Eni SpA E, Italy’s leading oil and gas company, has made a significant stride in its environmental efforts with the publication of its first dedicated "Methane Report 2024." The report was released during the IEA-COP29 High-Level Event on Turning Methane Pledges Into Action in New York. This report represents a milestone in Eni’s ongoing mission to reduce global methane emissions, emphasizing transparency and industry-wide collaboration.
Eni’s Methane Reduction Efforts in the Oil & Gas Sector
E’s report emphasizes the critical role of methane abatement within the oil and gas industry as a vital part of tackling climate change.
Over the past six years, Eni has halved its direct methane emissions, achieving an upstream methane intensity of 0.06%, positioning the company as a leader in methane management within the industry.
Eni has achieved a remarkable 95% reduction in fugitive methane emissions and an 86% decrease in upstream methane intensity since 2014. Between 2022 and 2023, the company further reduced methane emissions in its upstream business by 20%. In recognition of these efforts, Eni received the OGMP 2.0 Gold Standard Pathway for methane reporting in 2022.
Looking ahead, the company is aiming for near-zero methane emissions by 2030, backed by advanced monitoring and mitigation technologies as well as a reporting system that’s aligned with international best practices.
E’s Collaborative Initiatives for Global Impact
As a founding member of the UNEP Oil & Gas Methane Partnership, the Oil and Gas Climate Initiative, and Methane Guiding Principles, Eni is actively involved in shaping global methane management policies. These collaborations have driven the development of best practices for methane monitoring, reporting and abatement. Additionally, Eni’s participation in international forums has advanced the deployment of new emission reduction technologies across the oil and gas sector.
Eni is also a signatory to the Oil & Gas Decarbonization Charter, an initiative launched at COP28 that unifies industry efforts toward methane and flaring reductions. The company’s partnership with NOCs, including EGAS, Sonatrach and SOCAR, is instrumental in disseminating best practices in methane management throughout the sector.
Eni’s Vision for a Low-Carbon Future
Eni CEO Claudio Descalzi expressed pride in the release of the Methane Report 2024, emphasizing that the company's focus on reducing methane emissions, alongside the use of advanced technologies, has established Eni as a leader in the industry. He highlighted Eni's dedication to collaborating with partners across the sector to achieve significant methane reductions, reaffirming the company’s commitment to reaching its goal of near-zero methane emissions by 2030.
Eni’s Methane Report 2024 sets a high standard for methane management in the oil and gas sector and reinforces the company’s commitment to addressing climate change.
E’s Zacks Rank & Key Picks
E currently has a Zack Rank #5 (Strong Sell).
Investors interested in the energy sector may look at some better-ranked stocks like TechnipFMC plc FTI, Core Laboratories Inc. CLB and VAALCO Energy, Inc. EGY, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry, with a focus on the subsea segment in offshore basins worldwide. FTI’s growing backlog ensures strong revenue visibility and supports margin improvements.
The Zacks Consensus Estimate for FTI’s 2024 EPS is pegged at $1.34. The company has a Zacks Style Score of B for Value and A for Growth. It has witnessed upward earnings estimate revisions for 2025 in the past 30 days.
Core Laboratories, an oilfield services company, has a deep portfolio of sophisticated, proprietary products and services that positions it to take advantage of the growing maturity in the global hydrocarbon reserve base. CLB’s expanding international upstream projects indicate a positive trajectory for revenues and profitability, especially as oil demand continues to rise globally.
The Zacks Consensus Estimate for CLB’s 2024 EPS is pegged at $0.95. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
VAALCO Energy is an independent energy company involved in upstream business operations, with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.
The Zacks Consensus Estimate for EGY’s 2024 EPS is pegged at $0.65. The company has a Value Score of A. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
