In short: A Dutch North Sea operating partner, mentioned twice in passing but with real content. Tenaz took non-operated working interests in Eni-operated drilling: "We have had a non-operated well going on a rig going on ENI's operated assets earlier this year at lower interest. They're resuming drilling on some lower interest wells for us as well." Named again in his closing thank-you as one of the partners in the Netherlands industry. No view on the shares.
Eni is the Italian oil major, mentioned only as a neighbour and partner in the Dutch North Sea. Tenaz holds small non-operated stakes in wells Eni drills — meaning Tenaz pays its share of the cost and receives its share of the gas without running the operation — and Eni resumed drilling some of those wells during the year.
No view is expressed on Eni as an investment. Its relevance is as evidence for how the Dutch offshore actually works: a handful of companies hold interlocking interests in each other's licences, which is why local relationships and a reputation for being a competent partner are part of what Marino says gets deals done.
1:01:21I bet we can. We have had a non-operated well going on a rig going on ENI's operated assets earlier this year at lower interest. They're resuming drilling on some lower interest wells for us as well. And then the gems rig has been going for the whole year as well. And again that's roughly a four well program on a gross basis.
In short: The last of the named European integrateds that cut its dividend in COVID — same "not built for it" point.
Eni, the Italian oil major, is the last of the European integrateds he names for cutting its dividend during COVID — the same "not built for it" point.
Cited to round out the contrast with the dividend-protecting American majors, not as a recommendation.
59:40If you go to COVID, the price of oil went negative. Exxon, Chevron, ConocoPhillips, and even the high-quality large-cap E&Ps paid that dividend. The Europeans integrateds, they weren't built for it. — What do you mean? So, think about Shell, BP, Total, Repsol, Eni. They cut dividends during COVID. — not as well-run as the Americans.
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