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Eni (E) Makes Gas Discovery at Zeus-1 Well Offshore Cyprus
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Eni SPA (E - Free Report) made a significant natural gas discovery in the Zeus-1 well in Block 6 off Cyprus’ coast.
The discovery marks the third consecutive find in Block 6, confirming the favorable outlook for the area and its development. Eni operates the block with a 50% interest.
The Zeus-1 well, located 162 kilometers offshore Cyprus, has been drilled and tested with the help of the Tungsten Explorer drillship.
The test’s results are currently being incorporated to assess the discovered resources, which will drive additional studies for a fast-track development of Block 6.
The well encountered 105 meters of net gas pay in carbonate reservoirs. According to preliminary estimates, the find holds 2-3 trillion cubic feet of gas in place, with significant additional potential in the area.
Eni has been contributing to Cyprus’ growth since 2013 and runs five blocks within the facility. The company operates Blocks 2, 3, 6, 8 and 9 and has participating interests in Blocks 7 and 11. The success of the Zeus-1 well further enhanced the block’s potential after the Cronos-1 discovery in August.
As part of Eni’s successful drive to increase the supply of gas to Europe, the gas finding of Zeus-1 has the potential to uncover further possibilities in the region. The finding supports Eni’s exploration strategy, which aims to add value by utilizing its extensive understanding of geological plays and cutting-edge geophysical technologies.
Price Performance
Shares of Eni have outperformed the industry in the past three months. The stock has gained 37.7% compared with the industry’s 21% growth.
BP plc (BP - Free Report) is a fully integrated energy company with a strong focus on renewable energy. BP’s third-quarter adjusted earnings of $2.59 per American Depositary Share on a replacement-cost basis, excluding non-operating items, beat the Zacks Consensus Estimate of earnings of $1.94 per share.
BP is expected to see an earnings rise of 138% in 2022. Before reporting its December-quarter results, BP is willing to complete an additional $2.5 billion in share buy-backs. BP boasted that this will make total declared share repurchases from 2022 surplus cash flow to $8.5 billion.
Oceaneering International, Inc. (OII - Free Report) is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. OII’s third-quarter 2022 adjusted profit of 23 cents per share beat the Zacks Consensus Estimate of 13 cents.
OII is expected to see an earnings rise of 82.4% in 2022. For 2022, Oceaneering projects consolidated EBITDA of $215-$240 million and continued significant free cash flow generation of $25-$75 million.
Phillips 66 (PSX - Free Report) is the leading player in each of its operations, like refining, chemicals and midstream, in terms of size, efficiency and strengths. PSX’s third-quarter 2022 adjusted earnings per share of $6.46 beat the Zacks Consensus Estimate of $4.98.
PSX is expected to see an earnings rise of 251% in 2022. Phillips 66’s board of directors authorized a $5-billion increase to its stock repurchase program, bringing the total share repurchases authorized since 2012 to $20 billion. This reflects Phillips 66’s strong focus on returning capital to stockholders.
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Eni (E) Makes Gas Discovery at Zeus-1 Well Offshore Cyprus
Eni SPA (E - Free Report) made a significant natural gas discovery in the Zeus-1 well in Block 6 off Cyprus’ coast.
The discovery marks the third consecutive find in Block 6, confirming the favorable outlook for the area and its development. Eni operates the block with a 50% interest.
The Zeus-1 well, located 162 kilometers offshore Cyprus, has been drilled and tested with the help of the Tungsten Explorer drillship.
The test’s results are currently being incorporated to assess the discovered resources, which will drive additional studies for a fast-track development of Block 6.
The well encountered 105 meters of net gas pay in carbonate reservoirs. According to preliminary estimates, the find holds 2-3 trillion cubic feet of gas in place, with significant additional potential in the area.
Eni has been contributing to Cyprus’ growth since 2013 and runs five blocks within the facility. The company operates Blocks 2, 3, 6, 8 and 9 and has participating interests in Blocks 7 and 11. The success of the Zeus-1 well further enhanced the block’s potential after the Cronos-1 discovery in August.
As part of Eni’s successful drive to increase the supply of gas to Europe, the gas finding of Zeus-1 has the potential to uncover further possibilities in the region. The finding supports Eni’s exploration strategy, which aims to add value by utilizing its extensive understanding of geological plays and cutting-edge geophysical technologies.
Price Performance
Shares of Eni have outperformed the industry in the past three months. The stock has gained 37.7% compared with the industry’s 21% 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 carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BP plc (BP - Free Report) is a fully integrated energy company with a strong focus on renewable energy. BP’s third-quarter adjusted earnings of $2.59 per American Depositary Share on a replacement-cost basis, excluding non-operating items, beat the Zacks Consensus Estimate of earnings of $1.94 per share.
BP is expected to see an earnings rise of 138% in 2022. Before reporting its December-quarter results, BP is willing to complete an additional $2.5 billion in share buy-backs. BP boasted that this will make total declared share repurchases from 2022 surplus cash flow to $8.5 billion.
Oceaneering International, Inc. (OII - Free Report) is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. OII’s third-quarter 2022 adjusted profit of 23 cents per share beat the Zacks Consensus Estimate of 13 cents.
OII is expected to see an earnings rise of 82.4% in 2022. For 2022, Oceaneering projects consolidated EBITDA of $215-$240 million and continued significant free cash flow generation of $25-$75 million.
Phillips 66 (PSX - Free Report) is the leading player in each of its operations, like refining, chemicals and midstream, in terms of size, efficiency and strengths. PSX’s third-quarter 2022 adjusted earnings per share of $6.46 beat the Zacks Consensus Estimate of $4.98.
PSX is expected to see an earnings rise of 251% in 2022. Phillips 66’s board of directors authorized a $5-billion increase to its stock repurchase program, bringing the total share repurchases authorized since 2012 to $20 billion. This reflects Phillips 66’s strong focus on returning capital to stockholders.