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Eni Sells Alaskan Upstream Assets To Hilcorp In Strategic Streamlining: Details

Eni S.p.A. (NYSE:E) shares are trading higher after the company finalized a binding agreement with Hilcorp to sell complete ownership of the Nikaitchuq and Oooguruk assets in Alaska. The value of the transaction will be announced upon its closing. This transaction aligns with Eni’s strategy to streamline upstream activities, rebalance its portfolio, and divest non-strategic assets. Eni’s financial framework supports its growth-oriented strategy, aiming for a front-end loaded net portfolio inflow of ~$8.5 billion (8 billion euros) over the 2024-27 Plan. The company plans to achieve this by upgrading the Upstream portfolio, reducing high equity ownership in exploration ...