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Equities

Eni Advances Indonesia Gas Development Plans After Successful Geliga-1 Well Test

Eni's (ENI) Geliga-1 offshore Indonesia discovery delivered strong drill stem test results, confirming robust reservoir productivity and underscoring the strategic significance of the Kutei Basin, the company said Thursday.During testing, the well flowed at up to 60 million standard cubic feet per day, constrained by rig capacity and with minimal pressure drawdown. Eni estimates the well could sustainably produce about 200 MMSCFD of gas and 10,000 barrels per day of condensate.Eni drilled Geliga-1 in the Ganal Block about 70 km offshore East Kalimantan in roughly 2,000 meters of water, encountering a major Miocene gas column estimated to contain about 5 trillion cubic feet of gas and 300 million barrels of condensate in place, it said.Eni, which operates the Ganal PSC with an 82% stake alongside Sinopec's 18%, plans to transfer the asset to its proposed Eni-PETRONAS joint venture, Searah, which is expected to close in Q2 2026, it added.

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Asia Markets

European Equities Traded in the US as American Depositary Receipts Climb Sharply Higher in Wednesday Trading

European equities traded in the US as American depositary receipts were tracking higher late Wednesday morning, rising 1.98% to 1,843.18 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by accommodations booking company trivago (TRVG) and lender ING Group (ING), which advanced 14% and 5% respectively. They were followed by biopharmaceutical company Cellectis (CLLS) and lender Banco Santander (SAN), which climbed 4.8% and 4.2% respectively.The decliners from continental Europe were led by internet advertising firm Criteo (CRTO) and petroleum refiner Equinor (EQNR), which shed 18% and 8.4% respectively. They were followed by semiconductor company Sequans Communications (SQNS) and oil and gas company Eni (E), which dropped 5.8% and 4.5% respectively.The gainers from the UK were led by biopharmaceutical company Akari Therapeutics (AKTX) and insurance company Prudential (PUK), which rose 9.4% and 6.2% respectively. They were followed by mining company BHP Group (BHP) and lender Barclays (BCS), which were up 5.3% and 5.2% respectively.The decliners from the UK and Ireland were led by biopharmaceutical companies Mereo BioPharma Group (MREO) and NuCana (NCNA), which fell 5.1% and 4% respectively. They were followed by oil and gas companies BP (BP) and Shell (SHEL), which lost 3.7% and 2.7% respectively.

$AKTX$BCS$BHP$BP$CLLS$CRTO$E$EQNR$ING$MREO$NCNA$PUK$SAN$SHEL$SQNS$TRVG
Commodities

BP Expands Venezuela Gas Push With Cocuina-Manakin Deal

BP (BP) on Wednesday signed a memorandum of understanding with Venezuela to develop the Cocuina-Manakin gas field near Trinidad and Tobago.The agreement was signed in Caracas with the Venezuelan government, establishing potential areas for co-operation in material offshore gas and future exploration, the company said in response to aninquiry.The MOU was signed during a senior BP delegation visit to Venezuela this week, led by BP Executive Vice President William Lin, the company said.Under the agreement, the energy firm will take the lead in developing the Cocuina-Manakin field near the Trinidad and Tobago border while assessing additional exploration prospects in the Loran offshore block, according to media reports.The partnership also reportedly covers joint work on exploration and gas commercialization in the Loran area, where interest from other global players, including Shell (SHEL), continues to build.Venezuela has accelerated efforts to attract foreign operators, signing new agreements with companies such as Eni (E) and Repsol to expand upstream production capacity, multiple media outlets reported.The MOU sets out cooperation across gas development and future exploration projects, with state-owned Petroleos de Venezuela included in the arrangement.Lin reportedly said the company is strengthening its footprint in the country by establishing a permanent office in Caracas.The agreement follows a major energy conference in Caracas that drew global investors, as companies advance long-term plans, including gas export projects expected to begin around 2031.BP plans to channel over 1 trillion cubic feet of gas from the field into Trinidad for processing into liquefied natural gas exports, strengthening regional supply chains, the reports added.Price: $47.23, Change: $+0.43, Percent Change: +0.92%

$BP$E$SHEL
Asia Markets

US Equity Futures Mostly Lower Pre-Bell Amid Continued Middle East Standoff, AI Spending Concerns

US equity futures were mostly lower pre-bell Tuesday as the US-Iran standoff continues with no end in sight, while concerns about heavy spending on data centers were brought into focus amid reports of OpenAI's missed targets.Dow Jones Industrial Average futures were 0.1% higher, S&P 500 futures were down 0.8%, and Nasdaq futures were 1.4% lower.President Donald Trump was unhappy with Iran's latest proposal to end the Middle East conflict, Reuters reported, citing a US official. Iran had proposed to reopen the Strait of Hormuz by deferring nuclear talks to a later date, while Trump wants nuclear issues dealt with from the outset.Microsoft-backed (MSFT) OpenAI recently missed internal targets for new users and revenue, raising concerns among company leaders about being able to support its massive spending on data centers, according to a Wall Street Journal report that cited sources familiar with the matter.Traders digested the latest round of earnings. Coca-Cola (KO) reported higher Q1 adjusted earnings and revenue, while Novartis (NVS) posted a decline in Q1 core earnings and net sales.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.5% at $104.21 per barrel and US West Texas Intermediate crude 3.6% higher at $99.84 per barrel.The February S&P Case-Shiller home price index, scheduled for release at 9 am ET, is expected to show a 0.2% gain following a similar increase in the preceding month, according to estimates compiled by Bloomberg.The April consumer confidence index, due at 10 am ET, is projected to fall to 89.0 from 91.8.In other world markets, Japan's Nikkei closed 1% lower, Hong Kong's Hang Seng ended 1% lower, and China's Shanghai Composite finished 0.2% lower. Meanwhile, the UK's FTSE 100 was down 0.1%, and Germany's DAX index was 0.5% lower in Europe's early afternoon session.In equities, Microsoft, which is OpenAI's biggest investor, and Oracle (ORCL), which relies on the ChatGPT creator for its cloud computing plans, saw their shares decline 1.3% and 7.6%, respectively. Novartis stock was down 1.4% after the company released its Q1 financial results.On the winning side, Eni (E) stock was up 2.7% after the European energy firm and Repsol said they are planning to boost output at Venezuela's Cardon IV offshore gas field, according to a Reuters report. Bed Bath & Beyond (BBBY) shares were up 29% after the company reported a narrower Q1 adjusted loss and higher revenue. Coca-Cola stock was up 3% after the company published its Q1 financial results.

Dow JonesNasdaq CompositeS&P 500$BBBY$E$KO$MSFT$NVS$ORCL
Commodities

Market Chatter: Repsol and Eni Push for Expansion at Venezuela's Cardon IV Gas Field

European energy majors Repsol and Eni (E) are moving to increase output at Venezuela's Cardon IV offshore gas field said project manager Gonzalo Antonio Carrillo, according to a Reuters report on Monday.Speaking at the Venezuela Energetica conference, Carrillo described the ramp-up as an incremental step-by-step process that will eventually require new drilling and infrastructure upgrades, though he did not provide a specific timeline for reaching the new target, as per the report.The push for higher gas volumes coincides with an ambitious production drive by state oil firm PDVSA.Jovanny Martinez, PDVSA's executive vice president, said that Venezuela aims to increase crude exports to 1.06 million barrels per day, with fuel exports expected to hit 134,000 bpd by year-end, the report noted.Martinez reaffirmed the country's long-term goal of returning to 3 million bpd, noting that March exports recently surpassed the 1 million bpd threshold for the first time since 2024, driven by demand from Indian refiners and Caribbean storage hubs.Infrastructure remains a critical bottleneck for the country. Vice Minister for Gas Cindy Rondon emphasized the urgent need to accelerate repairs and optimize the handling of associated gas to meet short-term goals, Reuters said.The legal landscape remains in flux meanwhile as Martinez confirmed that regulations for a sweeping oil reform law are still being finalized, the article said.(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.)

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Oil & Energy

Interest Grows in North American Hydrocarbons as Middle East Conflict Endures, Says WoodMac

The depth and duration of the disruption to global energy supplies by the closure of a single waterway in the Middle East's cluster of oil producing countries has prompted increased interest in resources available elsewhere, Wood Mackenzie said in an opinion article on Monday.While there were already plans to increase production from various geographies before the Iran war, the conflict has provided additional momentum to bring these forth, according to the article's author, Ed Crooks, Wood Mackenzie Vice Chair for the Americas and Energy Gang podcast host.Venezuela has been moving faster to raise output, something facilitated by the capture of President Nicolas Madura in January. Legislative reforms have passed in the National Assembly giving clarity of maximum royalties and taxes.At the same time, state oil company PDVSA lost exclusive control of oil production and sales, the article said, making way for private players to have control of their own projects and access to arbitration.Foreign oil companies have set out plans to boost the country's output. Chevron (CVX) said it can boost its production in Venezuela by 50% over an 18-24 month timespan and Repsol is aiming for the same increase within 12 months.Shell (SHEL) is said to be in negotiations with Venezuela's government to develop more gas assets and could take final investment decisions before the end of the year if conditions are right.Elsewhere, there was record revenue generated by a lease sale of areas in Alaska's National Petroleum reserve, Crooks noted, while in the Gulf of Mexico, which the US government recognizes as Gulf of America, Occidental Petroleum (OXY) said it had made an oil discovery that would extend the working life of its production facilities.BP (BP) last month said it received approval from the US Bureau of Ocean Energy Management to develop its $5 billion Kaskida project.Claudia Sheinbaum, Mexico's president, said she was in favor of increasing natural gas production through development of unconventional resources to reduce dependence on the US which provides about 75% of Mexico's gas. It now targets output of 3.2 billion cubic feet per day from unconventional sources by 2035.Given the lead times involved in establishing more projects, companies need relative certainty of future commodities prices and change in output to decide on whether investing is viable.There is no sign of any general uptick in US energy industry activity at present with no increase in the number of drilling rigs operating in the US around mid-April, the article said.Venezuela has been able to achieve an increase as a result of easing of US sanctions, with output rising to 1.1 million barrels a day in March from 900,000 in January. But resources like those in Alaska or the Gulf of America will need years to reach the market.Venezuela may have some capacity to boost LNG supply if its gas can be piped to Trinidad to supply the Atlantic LNG liquefaction plant there.Meanwhile Eni (E) and Repsol have reached a deal with Venezuela's government through which they will export gas from the Perla field using a floating LNG vessel. There is also an opportunity for gas to be piped to Colombia, which would free up the LNG it otherwise uses.

$BP$CVX$E$OXY$SHEL
Equities

Market Chatter: Eni, Repsol Seek to Increase Venezuela Gas Production

Eni (E) and Repsol seek to increase production at their jointly Cardon IV gas field in Venezuela to 645 million cubic feet per day, Reuters reported Monday, citing comments by the project manager at a conference.Gonzalo Antonio Carrillos said the field currently produces about 580 million cubic feet per day without saying when it would reach the higher threshold, Reuters reported.Speaking at the conference, Venezuela vice minister for gas Cindy Rondon said the country needs to speed up repairs to its gas infrastructure, the report said.Eni and Repsol did not immediately reply to' request for comment.(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.)

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Wire

Eni's Q1 Results Mixed as Downstream Weakness Weighs on Earnings, RBC Says

Eni (E) reported mixed Q1 results, with earnings falling below expectations mainly due to weakness in its downstream business and higher maintenance costs, RBC said in a note emailed Monday.The analysts said the results were, however, overshadowed by a more positive guidance, leading the company to increase its share buyback program from 1.5 billion euros ($1.76 billion) to 2.8 billion euros. "We had expected companies to remain cautious amid volatile macro rather than sticking to formulaic payouts in Q1, however with Eni being the first to report, management has thrown down the gauntlet to the rest of the sector," RBC said.Looking ahead, several potential positives could support the company, including developments in Indonesia and Venezuela, which are not yet included in guidance, with potential upside in the 2030 time frame, the firm said. On the downside, there is some uncertainty around a possible share placement by the Italian government, which could weigh on sentiment, the analysts said.The analysts said they are raising 2026 earnings per share estimate by 3%, while cash flow from operations estimate is down 3%. They now assume 3.2 billion euros in buybacks, above the company's guidance, based on a higher oil price outlook.RBC maintains a sector perform rating and a price target of 28 euros on Eni.Price: $53.80, Change: $-0.31, Percent Change: -0.57%

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Asia Markets

European Equities Traded in the US as American Depositary Receipts Track Lower in Monday Trading

European equities traded in the US as American depositary receipts were trending lower late Monday morning, down 0.39% to 1,794.56 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by telecommunications company Nokia (NOK) and semiconductor company Sequans Communications (SQNS), which climbed 6.8% and 5.6% respectively. They were followed by 3D printer company Materialise (MTLS) and biopharmaceutical company DBV Technologies (DBVT), which advanced 3.5% and 3.4% respectively.The decliners from continental Europe were led by biotech firm BioNTech (BNTX) and internet browser company Opera (OPRA), which dropped 2.9% and 1.5% respectively. They were followed by oil and gas company Eni (E) and accommodations booking site trivago (TRVG), which lost 1% and 0.7% respectively.The gainers from the UK were led by medical device maker Smith & Nephew (SNN), which rose 1.4%. They were followed by biopharmaceutical company NuCana (NCNA) and biotech firm Autolus Therapeutics (AUTL), which were up 1.3% and 1% respectively.The decliners from the UK and Ireland were led by biopharmaceutical company Akari Therapeutics (AKTX) and cruise line operator Carnival (CUK), which fell 6% and 1.6% respectively. They were followed by oil and gas company Shell (SHEL) and hospitality company InterContinental Hotels Group (IHG), which were down 1.4% and 1.2% respectively.

$AKTX$AUTL$BNTX$CUK$DBVT$E$IHG$MTLS$NCNA$NOK$OPRA$SHEL$SNN$SQNS$TRVG
Commodities

Eni Raises Energy Forecasts Amid Protracting Iran Conflict

Italian energy giant Eni (E) revised its 2026 gas and oil price forecasts on Friday, warning that the global energy market is significantly underestimating the long-term impact of the ongoing conflict.The company now projects Brent crude at $83 per barrel, up from its previous $70 estimate, and has hiked Dutch TTF gas expectations to 50 Euro per megawatt hour from 36 euro.Eni's Chief Transition and Financial Officer Francesco Gattei cautioned during the quarterly earnings call that the crisis extends beyond a simple ceasefire. The destruction of critical infrastructure and production facilities by fire and bombing will require a much longer recovery period than the market currently anticipates, according to a transcript of the call available on FactSet.The effective closure of the Strait of Hormuz, a vital artery for roughly one-fifth of the world's oil and liquefied natural gas flows has already triggered a 24% quarter-on-quarter surge in Brent prices.While these elevated prices have bolstered Eni's upstream operations, the conflict has concurrently pressured refining margins due to reduced utilization rates, it said.

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Asia Markets

European Equities Traded in the US as American Depositary Receipts Rise in Friday Trading

European equities traded in the US as American depositary receipts were rising late Friday morning, gaining 0.66% at 1,798.36 on the S&P Europe Select ADR Index, which is off 2% for the week so far.From continental Europe, the gainers were led by pharmaceutical company Novo Nordisk (NVO) and software firm SAP (SAP), which rose 6.4% and 5.6% respectively. They were followed by furniture maker Natuzzi (NTZ) and consumer goods company Unilever (UL), which were up 2.6% and 1.7% respectively.The decliners from continental Europe were led by biotech firm Evaxion (EVAX) and petroleum refiner Equinor (EQNR), which fell 2.4% and 1.4% respectively. They were followed by biopharmaceutical company Cellectis (CLLS) and oil and gas company Eni (E), which were down 1.2% and 0.9% respectively.The gainers from the UK were led by British American Tobacco (BTI) and InterContinental Hotels Group (IHG), which advanced 2.5% and 2.4% respectively. They were followed by insurance company Prudential (PUK) and educational publisher Pearson (PSO), which increased 1.2% and 0.7% respectively.The decliners from the UK and Ireland were led by biopharmaceutical firm NuCana (NCNA) and Autolus Therapeutics (AUTL), which fell 5.1% and 2.7% respectively. They were followed by Trinity Biotech (TRIB) and Silence Therapeutics (SLN), which lost 1.6% and 1% respectively.

$AUTL$BTI$CLLS$E$EQNR$EVAX$IHG$NCNA$NTZ$NVO$PSO$PUK$SAP$SLN$TRIB$UL
Sectors

Sector Update: Energy Stocks Lean Lower Premarket Friday

Energy stocks were leaning lower premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.8%.The United States Oil Fund (USO) was down 1.4% and The United States Natural Gas Fund (UNG) was 1.5% lower.Front-month US West Texas Intermediate crude oil was 0.4% lower at $95.45 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 0.2% to reach $105.28 per barrel, and natural gas futures were up 1% at $2.67 per 1 million British Thermal Units.SLB (SLB) shares were down more than 1% after the company reported lower Q1 adjusted earnings.Eni (E) stock was 0.2% lower after the company posted a decline in Q1 net profit.TotalEnergies (TTE) has secured financing for its Mirny onshore wind and battery energy storage system project in southeast Kazakhstan, the company said. TotalEnergies shares were marginally lower premarket.

$E$SLB$TTE$UNG$USO$XLE
Equities

Update: Eni Q1 Net Profit Decreases, Sales Increase

(Updates with additional details on outlook and share buyback in the fifth and sixth paragraphs.)Eni (E) reported Q1 net profit Friday of 0.34 euros ($0.40) per diluted share, down from 0.36 euros a year earlier.Analysts polled by FactSet expected 0.50 euros.Sales from operations for the quarter ended March 31 were 22.96 billion euros, up from 22.57 billion euros a year earlier.Analysts surveyed by FactSet expected 22.84 billion euros.The company expects 2026 underlying oil and gas production to grow 3% to 4%, while guiding GGP adjusted proforma earnings before income tax at around 1.3 billion euros, marking a roughly 30% increase from its initial outlook.Eni has raised its proposed share buyback by roughly 90% to 2.8 billion euros.

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Equities

Eni Q1 Net Profit Decreases, Sales Increase

Eni (E) reported Q1 net profit Friday of 0.34 euros ($0.40) per diluted share, down from 0.36 euros a year earlier.Analysts polled by FactSet expected 0.50 euros.Sales from operations for the quarter ended March 31 were 22.96 billion euros, up from 22.57 billion euros a year earlier.Analysts surveyed by FactSet expected 22.84 billion euros.

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Asia Markets

European Equities Traded in the US as American Depositary Receipts Edge Higher in Wednesday Trading

European equities traded in the US as American depositary receipts were higher late Wednesday morning, edging up 0.12% to 1,808.88 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by oil and gas firm Eni (E) and semiconductor firm Sequans Communications (SQNS), which rose 1.8% and 1.5% respectively. They were followed by 3D printer company Materialise (MTLS) and internet advertising firm Criteo (CRTO), which were up 1.1% and 0.7% respectively.The decliners from continental Europe were led by telecommunications company Nokia (NOK) and Ascendis Pharma (ASND), which fell 4.1% and 4% respectively. They were followed by medical device maker EDAP TMS (EDAP) and biotech firm Evaxion (EVAX), which were down 1.8% and 0.2% respectively.The gainers from the UK were led by mining company BHP Group (BHP) and pharmaceutical company Silence Therapeutics (SLN), which advanced 3% and 2.9% respectively. They were followed by utilities company National Grid (NGG) and telecommunications operator Vodafone (VOD), which increased 2.8% and 1.6% respectively.The decliners from the UK and Ireland were led by Akari Therapeutics (AKTX) and Biodexa Pharmaceuticals (BDRX), which dropped 3.8% and 3.4% respectively. They were followed by alcoholic beverage company Diageo (DEO) and hospitality company InterContinental Hotels Group (IHG), which lost 1.8% and 1.4% respectively.

$AKTX$ASND$BDRX$BHP$CRTO$DEO$E$EDAP$EVAX$IHG$MTLS$NGG$NOK$SLN$SQNS$VOD
Commodities

Higher Crude Prices Could Unleash South American Output Surge, Rystad Energy Says

South America could unleash over 2 million barrels per day of new crude supply by the mid-2030s if prices hold near $100 per barrel, Rystad Energy strategists said in a note Monday, citing offshore developments in Brazil, Guyana, Suriname and a potential rebound in Venezuela.Rystad analysts said that the closure of the Strait of Hormuz has led to an upward revision of its 2026 Brent forecast to $89/bbl, up from $60/bbl in January, boosting government revenues across South America by an estimated $43 billion in 2026.Brazil's Petrobras (PBR) is set to benefit most, with revenues projected to rise to $13.1 billion under the new price outlook."South America is now positioned as the world's most consequential source of incremental supply," Radhika Bansal, senior vice president for oil and gas research at Rystad, said, adding that the region offers scale, geologic quality and relative political stability.Fast tracked offshore projects in Brazil, Guyana and Suriname could add over 1 million barrels of oil equivalent per day over the next decade, supported by about $33 billion in additional greenfield investment through 2035.ExxonMobil's (XOM) Yellowtail development in Guyana, which started up at 250,000 b/d, is targeting 300,000 b/d. Rystad said similar debottlenecking could unlock 80,000-90,000 b/d across the Errea Wittu, Jaguar and Hammerhead fields.The largest upside, however, lies in accelerating final investment decisions on new projects. Limited global shipyard capacity for new floating production, storage, and offloading vessels remains the main bottleneck.Meanwhile, Venezuela could add 910,000 b/d by 2035 under a $100 oil scenario, Rystad said, with 57% of the increase coming from existing fields in the East and West.The consultancy said global oil firms are cautiously returning. ExxonMobil, whose CEO labeled Venezuela "uninvestable" in January, has since dispatched technical teams to evaluate opportunities.Shell also signed preliminary agreements with Venezuelan state-owned energy firm PDVSA in March covering offshore gas and onshore exploration.Rystad said upside could grow if more companies follow Chevron (CVX), Eni (E), Repsol and Shell (SHEL) in partnering with PDVSA to revive underdeveloped fields.Argentina's Vaca Muerta shale formation is also expected to drive long-term growth, with production forecast to rise from about 600,000 b/d currently to 1 million b/d by the end of the decade, and potentially 1.8 million b/d by 2035.Export growth would be constrained by the capacity of the Vaca Muerta Oil Sur pipeline, which Rystad identified as a potential bottleneck.Rystad analysts said the pace of South American supply growth will depend less on resource availability and more on execution capacity, infrastructure constraints and regulatory frameworks."Countries that provide clear fiscal and regulatory frameworks are better positioned to accelerate project sanctions and capture the upside from higher prices," Bansal said.

$CVX$E$PBR$SHEL
Sectors

Sector Update: Energy Stocks Mixed Late Afternoon

Energy stocks were mixed late Monday afternoon with the NYSE Energy Sector Index rising 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.1%.The Philadelphia Oil Service Sector Index fell 0.8%, and the Dow Jones US Utilities Index fell 0.6%.West Texas Intermediate crude oil jumped 5.9% to $88.79 a barrel, and global benchmark Brent rose 5.3% to $95.19 a barrel. Henry Hub natural gas futures increased 0.3% to $2.68 per 1 million BTU.In corporate news, Devon Energy (DVN) shares rose 1.3% after Tudor Pickering Holt upgraded the stock to buy from hold with a $63 price target.USA Rare Earth (USAR) agreed to acquire Brazilian rare earths miner Serra Verde in a cash-and-stock deal with an equity value of about $2.8 billion. USA Rare Earth shares jumped 13%.Eni (E) and Repsol reached a deal with the Venezuelan government to begin exporting natural gas from the country's Perla field in the Gulf of Venezuela, shipping the fuel in the form of liquefied natural gas from a floating terminal, Bloomberg reported. Separately, Eni made a gas discovery in the Kutei Basin off the coast of Indonesia. Eni shares rose 0.4%.Sable Offshore (SOC) shares climbed 3.4% after it said capital expenditures across its assets are expected to be around $180 million from April through December.

$DVN$E$SOC$USAR
Sectors

Sector Update: Energy Stocks Higher Monday Afternoon

Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.7%.The Philadelphia Oil Service Sector Index was decreasing 0.3%, and the Dow Jones US Utilities Index was steady.In sector news, oil prices rose Monday following an apparent flare-up between the US and Iran ahead of the expiration of their ceasefire agreement this week. Oil prices had plunged on Friday as Iran declared that the Strait of Hormuz was open, a key US demand. Tehran, however, took back control of the waterway on Saturday. Both sides have accused each other of violating a two-week ceasefire that is due to expire Tuesday.Front-month West Texas Intermediate crude oil jumped 6.8% to $89.56 a barrel, and the global benchmark Brent crude contract popped 5.9% to $95.72 a barrel. Henry Hub natural gas futures increased 0.9% to $2.70 per 1 million BTU.In corporate news, USA Rare Earth (USAR) on Monday agreed to acquire Brazilian rare earths miner Serra Verde in a cash-and-stock deal with an equity value of about $2.8 billion, as the critical minerals producer aims to boost its rare earth operations. USA Rare Earth shares jumped past 8%.Eni (E) and Repsol have reached a deal with the Venezuelan government to begin exporting natural gas from the country's Perla field in the Gulf of Venezuela, shipping the fuel in the form of liquefied natural gas from a floating terminal, Bloomberg reported. Separately, Eni said it has made a gas discovery in the Kutei Basin off the coast of Indonesia. Eni shares rose 1%.Sable Offshore (SOC) shares added 0.4% after it said capital expenditure across its assets is expected to be around $180 million from April through December this year.

$E$SOC$USAR
Sectors

Sector Update: Energy

Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.6%.The Philadelphia Oil Service Sector Index was decreasing 0.3%, and the Dow Jones US Utilities Index was steady.In sector news, oil prices rose Monday following an apparent flare-up between the US and Iran ahead of the expiration of their ceasefire agreement this week. Oil prices had plunged on Friday as Iran declared that the Strait of Hormuz was open, a key US demand. Tehran, however, took back control of the waterway on Saturday. Both sides have accused each other of violating a two-week ceasefire that is due to expire Tuesday.Front-month West Texas Intermediate crude oil jumped 5.7% to $88.61 a barrel, and the global benchmark Brent crude contract popped 5.2% to $95.12 a barrel. Henry Hub natural gas futures rose 1.1% to $2.70 per 1 million BTU.In corporate news, Eni (E) and Repsol have reached a deal with the Venezuelan government to begin exporting natural gas from the country's Perla field in the Gulf of Venezuela, shipping the fuel in the form of liquefied natural gas from a floating terminal, Bloomberg reported. Eni shares rose 0.9%.

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Commodities

Eni Strikes Major Gas Discovery Offshore Indonesia, Eyes Fast-Track Development

Eni (E) reported a major gas find at the Geliga-1 well offshore Indonesia on Monday, with estimated resources of about 5 trillion cubic feet of gas and 300 million barrels of condensate.The well, drilled to about 5,100 meters in deep water, encountered a strong gas column, with testing planned to gauge output potential, Eni said.The discovery adds to recent successes in the Kutei Basin, following earlier finds at Geng North in 2023 and Konta-1 in 2025, confirming strong resource potential, the company said.Eni said the find supports ongoing developments tied to its North and South Hub projects, which include LNG infrastructure and floating production units to scale gas output.The company is assessing fast-track development options, with combined nearby resources potentially producing up to 1 billion cubic feet per day, while further drilling and asset integration plans continue, Eni said.The Geliga-1 find sits within the Ganal production sharing contract, where Eni operates with an 82% stake and Sinopec holds the remaining 18%, the company said.Price: $52.77, Change: $+0.52, Percent Change: +1.00%

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