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Eni (E) Receives Permit to Restart Operations at Val d'Agri

Eni SpA E has restarted operations at Viggiano's Val d'Agri Oil Center (COVA) after receiving an approval from the Regional Council of the Basilicata Region.

The company has begun operations in the plant after the relevant authorities confirmed the functionality of the plant and ensured the presence of essential safety conditions.

The various operational procedures for rebooting and restarting the system, during which restricted and prohibited flaring events may arise, will be performed ensuring utmost protection of workers' health and respect for environment. Eni's monitoring systems and Arpab’s control units will continuously monitor air quality parameters.

Eni with its consolidated subsidiaries is engaged in oil and gas, electricity generation, petrochemicals, oilfield services and engineering industries. The company’s major business segments are Exploration and Production (E&P), Gas and Power and Refining and Marketing.

The company conducts its major E&P activities for hydrocarbons. Eni conducts these activities out of Italy, Croatia, North Africa, West Africa, the North Sea, the Gulf of Mexico, the Middle and Far East, the Caspian Sea, Australia and Latin America.

Eni’s constant efforts to expand its upstream operations in Cyprus, Egypt, Vietnam, Indonesia, Pakistan and Kenya are expected to generate profitable growth in the future. Moreover, project start-ups, inputs from big projects in Algeria, Iraq, Australia, Russia as well as Egypt, along with its strategic position in non-conventional gas, are expected to augment volumes going forward.

Shares of the company have lost 3.9% in the last three months compared with the Zacks categorized Oil & Gas – International Integrated industry’s decline of 0.2%.

Eni currently has a Zacks Rank #4 (Sell). Some better-ranked stocks in the same space include Enbridge Energy, LP EEP, Seadrill Limited SDRL and TransCanada Corp TRP. All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Enbridge Energy delivered a positive earnings surprise of 128.57% in the preceding quarter. The company beat estimates in three of the trailing four quarters, with an average positive earnings surprise of 38.22%.

Seadrill delivered a positive earnings surprise of 220.00% in the preceding quarter. The company beat estimates in all of the trailing four quarters, with an average positive earnings surprise of 97.13%.

TransCanada delivered a negative earnings surprise of 7.58% in the preceding quarter. It surpassed estimates in two of the trailing four quarters, with an average positive earnings surprise of 1.06%.

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