Eni'
s (
E)
hydrocarbon
production
from
Libya
is
expected
to
show
a
significant
fall
this
year
as
a
result
of
the
military
conflict
there,
says
Bernstein
Research.
Of all the oil majors, Eni had
been the most exposed to Libyan production, with almost 14% of its total 2010
output coming from
Libya
, says
Bernstein. It forecasts Eni's 2011 output from
Libya
will
represent 4% of the company's total production. It estimates Eni's 1Q hydrocarbon
output will drop by 120,000 barrels a day due to Libya, although net profit is
expected to have benefited from the recent elevation of crude prices. Bernstein's
rating on the stock is overweight and its target is EUR21.0. Shares +0.6% at EUR17.46.