Eni Nears $1.8B Cyprus Gas Contracts as Q3 Earnings Double
E sits 71% above its 52-week low of $36.11.
Summary
Eni is close to signing $1.3B-$1.8B of contracts for drilling infrastructure and subsea pipelines at the Cronos gas field offshore Cyprus, with first production targeted for 2028. Cronos, operated by Eni and shared with TotalEnergies, holds more than 3 Tcf of gas initially in place; the gas will flow via subsea lines to Egypt's Damietta LNG terminal for liquefaction and shipment to Europe. Reusing existing Zohr infrastructure keeps the project cheap — only connecting pipelines and a Zohr-to-Damietta line are needed. The article also carries the Q3 print that drove the stock: adjusted EBIT doubled year over year to €5.99B, adjusted net income more than doubled to €2.8B, and cash from operations hit €4.36B, all ahead of estimates. Eni raised full-year CFFO guidance to €16.5B from €15B, will pay an extraordinary dividend of about €1.3B ($1.46B), and lifted the buyback to €3.8B by year-end 2026. Shares rose 4% Friday and sit near a 52-week high. TotalEnergies is the junior partner on Cronos and benefits from the same development.
At the time of this announcement, E was trading at $61.92 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $85.7B. The 52-week trading range was $36.11 to $62.14. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.