company’s key producing resources in Bhit, Badhra and Kadanwari, situated in the Sindh province. However, the company is unlikely to sell its solar power business in the area, per reports.
The Italian energy major is currently investigating potential buyers to sell a wide range of its oil and gas assets in the country, and is expected to seal a deal before the end of the first quarter. At present, Eni is reassessing its exploration and production portfolio and aims to reduce footprint in countries with limited future prospects or where the company’s growth is challenging and time-consuming.
The source added that Eni is looking to divest its assets in Australia, where it intends to maintain its solar business as the energy major aims to reduce greenhouse gases by 80% to meet its ambitious renewable energy targets. The sale fits Eni’s plans to sell non-core assets to boost cash flow and its drive to focus on cleaner energy.
In 2018, Eni delivered 3 million cubic metres of natural gas per day to Pakistan. However, this lays out the major problem that the country has been facing, where a severe energy crisis hindered the economic upswing of the country over many years.
Company Profile & Price Performance
Headquartered in Rome, Italy, Eni is one of the leading integrated energy players in the world. However, the company’s shares have underperformed the industry in the past three months. Its shares have gained 15.4% compared with the industry’s 19.9% growth.
Exxon is expected to see earnings growth of 449.4% in 2021, while Enerplus is likely to see earnings growth of 437.5% next year.
Over the past 60 days, the Zacks Consensus Estimate for Summit Midstream’s 2020 earnings has been raised by 25.9%.
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Eni (E) Plans to Divest Its Oil & Gas Assets in Pakistan
Eni S.P.A (E - Free Report) seeks to divest its Pakistan assets as part of plans to reprioritize its oil and gas portfolio due to the change in the company’s plan of action this year, per Reuters.
The divestment will comprise the company’s key producing resources in Bhit, Badhra and Kadanwari, situated in the Sindh province. However, the company is unlikely to sell its solar power business in the area, per reports.
The Italian energy major is currently investigating potential buyers to sell a wide range of its oil and gas assets in the country, and is expected to seal a deal before the end of the first quarter. At present, Eni is reassessing its exploration and production portfolio and aims to reduce footprint in countries with limited future prospects or where the company’s growth is challenging and time-consuming.
The source added that Eni is looking to divest its assets in Australia, where it intends to maintain its solar business as the energy major aims to reduce greenhouse gases by 80% to meet its ambitious renewable energy targets. The sale fits Eni’s plans to sell non-core assets to boost cash flow and its drive to focus on cleaner energy.
In 2018, Eni delivered 3 million cubic metres of natural gas per day to Pakistan. However, this lays out the major problem that the country has been facing, where a severe energy crisis hindered the economic upswing of the country over many years.
Company Profile & Price Performance
Headquartered in Rome, Italy, Eni is one of the leading integrated energy players in the world. However, the company’s shares have underperformed the industry in the past three months. Its shares have gained 15.4% compared with the industry’s 19.9% growth.
Zacks Rank & Stocks to Consider
Eni currently carries a Zack Rank #4 (Sell).
Some better-ranked players in the energy space are Exxon Mobil Corporation (XOM - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy), and Enerplus Corporation (ERF - Free Report) and Summit Midstream Partners, LP (SMLP - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Exxon is expected to see earnings growth of 449.4% in 2021, while Enerplus is likely to see earnings growth of 437.5% next year.
Over the past 60 days, the Zacks Consensus Estimate for Summit Midstream’s 2020 earnings has been raised by 25.9%.
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Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.
Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
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