We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Eni (E) Triumphs in $600M LNG Arbitration Clash With Uniper
Read MoreHide Full Article
Eni SpA (E - Free Report) has secured a major victory in a liquified natural gas (LNG) arbitration case against Uniper, with the latter being ordered to pay a substantial sum of €550 million, which is equivalent to approximately $600 million, per a Reuters report.
Uniper, Germany's largest gas trader, which was formerly part of E before its spinoff in 2016, acknowledged the outcome of the arbitration court's decision. The LNG contract in question had been executed prior to Uniper's separation from Eni and concluded its term last year.
The nature of the award, according to Uniper, involves the retroactive re-pricing of the long-term agreement. However, the specifics of the award were not disclosed.
Per the Reuters report, Uniper had already set expectations for its financial performance in the fiscal year 2023, citing adjusted earnings before interest and taxes in the range of €6-€7 billion and adjusted net profit between €4 billion and €5 billion. These projections were made in the context of lower-than-expected gas spot prices.
The company clarified that it anticipates no additional financial repercussions beyond the specified payment, but it concedes that the ruling will impact its annual financial results. Uniper is currently conducting a thorough analysis of the decision and is evaluating potential legal recourse.
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) . While Matador Resources and Liberty Energy sport a Zacks Rank #1 (Strong Buy) each, Oceaneering International carries a Zacks Rank #2 (Buy) at present. 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’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 with most of its peers. Liberty's strong relationship with high-quality customers provides revenue visibility and business certainty.
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. OII is well-positioned to supply equipment for deep-water projects.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Eni (E) Triumphs in $600M LNG Arbitration Clash With Uniper
Eni SpA (E - Free Report) has secured a major victory in a liquified natural gas (LNG) arbitration case against Uniper, with the latter being ordered to pay a substantial sum of €550 million, which is equivalent to approximately $600 million, per a Reuters report.
Uniper, Germany's largest gas trader, which was formerly part of E before its spinoff in 2016, acknowledged the outcome of the arbitration court's decision. The LNG contract in question had been executed prior to Uniper's separation from Eni and concluded its term last year.
The nature of the award, according to Uniper, involves the retroactive re-pricing of the long-term agreement. However, the specifics of the award were not disclosed.
Per the Reuters report, Uniper had already set expectations for its financial performance in the fiscal year 2023, citing adjusted earnings before interest and taxes in the range of €6-€7 billion and adjusted net profit between €4 billion and €5 billion. These projections were made in the context of lower-than-expected gas spot prices.
The company clarified that it anticipates no additional financial repercussions beyond the specified payment, but it concedes that the ruling will impact its annual financial results. Uniper is currently conducting a thorough analysis of the decision and is evaluating potential legal recourse.
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) . While Matador Resources and Liberty Energy sport a Zacks Rank #1 (Strong Buy) each, Oceaneering International carries a Zacks Rank #2 (Buy) at present. 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’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 with most of its peers. Liberty's strong relationship with high-quality customers provides revenue visibility and business certainty.
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. OII is well-positioned to supply equipment for deep-water projects.