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Eni S.p.A.

Eni S.p.A.

$E
NYSEEnergy

153 stories mentioning Eni S.p.A.Updated just now

Eni's renewable arm Plenitude completed a 330-MW solar project in Spain as energy stocks rose late in the session.

Oil & Energy

TechnipFMC's Q2 Inbound Orders, Backlog Fall

Oilfield services firm TechnipFMC (FTI) reported Q2 earnings Thursday, with inbound orders declining to $2.73 billion, down from $2.83 billion for the same period a year earlier.The company's backlog dropped to $16.44 billion compared with $16.64 billion for the corresponding period last year.TechnipFMC's Subsea segment's inbound orders stood at $2.51 billion in the quarter, down from $2.55 billion a year earlier. Subsea backlog remained broadly stable at $15.83 billion compared to $15.81 billion for the same period a year ago.Subsea said that key contract awards include Angola's Azule Energy to supply flexible flowlines and risers for the Greater PAJ offshore development, and a large iEPCI contract from Norway's Var Energi for the Ofelia and Gjoa Nord developments in the North Sea.The company also secured a contract from Eni (E) for the Baleine Phase 3 development offshore Cote d'Ivoire and from Norway's Equinor (EQNR) covering several subsea tie-back developments, including the Omega Sor, Brime and Tyrihans Nord brownfield projects.TechnipFMC's Surface Technologies segment's inbound orders stood at $219.5 million in Q2, down 21% from $277.9 million a year ago, while backlog fell by 27.4% to $606.8 million, down from $835.9 million.Price: $68.55, Change: $-3.18, Percent Change: -4.43%

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Commodities

Commonwealth Fusion Systems Secures $1 Billion in Equity Funding Round

Commonwealth Fusion Systems said Thursday it has raised $1 billion in fresh equity financing to accelerate commercialization, specifically supporting the final assembly of its Sparc fusion demonstration machine in Devens, Massachusetts.The new funding brings its total capital raised to $4 billion.The company already submitted an interconnection application to PJM Interconnection. CFS remains on track to deliver commercial fusion power to the grid in the early 2030, it added.This timeline is further underpinned by strategic partnerships and power purchase agreements with major buyers, including Dominion Energy (D), Google (GOOG), and Eni (E).

$D$E$GOOGL
Commodities

Eni Eyes Rapid Development for Venezuelan Assets

Italy-based Eni (E) is finalizing new contracts for its Venezuelan oil and gas projects, with plans for rapid production growth at the Junin-5 field, company chief said during earnings call on Wednesday.Eni is at the final stage of negotiations for oil assets like Junin-5 and Corocoro, and has finalized a gas export agreement for the giant Perla field."So, up to now, Venezuela is responding very well," Chief Executive Officer Claudio Descalzi said. "Clearly, we are going to negotiate a contract that allows us to make investments."Collective Venezuelan operations unlock a growth potential of over 5.5 billion barrels of recoverable resources, according to the transcript available on FactSet.On the gas side, PDVSA is honoring sustainability agreements regarding Cardon IV cargo payments, and the plan of development for Perla gas exports is imminent, it stated.On the oil side, Descalzi noted that Eni aims to sign a production sharing contract rather than a joint venture for Junin-5, leveraging existing spare facility capacity to mobilize rigs quickly and ramp up production from its current 12,000 barrels per day to a plateau level of 200,000 bbl/d.

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Sectors

Sector Update: Energy Stocks Gain Wednesday Afternoon

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 2.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.9%.The Philadelphia Oil Service Sector Index was decreasing 1.1%, and the Dow Jones US Utilities Index shed 0.8%.In geopolitical news, President Donald Trump said Iran will be hit hard, according to Fox News. The US Central Command said it joined Saudi Arabian Armed Forces to conduct strikes in Iraq against Iran-aligned terrorists that the Islamic Revolutionary Guard Corps directed to attack US forces and Saudi energy infrastructure.Front-month West Texas Intermediate crude oil jumped 6.6% to $84.46 a barrel, and the global benchmark Brent crude contract surged 7.4% to $90.33 a barrel. Henry Hub natural gas futures rose 1.1% to $2.69 per 1 million BTU.In corporate news, Carlyle (CG), Energean, Dragon Oil, and Artemis Energy are among the companies that are anticipated to bid for BP's (BP) West Nile Delta natural gas development off Egypt this week, Reuters reported. BP shares were up 4%.Eni (E) shares gained 7.2% after it reported higher Q2 net profit and sales.Woodside Energy (WDS) shares rose 4.8% after it reported higher Q2 operating revenue.NextEra Energy (NEE) and Brookfield (BN) are part of a group that will develop a data center campus at the Energy Department's Paducah Site in Kentucky for $100 billion, according to a joint statement. NextEra shares were down 0.3%.

$BP$E$NEE$WDS
Asia Markets

European Equities Traded in US as ADRs Ease in Wednesday Trading

European equities traded in the US as American depositary receipts eased late Wednesday morning with the S&P Europe Select ADR Index down 0.1% to 1,906.06.From continental Europe, the gainers were led by oil and gas company Eni (E) and energy company Equinor (EQNR), which climbed 6.9% and 6.2%, respectively. They were followed by software firm SAP (SAP) and travel-booking company trivago (TRVG), which increased 3% and 2.6%, respectively.The decliners from continental Europe were led by semiconductor company Sequans Communications (SQNS) and telecommunications company Nokia (NOK), which fell 4.8% and 3.6%, respectively. They were followed by lenders Banco Santander (SAN) and Banco Bilbao Vizcaya Argentaria (BBVA), which dropped 2.5% and 2.3%, respectively.The gainers from the UK were led by software firm Endava (DAVA) and oil and gas company BP (BP), which rose 4.2% and 3.7%, respectively. They were followed by oil and gas company Shell (SHEL) and biopharmaceutical company Amarin (AMRN), which climbed 2.5% and 2.4%, respectively.The decliners from the UK and Ireland were led by biopharmaceutical company Biodexa Pharmaceuticals (BDRX) and pharmaceutical company Silence Therapeutics (SLN), which shed 25% and 4.6%, respectively. They were followed by biopharmaceutical company Akari Therapeutics (AKTX) and lender Barclays (BCS), which lost 3.3% and 2.8%, respectively.

$AKTX$AMRN$BBVA$BCS$BDRX$BP$DAVA$E$EQNR$NOK$SAN$SAP$SHEL$SLN$SQNS$TRVG
Sectors

Sector Update: Energy Stocks Higher Pre-Bell Wednesday

Energy stocks were higher premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) gaining 2.2%.The United States Oil Fund (USO) was up 6.4%, while the United States Natural Gas Fund (UNG) was 0.3% higher.Front-month US West Texas Intermediate crude oil was up 6.7% to $84.56 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 7.1% to $90.05 per barrel, and natural gas futures were 0.5% lower at $2.65 per 1 million British Thermal Units.Eni (E) stock was up more than 6% before market open after the company reported higher Q2 net profit and sales.Cenovus Energy (CVE) gained more than 4% after the company reported higher Q2 earnings.Woodside Energy Group (WDS) rose 3% after the company reported higher Q2 operating revenue.

$CVE$E$UNG$USO$WDS$XLE
Sectors

Sector Update: Energy

Energy stocks were higher premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) gaining 2.2%.The United States Oil Fund (USO) was up 6.4%, while the United States Natural Gas Fund (UNG) was 0.3% higher.Front-month US West Texas Intermediate crude oil was up 6.7% to $84.56 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 7.1% to $90.05 per barrel, and natural gas futures were 0.5% lower at $2.65 per 1 million British Thermal Units.Eni (E) stock was up more than 5% before market open after the company reported higher Q2 net profit and sales.

$E$UNG$USO$XLE
Commodities

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Wednesday Ahead of Fed's Interest Rate Announcement

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1%, and the actively traded Invesco QQQ Trust (QQQ) retreated 0.1% in Wednesday's premarket activity, ahead of the Federal Reserve's interest rate announcement.US stock futures were mixed, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures gaining 0.2% before the start of regular trading.Mortgage applications fell by 6.4% in the week ended July 24, with both refinancing activity and new home applications pushed lower by an increase in 30-year fixed mortgage rates, data released by the Mortgage Bankers Association showed Wednesday.The weekly petroleum stocks data will be released at 10:30 am ET.The Federal Reserve's monetary policy committee will announce its latest decision on interest rates at 2 pm ET, followed by a press conference from Fed Chair Kevin Warsh at 2:30 pm ET.In premarket action, bitcoin was up by 1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1% higher, Ether ETF (EETH) retreated 0.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was 2.2% lower.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.6%, while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was inactive.Vertiv Holdings (VRT) stock was down more than 12% before the opening bell after the company reported higher Q2 adjusted earnings and revenue.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.4%, the Vanguard Health Care Index Fund (VHT) was flat, while the iShares US Healthcare ETF (IYH) slipped 0.9%. The iShares Biotechnology ETF (IBB) was 0.3% lower.Humana (HUM) stock was down more than 8% premarket after the company cut its 2026 GAAP earnings guidance.EnergyThe iShares US Energy ETF (IYE) was up 1.2%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 2.3%.Eni (E) stock was up more than 5% before the market open after the company reported higher Q2 net profit and sales.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.2%, the iShares US Technology ETF (IYW) was 0.2% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 1.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was 0.9% lower, while the iShares Semiconductor ETF (SOXX) declined by 0.9%.United Microelectronics (UMC) shares were down more than 3% in premarket activity after falling 9% at the prior close. The company reported higher Q2 earnings and operating revenue and announced a phased expansion plan to boost semiconductor manufacturing capacity in Singapore and Taiwan.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.3%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.035, and the iShares US Consumer Staples ETF (IYK) was 0.1% lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.6%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) retreated marginally by 0.02%.Unilever (UL) shares were down more than 2% pre-bell following a nearly 9% rise at the previous close. Reuters reported that the company agreed to protect the employment terms and conditions of workers in its European and UK food business for two years after its planned 2027 merger with McCormick (MKC). McCormick stock was 0.5% higher.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) lost 0.02%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.UBS Group (UBS) shares traded up 1% in early-hours activity after the company reported higher Q2 earnings and revenue.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 4.8% to $83.05 per barrel on the New York Mercantile Exchange. Natural gas was down by 1.2% to $2.63 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 6.8%, while the United States Natural Gas Fund (UNG) was 0.2% lower.Gold futures for November retreated 0.2% to $4,090.00 an ounce on the Comex. Silver futures were up 0.6% to $57.85 an ounce. SPDR Gold Shares (GLD) decreased 0.3%, and the iShares Silver Trust (SLV) was 0.3% lower.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$E$EEM$EETH$EXI$FAS$FAZ$GLD$HUM$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MKC$PMR$QQQ$RTH$SLV$SOXX$SPY$UBS$UL$UMC$UNG$USO$VDC$VHT$VIS$VRT$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Equities

Update: Eni Q2 Net Profit, Sales Rise; Raises Cash Distribution to Shareholders; Shares Jump Pre-Bell

(Updates with dividend, share buyback expansion, and stock move in the last two paragraphs.)Eni (E) reported Q2 net profit Wednesday of 1.09 euros ($1.24) per diluted share, up from 0.16 euros a year earlier.An analyst polled by FactSet expected 0.70 euros.Sales from operations for the quarter ended June 30 were 24.38 billion euros, compared with 18.77 billion euros a year earlier.Three analysts expected 32.64 billion euros.The company has confirmed its plan to increase its 2026 dividend by 5% to 1.1 euros, according to its earnings statement. It has also expanded the 2026 share repurchase program to 3.4 billion euros, a 20% increase from the revised guidance of 2.8 billion euros in the last quarter, per the statement.Shares of the company were up 4.1% in premarket activity.

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Commodities

Italy-Based Eni Q2 Hydrocarbon Output Climbs YOY; Renewable Installations, Production Rise

Italian integrated energy company Eni (E) Wednesday posted a 7% rise in Q2 hydrocarbon production to 1.8 million barrels of oil equivalent per day, from 1.7 Mboe/d a year ago, driven by project ramp-ups in Norway, Congo, and Mexico and project start-ups in Angola.Higher output from Indonesia and Malaysia following the formation of Searah joint venture also contributed to the production increase.Liquid production was 832,000 barrels per day in Q2, up 1% from 825,000 bbl/d in Q2 2025. Natural gas output rose 14% to 5.01 billion cubic feet per day from 4.42 bcf/d a year ago.Eni said that, after adjusting for the impact of portfolio transactions and price effects, the quarterly underlying production was up 11% year over year.The company results showed that gas sales grew 19% to 10.75 billion cubic meters in Q2, from 9.01 bcm a year earlier. Of the total volume, liquefied natural gas accounted for 2.9 bcm, representing a 4% rise from the prior year's 2.8 bcm.Meanwhile, thermoelectric production from the power generation business stood at 3.91 terawatt-hours, down 14% from 4.53 TWh in Q2 2025, as plant utilization rate decreased because of planned maintenance activities.In the transition business, Eni subsidiary Enilive reported a 3% year-over-year decline in total sales to 5.2 million metric tons from 5.4 mmt, as bio throughputs and bio refinery utilization rate remained largely stable at around 275,000 metric tons and 74%, respectively.Plenitude, on the other hand, saw a 33% year-over-year surge in installed renewable capacity to 6.0 gigawatts in Q2 from 4.5 GW a year ago, and a 47% jump in renewable energy production to 2.2 TWh from 1.5 TWh.The capacity expansion reflected "the organic development in Spain, the UK, Greece, Italy and Kazakhstan, as well as the acquisitions in France and in the US," the company said.Eni's refining unit logged a 20% drop in total throughputs to 5.1 mmt during the quarter, compared with the prior year's 6.4 mmt. Refinery utilization rate also fell to 74% from 84% a year earlier.Refinery throughputs in Italy declined due to planned maintenance activities, while those in the rest of the world slipped because of product unavailability caused by shipping disruptions in the Strait of Hormuz, the report said.

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Equities

Eni Q2 Net Profit, Sales Rise

Eni (E) reported Q2 net profit Wednesday of 1.09 euros ($1.24) per diluted share, up from 0.16 euros a year earlier.An analyst polled by FactSet expected 0.70 euros.Sales from operations for the quarter ended June 30 were 24.38 billion euros, compared with 18.77 billion euros a year earlier.Three analysts expected 32.64 billion euros.Shares of the company were up 4.8% in Wednesday premarket activity.

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Sectors

Sector Update: Energy Stocks Decline Late Afternoon

Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index down 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1%.The Philadelphia Oil Service Sector Index shed 2.8%, and the Dow Jones US Utilities Index was fractionally higher.President Donald Trump said talks with Iran were continuing and again threatened to destroy Iranian bridges and power plants if no deal is made, CNN reported. Iran's foreign ministry spokesman, Esmaeil Baghaei, said Tehran was not negotiating with the US but added that "intermediaries may convey messages from the American side to us regarding ongoing developments in the region," Al Jazeera reported.Front-month West Texas Intermediate crude oil fell 4.4% to $79.02 a barrel, and the global benchmark Brent crude contract dropped 5.1% to $83.89 a barrel. Henry Hub natural gas futures declined 4.2% to $2.65 per 1 million BTU.In corporate news, ExxonMobil (XOM) offers limited upside following its recent share-price gains, while Chevron (CVX) presents a stronger medium-term setup, BofA Securities said in a Tuesday note. BofA lowered its rating on ExxonMobil to neutral from buy while raising its price target to $158 from $154. BofA kept its buy rating on Chevron and increased its price target to $227 from $210. ExxonMobil shares shed 0.7%, and Chevron was down 0.8%.HF Sinclair (DINO) reported higher Q2 adjusted earnings and revenue, and raised its quarterly dividend. Separately, HF Sinclair said it plans to separate its Lubricants and Specialties segment into an independent publicly traded company. HF Sinclair shares were down 1.1%.CenterPoint Energy (CNP) shares rose 0.7% after its Q2 non-GAAP earnings and revenue rose year on year and beat analysts' estimates.TotalEnergies (TTE) said Tuesday that it and partner Eni (E) reached a final investment decision to develop the Cronos gas field offshore Cyprus, marking the country's first gas development project. TotalEnergies shares added 0.1%, and Eni were easing 0.4%.

$CNP$CVX$DINO$E$TTE$XOM
Sectors

Sector Update: Energy Stocks Edge Higher Pre-Bell Tuesday

Energy stocks were edging higher pre-bell Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) up 0.1%.The United States Oil Fund (USO) was down 0.8% and the United States Natural Gas Fund (UNG) was 1.3% lower.Front-month US West Texas Intermediate crude oil was 1.6% lower at $81.30 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 1.9% to $86.68 per barrel, and natural gas futures were down 1.5% at $2.73 per 1 million British Thermal Units.HF Sinclair (DINO) stock was up more than 1% after the company reported higher Q2 adjusted earnings and revenue, and raised its quarterly dividend. Separately, HF Sinclair said it plans to separate its Lubricants and Specialties segment into an independent publicly traded company.Expro (XPRO) shares were up more than 3% after the company increased its 2026 revenue outlook.TotalEnergies (TTE) and Eni (E) reached a final investment decision to develop the Cronos gas field offshore Cyprus, marking the country's first gas development project. TotalEnergies stock was 0.5% higher premarket.

$DINO$E$TTE$UNG$USO$XLE$XPRO
Oil & Energy

TotalEnergies, Eni Take Final Investment Decision on Cronos Gas Field

TotalEnergies SE (TTE) and Eni (E) have reached a final investment decision to develop the Cronos gas field in offshore Block 6 in Cyprus, the country's first-ever commercial gas development, Total said on Tuesday.Production is scheduled to start up in 2028, with a targeted plateau production rate of 500 million cubic feet per day equivalent to roughly 2.8 million tons of LNG per year, it said.Located about 185 kilometers southwest of the Cypriot coast, the deep-water project will utilize four subsea wells to transport gas via a subsea pipeline to Egypt, where it will be liquefied at the Damietta LNG terminal utilizing Zohr field infrastructure synergies before export to Europe, it said.TotalEnergies will market 50% of the output, amounting to 1.4 Mtpa, as part of its strategy to expand its global LNG portfolio to 60 Mtpa by 2030.Following a Host Government Agreement signed in February 2025, commercial frameworks have been secured to establish this new Eastern Mediterranean energy corridor, which aims to enhance European energy security and unlock future resource developments across Block 6, the statement said.

$E$TTE
Equities

TotalEnergies, Eni Approve Cyprus Gas Project to Supply LNG to Europe

TotalEnergies (TTE) said Tuesday that it and partner Eni (E) reached a final investment decision to develop the Cronos gas field offshore Cyprus, marking the country's first gas development project.The companies, each holding a 50% stake in Block 6, expect production to begin in 2028, with gas transported to Egypt for liquefaction and export to Europe. Output is expected to reach about 500 million cubic feet of gas per day, equivalent to 2.8 million metric tons of LNG annually.TotalEnergies said it will market 50% of the LNG production, or about 1.4 million metric tons per year.

$E$TTE
Asia Markets

European Equities Traded in the US as American Depositary Receipts Start Week Marginally Higher in Monday Trading

European equities traded in the US as American depositary receipts started the week slightly higher late Monday morning, rising 0.15% to 1,910.62 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by software firm SAP (SAP) and lender Banco Santander (SAN), which rose 6% and 3.5% respectively. They were followed by biotech firm Evaxion (EVAX) and biopharmaceutical company Grifols (GRFS), which increased 3.3% and 3.2% respectively.The decliners from continental Europe were led by petroleum refiner Equinor (EQNR) and oil and gas company Eni (E), which fell 3% and 2.6% respectively. They were followed by brewing company Anheuser-Busch InBev (BUD) and biopharmaceutical company argenx (ARGX), which were down 1.8% and 0.7% respectively.The gainers from the UK were led by biopharmaceutical company Akari Therapeutics (AKTX) and telecommunications operator Vodafone Group (VOD), which climbed 9.6% and 5.4% respectively. They were followed by biotech firm Autolus Therapeutics (AUTL) and pharmaceutical company Silence Therapeutics (SLN), which advanced 5.2% and 4.4% respectively.The decliners from the UK and Ireland were led by oil and gas companies BP (BP) and Shell (SHEL), which dropped 2% and 1% respectively. They were followed by tobacco company British American Tobacco (BTI) and utilities company National Grid (NGG), which lost 0.6% and 0.1% respectively.

$AKTX$ARGX$AUTL$BP$BTI$BUD$E$EQNR$EVAX$GRFS$NGG$SAN$SAP$SHEL$SLN$VOD
Commodities

Update: Market Chatter: Venezuela Sticks to July 28 Oil, Gas Contract Migration Deadline

(Updates with Eni's response in the 3rd paragraph.)Venezuela will maintain a July 28 deadline for the migration of oil and gas contracts with the partners of state energy company PDVSA to a new legal structure agreed in January, pushing executives to conclude negotiations, Reuters reported Thursday, citing four undisclosed sources.The information has been shared by the oil ministry with the relevant companies, comprising two dozen domestic and foreign companies, including Chevron (CVX), Repsol, and Eni (E), which are partnering with PDVSA for more than one project, the report said.In an emailed response to, Eni confirmed discussions with PDVSA. "We can confirm that we're positively working with PDVSA to align our JV's activities to the new contractual framework," the company said.In late January, the country's National Assembly approved a major reform of the hydrocarbons law, which provides companies with more freedom to operate oil and gas projects, while also introducing a new tax system. The oil ministry gave companies up to six months to update existing contracts under the new rules.Foreign executives are in Caracas and negotiations to finalize the required documents have accelerated recently after twin earthquakes last month caused delays and disrupted operations at the country's main airport, the report added.has reached out to Chevron and Repsol for comments. Venezuela's Oil Ministry and PDVSA could not be reached.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.Price: $194.78, Change: $+0.36, Percent Change: +0.18%

$CVX$E
Commodities

Market Chatter: Venezuela Sticks to July 28 Oil, Gas Contract Migration Deadline

Venezuela will maintain a July 28 deadline for the migration of oil and gas contracts with the partners of state energy company PDVSA to a new legal structure agreed in January pushing executives to conclude negotiations, Reuters reported Thursday, citing four undisclosed sources.The information has been shared by the oil ministry with the relevant companies, comprising of two dozen domestic and foreign companies, including Chevron (CVX), Repsol, and Eni (E), which are partnering with PDVSA for more than one project, the report said.In late January, the country's National Assembly approved a major reform of the hydrocarbons law, which provides companies with more freedom to operate oil and gas projects, while also introducing a new tax system. The oil ministry gave companies up to six months to update existing contracts under the new rules.Foreign executives are in Caracas and negotiations to finalize the required documents have accelerated recently after twin earthquakes last month caused delays and disrupted operations at the country's main airport, the report added.has reached out to Chevron, Eni, and Repsol for comments. Venezuela's Oil Ministry and PDVSA could not be reached.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$CVX$E
Commodities

Eni's Fuel Retail Subsidiary to Buy Oil! Network From Prax

Eni's (E) Enilive will buy Oil! network of service stations in Europe from Prax, the Italian energy major said in a statement on Thursday, without disclosing the value of the acquisition.Enilive subsidiary Enilive Deutschland will acquire 100% of Oil! Tankstellen which also offers mobility as a service solutions such as car sharing as well as fuel distribution across Germany, Denmark, Austria and Switzerland.The acquisition will add about 320 fuel outlets to Enilive's 5,300-strong network of service stations and enable the company to expand in Denmark in particular.Oil! service stations will gradually be integrated into the Enilive network and offer the latter's lower-emission mobility products such as HVO 100% biodiesel, made at biorefineries in Venice and Gela. It is currently sold at about 1,700 fuel stations in Europe.Enilive stations also offer fast and ultra-fast EV charging as well as convenience stores and cafes.

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Sectors

Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks rose late Thursday afternoon with the NYSE Energy Sector Index gaining 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.7%.The Philadelphia Oil Service Sector Index shed 0.1%, and the Dow Jones US Utilities Index increased 0.5%.Brent crude futures topped $100 a barrel for the first time since May after the US-Iran conflict widened, with Yemen's Iran-aligned Houthis claiming attacks on two Saudi Arabian oil tankers in the Red Sea, news outlets reported.West Texas Intermediate crude oil jumped 5.8% to $91.90 a barrel, and global benchmark Brent surged 6.7% to $100.37. Henry Hub natural gas futures decreased 0.6% to $2.91 per 1 million BTU.In sector news, US natural gas stocks rose by 32 billion cubic feet in the week ended July 17, a smaller increase than the 34-billion cubic foot increase expected in a survey compiled by Bloomberg and following an increase of 41 billion cubic feet in the previous week.In corporate news, TotalEnergies (TTE) shares rose 1.6% after it reported stronger-than-expected Q2 adjusted earnings and revenue.Ares Management (ARES) received clearance from the European Commission to acquire joint control of Eni Plenitude alongside parent Eni (E), the EU's competition watchdog said Thursday. Eni shares added 1.8%.Matador Resources (MTDR) agreed to buy Paloma Permian, a portfolio company of EnCap Investments, for $1.28 billion. Matador shares fell 5.6%.Equinor (EQNR) is set to benefit from a boom in commodity prices as oil and gas market disruptions provide the sector with material tailwinds, RBC Capital Markets analysts said in a Thursday note. RBC upgraded the stock's rating to sector perform from underperform. Equinor shares climbed 3%.

$E$EQNR$MTDR$TTE

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