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Eni (E) Begins Production from Algeria's Berkine Gas Fields
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Eni SPA (E - Free Report) commenced production at two natural gas fields under its Berkine South contract in Algeria to address the rising demand in the Europe market.
Berkine South is the first contract to be signed under the new Algeria hydrocarbon law, 19-13. The company commenced production from the Berkine fields six months after receiving the development contract. Eni and Sonatrach operate the Berkine basin license.
Eni and partners are currently producing 1 million cubic meters (mcm) per day of gas and 4,000 barrels per day of associated liquids from the Berkine South. The capacity is expected to increase to 2 mcm per day of gas by the end of 2022. This will help the Menzel Ledjmet East facility reach a capacity of 11 mcm per day.
Algeria has been an important source of gas supplies to Europe, as the continent is concerned over reduced Russia gas supplies. Eni is likely to add the new production volumes to its Berkine Nord contract and other regional activities. This will likely boost Algeria’s gas exports. Eni’s Algeria production is expected to reach more than 120,000 barrels of oil equivalent per day in 2023 after executing development programs in the Berkine basin.
Eni has been contributing to Algeria’s growth since 1981. Last September, the company acquired two major natural gas fields — In Amenas and In Salah. The acquisition was in line with Eni’s strategy to address the challenges of delivering secure and sustainable energy to customers. It will address Europe’s gas requirements and strengthen the company’s presence in Algeria.
Company Profile & Price Performance
Headquartered in Rome, Italy, Eni is one of the leading integrated energy players in the world.
Shares of Eni have underperformed the industry in the past three months. The stock has gained 2.5% compared with the industry’s 12.9% growth.
EQT Corporation (EQT - Free Report) is a pure-play Appalachian explorer, which is one of the largest natural gas producers in the United States. For 2022, the company expects a free cash flow of $2.2-$2.5 billion, suggesting an increase from $934.7 million reported last year.
EQT Corp has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company has a Zacks Style Score of A for Growth and B for Value. EQT is expected to see earnings growth of 369.6% in 2022.
TheWilliams Companies, Inc. (WMB - Free Report) is a premier energy infrastructure provider in North America. WMB’s board recently approved a share repurchase program worth $1.5 billion, highlighting its commitment to shareholders.
Williams Companies has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company beat the Zacks Consensus Estimates in the prior four quarters, the average surprise being 17.3%. WMB has a Zacks Style Score of B for Growth.
Marathon Petroleum Corporation (MPC - Free Report) is a leading independent refiner, transporter and marketer of petroleum products. MPC repurchased shares worth $4.1 billion in the May-July period of 2022 and completed more than 80% of its target of buying back common stock worth $15 billion.
Marathon Petroleum has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company has a Zacks Style Score of A for Value and Growth. MPC is expected to see earnings growth of 798.4% in 2022.
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Eni (E) Begins Production from Algeria's Berkine Gas Fields
Eni SPA (E - Free Report) commenced production at two natural gas fields under its Berkine South contract in Algeria to address the rising demand in the Europe market.
Berkine South is the first contract to be signed under the new Algeria hydrocarbon law, 19-13. The company commenced production from the Berkine fields six months after receiving the development contract. Eni and Sonatrach operate the Berkine basin license.
Eni and partners are currently producing 1 million cubic meters (mcm) per day of gas and 4,000 barrels per day of associated liquids from the Berkine South. The capacity is expected to increase to 2 mcm per day of gas by the end of 2022. This will help the Menzel Ledjmet East facility reach a capacity of 11 mcm per day.
Algeria has been an important source of gas supplies to Europe, as the continent is concerned over reduced Russia gas supplies. Eni is likely to add the new production volumes to its Berkine Nord contract and other regional activities. This will likely boost Algeria’s gas exports. Eni’s Algeria production is expected to reach more than 120,000 barrels of oil equivalent per day in 2023 after executing development programs in the Berkine basin.
Eni has been contributing to Algeria’s growth since 1981. Last September, the company acquired two major natural gas fields — In Amenas and In Salah. The acquisition was in line with Eni’s strategy to address the challenges of delivering secure and sustainable energy to customers. It will address Europe’s gas requirements and strengthen the company’s presence in Algeria.
Company Profile & Price Performance
Headquartered in Rome, Italy, Eni is one of the leading integrated energy players in the world.
Shares of Eni have underperformed the industry in the past three months. The stock has gained 2.5% compared with the industry’s 12.9% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Eni currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
EQT Corporation (EQT - Free Report) is a pure-play Appalachian explorer, which is one of the largest natural gas producers in the United States. For 2022, the company expects a free cash flow of $2.2-$2.5 billion, suggesting an increase from $934.7 million reported last year.
EQT Corp has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company has a Zacks Style Score of A for Growth and B for Value. EQT is expected to see earnings growth of 369.6% in 2022.
TheWilliams Companies, Inc. (WMB - Free Report) is a premier energy infrastructure provider in North America. WMB’s board recently approved a share repurchase program worth $1.5 billion, highlighting its commitment to shareholders.
Williams Companies has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company beat the Zacks Consensus Estimates in the prior four quarters, the average surprise being 17.3%. WMB has a Zacks Style Score of B for Growth.
Marathon Petroleum Corporation (MPC - Free Report) is a leading independent refiner, transporter and marketer of petroleum products. MPC repurchased shares worth $4.1 billion in the May-July period of 2022 and completed more than 80% of its target of buying back common stock worth $15 billion.
Marathon Petroleum has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company has a Zacks Style Score of A for Value and Growth. MPC is expected to see earnings growth of 798.4% in 2022.