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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.

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.

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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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Commodities

Market Chatter: Eni, Repsol Move Ahead on Venezuela LNG Exports

Eni (E) and the Spanish energy major Repsol plan to export LNG from Venezuela by 2031 after securing a deal to expand output and recover unpaid gas revenues, Bloomberg reported Monday, citing people familiar with the matter.The deal with interim President Delcy Rodriguez allows the firms to more than double output at the Gulf of Venezuela field and export LNG via a floating terminal, sources said.Eni and Repsol also secured assurances they will be reimbursed for billions of dollars' worth of gas previously delivered but not paid for, according to the report.The development is seen as a breakthrough for both firms, which have maintained involvement in the project for about two decades despite political and economic instability, the report added.The timing comes as global LNG supply tightens following disruptions linked to conflict involving Iran, while US policy has eased sanctions on Venezuela's energy sector.The deal was signed in mid-March, with both companies expected to submit a detailed development proposal to Petroleos de Venezuela by June, according to the report.Venezuela has historically focused on oil production, but the country also holds large offshore gas reserves that remain underdeveloped, the report noted.The Perla field, discovered in 2009, contains about 17 trillion cubic feet of gas, making it one of the largest gas finds in Latin America, according to the report.Current production stands near 585 million cubic feet per day, with exports permitted once domestic supply reaches about 645 million cubic feet per day, the report said.The companies plan to add two platforms by 2028 and lift output to about 1.2 billion cubic feet daily before exports begin, with the project's operating term extended from 2036 to 2051, according to the sources.Eni reportedly told Bloomberg that it had finalized an agreement with Venezuela to boost gas output and initiate exports.has reached out to Repsol for any comments.(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: $52.77, Change: $+0.52, Percent Change: +1.00%

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Wire

Market Chatter: Eni, Repsol Reach Deal With Venezuela to Boost Output, Export LNG From Offshore Field

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 Monday, citing sources familiar with the matter.The deal, which was signed in mid-March, will allow the two companies to start exporting once they boost supplies for domestic use to 645 million cubic feet per day from 585 million currently. They plan to install two more platforms in the field by 2028 and begin exporting once they attain production of 1.2 billion cubic feet per day, the sources said.The two companies have also been assured that they will be compensated for billions of dollars worth of gas that they have extracted in the field for domestic use in the past years, according to the report. The agreement also extends their operation lease to 2051 from 2036, the sources said.The two companies aim to submit a final development plan for the field to state-owned oil firm Petroleos de Venezuela by June, the report said.Eni confirmed to Bloomberg that the companies reached an agreement with the government to boost gas production and begin exports.Eni and Repsol did not immediately reply to a request for comment from.(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: $52.42, Change: $+0.13, Percent Change: +0.25%

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Sectors

Sector Update: Energy Stocks Advance Premarket Monday

Energy stocks were advancing premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.6% higher.The United States Oil Fund (USO) was up 3.9% and The United States Natural Gas Fund (UNG) was 0.3% higher.Front-month US West Texas Intermediate crude oil was 5.8% higher at $88.68 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 5.1% to $94.95 per barrel, and natural gas futures were up 1.6% at $2.72 per 1 million British Thermal Units.Eni (E) shares were up 0.7% after the company said it has made a gas discovery in the Kutei Basin off the coast of Indonesia.Phillips 66 (PSX) and Kinder Morgan (KMI) said they are advancing the proposed Western Gateway Pipeline after a successful second open season secured sufficient long-term shipper commitments, subject to final approvals. Phillips 66 stock was up more than 1% premarket.Sable Offshore (SOC) shares were up more than 3% after the company said capital expenditure across its assets is expected to be around $180 million from April through December this year.

$E$KMI$PSX$SOX$UNG$USO$XLE
Commodities

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Monday as Oil Prices Rise on Renewed Middle East Tensions

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.4% lower in Monday's premarket activity as rising oil prices tied to renewed Middle East tensions weigh on sentiment.US stock futures were also lower, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures retreating 0.4% before the start of regular trading.No economic releases are on Monday's schedule.In premarket activity, bitcoin was up by 0.4%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.8% lower, Ether ETF (EETH) fell by 4.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1.7%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.2%, while the Vanguard Industrials Index Fund (VIS) fell 1.6% and the iShares US Industrials ETF (IYJ) was inactive.TopBuild (BLD) stock was up more than 2% before the opening bell, while QXO (QXO) shares declined by 2% after QXO agreed to acquire TopBuild for $505 per share in a deal valued at about $17 billion.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.5%, and the iShares US Technology ETF (IYW) was 0.3% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 0.9%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was 0.1% lower, while the iShares Semiconductor ETF (SOXX) decreased by 0.2%.AST SpaceMobile (ASTS) shares were down more than 12% in Monday's premarket activity after the company said Sunday the BlueBird 7 satellite was placed into a lower-than-planned orbit during the New Glenn 3 mission and will be de-orbited.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.3%, the Vanguard Health Care Index Fund (VHT) retreated 0.4%, while the iShares US Healthcare ETF (IYH) gained 0.1%. The iShares Biotechnology ETF (IBB) was down 0.6%.AstraZeneca (AZN) stock was down more than 2% premarket, after a 2.2% gain at Friday's close. The company said Monday its pivotal phase 3 study of tozorakimab demonstrated a "significant" reduction in the annual rate of moderate-to-severe COPD exacerbations in trial participants.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.7% higher.Bank of Hawaii (BOH) shares were down more than 2% pre-bell after the company reported lower-than-expected Q1 earnings and revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.2%, while the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 1.1%. The iShares US Consumer Staples ETF (IYK) rose 2.3%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.7%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) retreated by 0.5%.Toyota Motor (TM) shares were down more than 1% pre-bell, after closing Friday with a 2% rise. Reuters reported Monday that Toyota Tsusho and Indonesian state energy firm Pertamina's renewable energy unit are in talks over a potential $200 million to $300 million joint investment for a bioethanol production facility in Indonesia's Lampung province.EnergyThe iShares US Energy ETF (IYE) was 1.3% higher, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.1%.Eni (E) stock was up more than 1% before the opening bell after the company said it made a gas discovery in the Kutei Basin off the coast of Indonesia.CommoditiesFront-month US West Texas Intermediate crude oil rose by 5.6% to $88.52 per barrel on the New York Mercantile Exchange. Natural gas advanced by 2.1% to $2.73 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 4.9%, while the United States Natural Gas Fund (UNG) was 1.1% higher.Gold futures for May were down by 1% at $4,830.50 an ounce on the Comex. Silver futures retreated by 2.4% to $80.47 an ounce. SPDR Gold Shares (GLD) was 0.9% lower, and the iShares Silver Trust (SLV) fell by 2%.

Dow JonesNasdaq CompositeS&P 500$ASTS$AZN$BETH$BITO$BLD$BOH$E$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$PMR$QQQ$QXO$RTH$SLV$SOXX$SPY$TM$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Sectors

Sector Update: Energy

Energy stocks were advancing premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) 1% higher.The United States Oil Fund (USO) was up 5.1% and the United States Natural Gas Fund (UNG) was 1.4% higher.Front-month US West Texas Intermediate crude oil was 5.6% higher at $88.51 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 5.3% to $95.13 per barrel, and natural gas futures were up 1.6% at $2.72 per 1 million British Thermal Units.Eni (E) shares were up more than 3% after the company said it has made a gas discovery in the Kutei Basin off the coast of Indonesia.

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Equities

Top Premarket Gainers

Theriva Biologics (TOVX) shares were up 94% in Monday premarket activity, adding to Friday's gain.Compass Pathways (CMPS) stock was 25% higher after the company said over the weekend it commended the White House executive order to accelerate research and access for psychedelic treatments.TopBuild (BLD) shares were up 19%, a day after QXO (QXO) said it agreed to acquire TopBuild for $505 per share in a deal valued at about $17 billion.Marvell Technology (MRVL) stock was 6.3% higher after The Information reported Sunday that Alphabet's (GOOG, GOOGL) Google is negotiating with Marvell to develop two new processors optimized for artificial intelligence inference tasks.Eni (E) shares were up 2% after the company said it has made gas discovery in the Kutei Basin off the coast of Indonesia.

$BLD$CMPS$E$MRVL$TOVX
Equities

Saipem Lands Major Biorefinery Deal From Eni

Saipem said Monday it has won a key contract from Eni's (E) Industrial Evolution unit to build the new Priolo biorefinery in Sicily, Italy.The contract, worth about 700 million euros ($823.3 million) upon completion, includes engineering, procurement and construction work, with completion targeted by the end of 2028, the company said.The award builds on the ongoing partnership between Saipem and Eni in biorefining, following agreements first signed in 2023 and later extended in 2025, it added.

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Equities

Eni Reports Gas Discovery Offshore Indonesia

Eni (E) said Monday it has made gas discovery in the Kutei Basin off the coast of Indonesia.Preliminary estimates indicated about 5 trillion cubic feet of gas and 300 million barrels of condensate, the company said.A drill stem test is planned to assess reservoir productivity, Eni said.

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Sectors

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were sharply lower late Friday afternoon, with the NYSE Energy Sector Index dropping 3.7% and the State Street Energy Select Sector SPDR ETF (XLE) falling 2.8%.The Philadelphia Oil Service Sector Index declined 1.1%, and the Dow Jones US Utilities Index decreased 0.5%.In sector news, oil prices plunged Friday as Iran's foreign minister said the Strait of Hormuz is "completely open" following a ceasefire in Lebanon. "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Iran's Foreign Minister Seyed Abbas Araghchi said Friday in a post on the X platform.Front-month West Texas Intermediate crude oil slumped 11% to $84.23 a barrel, and the global benchmark Brent crude contract dropped 9.2% to $90.28 a barrel. Henry Hub natural gas futures rose 1.2% to $2.68 per 1 million BTU.In corporate news, Chevron (CVX), Exxon Mobil (XOM) and other major oil companies received backing from the US Supreme Court on Friday as the court ruled that lawsuits filed by Louisiana officials accusing them of harming the state's coastal areas should be transferred out of the state courts and into federal court, according to a court document. Chevron shares were down 2.1%, and Exxon shed 3.6%.An Astana court upheld a 2.356 trillion tenge ($5 billion) environmental fine against North Caspian Operating Co., the operator of Kazakhstan's Kashagan oil field, whose shareholders include Exxon Mobil, Shell (SHEL), TotalEnergies (TTE), and Eni (E), among others, Bloomberg reported. Shell shares dropped 4%, TotalEnergies shed 4.1%, and Eni fell 5.6%.Petrobras (PBR) said Friday it signed an agreement with Oranto Petroleum to buy a 75% working interest and assume operatorship of Block 3, an offshore exploration site in Sao Tome and Principe. Petrobras shares were down 4.9%.Exelon (EXC) shares fell 1.2% after multiple brokerages downgraded the energy provider.

$CVX$E$EXC$PBR$SHEL$TTE$XOM
Sectors

Sector Update: Energy Stocks Fall Friday Afternoon

Energy stocks were sharply lower Friday afternoon, with the NYSE Energy Sector Index dropping 4.4% and the State Street Energy Select Sector SPDR ETF (XLE) falling 3.4%.The Philadelphia Oil Service Sector Index shed 0.6%, and the Dow Jones US Utilities Index was down 0.7%.In sector news, oil prices plunged Friday as Iran's foreign minister said the Strait of Hormuz is "completely open" following a ceasefire in Lebanon. "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Iran's Foreign Minister Seyed Abbas Araghchi said Friday in a post on the X platform.Front-month West Texas Intermediate crude oil slumped 12% to $83.24 a barrel, and the global benchmark Brent crude contract dropped 10% to $89.24 a barrel. Henry Hub natural gas futures rose 1.8% to $2.69 per 1 million BTU.In corporate news, an Astana court upheld a 2.356 trillion tenge ($5 billion) environmental fine against North Caspian Operating Co., the operator of Kazakhstan's Kashagan oil field, whose shareholders include Exxon Mobil (XOM), Shell (SHEL), TotalEnergies (TTE), and Eni (E), among others, Bloomberg reported. Exxon shares fell 4.7%, Shell dropped 5.1%, TotalEnergies shed 4.9%, and Eni fell 7.2%.Petrobras (PBR) said Friday it signed an agreement with Oranto Petroleum to buy a 75% working interest and assume operatorship of Block 3, an offshore exploration site in Sao Tome and Principe. Petrobras shares were down 5.6%.Critical Metals (CRML) shares surged 36% after it said Friday that the Government of Greenland has approved the transfer of the remaining 50.5% stake in Tanbreez Mining Greenland, increasing the company's ownership to 92.5%.

$CRML$E$PBR$SHEL$TTE$XOM
Sectors

Sector Update: Energy

Energy stocks were sharply lower Friday afternoon, with the NYSE Energy Sector Index dropping 4.5% and the State Street Energy Select Sector SPDR ETF (XLE) falling 3.6%.The Philadelphia Oil Service Sector Index shed 0.6%, and the Dow Jones US Utilities Index was down 0.7%.In sector news, oil prices plunged Friday as Iran's foreign minister said the Strait of Hormuz is "completely open" following a ceasefire in Lebanon. "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Iranian Foreign Minister Seyed Abbas Araghchi said Friday in a post on the X platform.Front-month West Texas Intermediate crude oil slumped 12% to $83.09 a barrel, and the global benchmark Brent crude contract dropped 10% to $88.96 a barrel. Henry Hub natural gas futures rose 1.5% to $2.69 per 1 million BTU.In corporate news, an Astana court upheld a 2.356 trillion tenge ($5 billion) environmental fine against North Caspian Operating Co., the operator of Kazakhstan's Kashagan oil field, whose shareholders include Exxon Mobil (XOM), Shell (SHEL), TotalEnergies (TTE), and Eni (E), among others, Bloomberg reported. Exxon shares fell 4.7%, Shell dropped 5.1%, TotalEnergies shed 4.9%, and Eni fell 7.2%.

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Commodities

Market Chatter: Kazakh Court Rejects Oil Majors' Appeal in $5 Billion Sulfur Dispute

A Kazakh court has upheld a $5.1 billion environmental fine against the international consortium operating the Kashagan oil field, the country's second-largest crude producer, Bloomberg reported on Friday, citing the Ministry of Ecology and Natural Resources.The ruling, delivered on April 8 by an appeals court in Astana, marks a significant setback for the North Caspian Operating Company in its long-running dispute with the Kazakh government.The fine, totaling 2.36 trillion Kazakhstani tenge ($5.1 billion), was originally imposed for storing excessive amounts of sulfur at the offshore field.NCOC said it disagrees with the Astana court's ruling, while reiterating that its sulfur-management operations were in full compliance with the law. The energy firm and its shareholders plan to pursue "all available avenues of recourse against this decision to defend their rights".The sulfur fine is linked to a broader $166 billion international arbitration dispute over Kashagan, Kazakhstan's second-largest oilfield.Meanwhile, though the court decision has entered into legal force, the NCOC still has the option to file a cassation appeal, the report said.NCOC is owned by Kazakhstan's state oil and gas company, KazMunayGas, alongside Eni (E), Shell (SHEL), TotalEnergies (TTE), ExxonMobil (XOM), Inpex, and China National Petroleum.NCOC did not immediately respond to' request for comment.The oil majors are also contesting the fine through other channels. The companies filed for international arbitration in February. Individually, the companies appealed the sulfur penalty to the Committee for Environmental Regulation and Control, which has yet to issue a decision, the Ministry of Ecology 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.)Price: $51.22, Change: $-4.17, Percent Change: -7.53%

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