Eni will become more like its oil peers thanks to divestment in Snam , as it will focus on exploration and production activities, Bernstein Research says. Although the Snam sale will reduce cash flows, Eni will improve its debt position and be exposed to the higher returns deriving from E&P. Bernstein expects Eni to fall short of its targeted compound annual growth output rate of 3% to 2015
Eni will become more like its oil peers thanks to divestment in Snam , as it will focus on exploration and production activities, Bernstein Research says. Although the Snam sale will reduce cash flows, Eni will improve its debt position and be exposed to the higher returns deriving from E&P. Bernstein expects Eni to fall short of its targeted compound annual growth output rate of 3% to 2015.

Part of the reason for lower growth is years of delay to the start of the Kashagan project in Kazakhstan. Bernstein keeps Eni rated at market perform with a target price of EUR20. Shares are down 0.9% at EUR17.13.