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Eni (E) & Saipem Join Forces for Biorefinery Revolution
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Eni SpA (E - Free Report) and Saipem have inked an agreement aimed at advancing biorefining. The collaboration, officially signed by Giuseppe Ricci, chief operating officer of Energy Evolution at Eni, and Alessandro Puliti, chief executive officer at Saipem, is indicative of a joint commitment to the evolution of traditional refineries and the establishment of novel Eni biorefineries.
The agreement, aligned with the decarbonization objectives of both Eni and Saipem, is focused on the exploration and potential establishment of facilities dedicated to producing biojet, a sustainable aviation fuel, and the biofuel HVO diesel. The latter, crafted from entirely renewable raw materials per EU Directive 2018/2001 "REDII," is marketed at Enilive service stations under the name HVOlution, catering to various transportation sectors such as road, naval and rail.
The agreement includes the application of Eni's proprietary Ecofining technology to develop new biorefineries and convert conventional refineries. It combines Eni's broad technological and operational knowledge with Saipem's unique expertise in designing and building these plants.
Eni solidified its position as the inaugural company worldwide to convert two conventional refineries —located in Venice Porto Marghera and Gela, Sicily — into biorefineries. These transformative facilities process diverse waste feedstocks such as used cooking oil, animal fats, agro-food industry residues and vegetable oil through the Ecofining technology. Saipem played an integral role in supporting both projects, amplifying the synergy between the two entities.
Eni aims at expanding its biorefining capacity from the current 1.65 million tons per year to a staggering 5 million tons by 2030.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays. MTDR has witnessed an upward earnings estimate revision for 2024 over the past 30 days.
MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.
Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared to most of its peers. Liberty's strong relationship with high-quality customers provides revenue visibility and business certainty. LBRT has witnessed an upward earnings estimate revision for 2023 and 2024 over the past 30 days.
LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.
Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. The company has witnessed an upward earnings estimate revision for 2023 in the past seven days.
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Eni (E) & Saipem Join Forces for Biorefinery Revolution
Eni SpA (E - Free Report) and Saipem have inked an agreement aimed at advancing biorefining. The collaboration, officially signed by Giuseppe Ricci, chief operating officer of Energy Evolution at Eni, and Alessandro Puliti, chief executive officer at Saipem, is indicative of a joint commitment to the evolution of traditional refineries and the establishment of novel Eni biorefineries.
The agreement, aligned with the decarbonization objectives of both Eni and Saipem, is focused on the exploration and potential establishment of facilities dedicated to producing biojet, a sustainable aviation fuel, and the biofuel HVO diesel. The latter, crafted from entirely renewable raw materials per EU Directive 2018/2001 "REDII," is marketed at Enilive service stations under the name HVOlution, catering to various transportation sectors such as road, naval and rail.
The agreement includes the application of Eni's proprietary Ecofining technology to develop new biorefineries and convert conventional refineries. It combines Eni's broad technological and operational knowledge with Saipem's unique expertise in designing and building these plants.
Eni solidified its position as the inaugural company worldwide to convert two conventional refineries —located in Venice Porto Marghera and Gela, Sicily — into biorefineries. These transformative facilities process diverse waste feedstocks such as used cooking oil, animal fats, agro-food industry residues and vegetable oil through the Ecofining technology. Saipem played an integral role in supporting both projects, amplifying the synergy between the two entities.
Eni aims at expanding its biorefining capacity from the current 1.65 million tons per year to a staggering 5 million tons by 2030.
Zacks Rank & Key Picks
E currently has a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Matador Resources Company (MTDR - Free Report) , Liberty Energy Inc. (LBRT - Free Report) and Oceaneering International, Inc. (OII - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays. MTDR has witnessed an upward earnings estimate revision for 2024 over the past 30 days.
MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.
Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared to most of its peers. Liberty's strong relationship with high-quality customers provides revenue visibility and business certainty. LBRT has witnessed an upward earnings estimate revision for 2023 and 2024 over the past 30 days.
LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.
Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. The company has witnessed an upward earnings estimate revision for 2023 in the past seven days.