Australia markets open in 5 hours 24 minutes

    +5.30 (+0.07%)

    -0.0003 (-0.04%)
  • ASX 200

    +2.80 (+0.04%)
  • OIL

    +0.85 (+1.09%)
  • GOLD

    -1.30 (-0.06%)
  • Bitcoin AUD

    +627.64 (+0.80%)
  • CMC Crypto 200

    0.00 (0.00%)

Eni (E) Joins Global Drive to Tackle Methane Emissions at COP28

Eni SpA E declared its participation as a donor in the Global Flaring and Methane Reduction (GFMR) trust fund during the COP28 summit.

The primary objective of this initiative, spearheaded by World Bank, is to assist governments and operators in developing countries in eradicating routine flaring and drastically reducing methane emissions from the Oil and Gas sector, aiming for near-zero levels by 2030.

The GFMR fund is strategically designed to offer technical assistance, facilitate policy and regulatory reforms, strengthen institutions and mobilize financing. By doing so, it aims to boost the efforts of governments and operators in implementing effective measures against methane emissions and flaring.

Eni's CEO Claudio Descalzi expressed the company's commitment to this initiative, emphasizing its involvement in the early stages. Descalzi underscored the importance of addressing methane emissions and flaring promptly. Eni's contribution extends beyond financial support; the company is dedicated to leveraging its expertise and experience in methane emission abatement to create operational synergies through upcoming initiatives. Descalzi highlighted ongoing support in countries like Algeria and Egypt, where Eni is actively championing projects to combat methane emissions and flaring.

Zacks Rank & Key Picks

E currently has a Zack Rank #3 (Hold).

Some better-ranked stocks in the energy sector are Matador Resources Company MTDR, Liberty Energy Inc. LBRT and Oceaneering International, Inc. OII. While Matador Resources and Liberty Energy sport a Zacks Rank #1 (Strong Buy) each, Oceaneering International carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays.

MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.

Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared with most of its peers. Liberty's strong relationship with high-quality customers provides revenue visibility and business certainty.

LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.

Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. OII is well-positioned to supply equipment for deep-water projects.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Eni SpA (E) : Free Stock Analysis Report

Oceaneering International, Inc. (OII) : Free Stock Analysis Report

Matador Resources Company (MTDR) : Free Stock Analysis Report

Liberty Energy Inc. (LBRT) : Free Stock Analysis Report

To read this article on click here.

Zacks Investment Research