Eni SpA (E - Free Report) recently announced the purchase of onshore oil and natural gas resources, spreading across roughly 350,000 acres in Alaska, from Caelus Alaska Exploration Company.
The acquired areas cover 124 exploration leases and Eni will have 100% working interest. The company expects the Eastern Exploration Area (EEA), located between two major oil and natural gas fields Prudhoe Bay and Point Thompson, to hold several potential reserves.
With its vast experience in upstream business, Eni is well placed to explore the new hydrocarbon resources. The company is planning to fast track exploration activities in the acquired reserves to create long-term value for shareholders.
Although Eni didn’t disclose the terms and value of the transaction, the acquisition by the Italian integrated energy firm has considerably widened its footprint in the North Slope of Alaska – considered among the potential American crude resources. The company has operating interests in 11 of the 21 oil and gas fields in the United States. From the 21 fields, the share of daily production that belongs to Eni is roughly 60,000 barrel of oil equivalent.
Headquartered in Rome, Eni is an integrated energy company with strong presence in upstream businesses. Over the past year, the stock has rallied 22.3%, outperforming the 16.1% collective gain of stocks belonging to the industry.
Currently, the stock carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy space are McDermott International, Inc. (MDR - Free Report) , Petroleo Brasileiro S.A. or Petrobras (PBR - Free Report) and Helix Energy Solutions Group, Inc. (HLX - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
McDermott’s earnings surpassed the Zacks Consensus Estimate in the last four quarters, the average positive surprise being 101.7%.
Petrobras’ bottom line beat the Zacks Consensus Estimate in three of the trailing four quarters, the average beat being 10.4%.
Helix Energy’s bottom line exceeded the consensus mark in three of the last four quarters, the average earnings surprise being 66.7%.
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