Eni S.p.A. (NYSE:E) shares are trading higher on Monday. The company disclosed the successful completion of the sale of 100% of its Nikaitchuq and Oooguruk assets in Alaska to Hilcorp for a total value of $1 billion.

The transaction, approved by all relevant authorities, aligns with Eni’s strategy to streamline its upstream portfolio by divesting non-core assets.

This sale contributes to Eni’s financial goal of generating 8 billion euros in net portfolio inflows under its 2024-27 plan. Eni now expects to reach this target by 2025, which is ahead of schedule.

The company’s proceeds are expected to come from high-grading its Upstream portfolio, reducing ownership in major exploration finds, and securing new capital through Eni’s satellite strategy to fuel growth in its transition businesses, reinforcing value creation.

Last month, ENI reported a third-quarter adjusted EBIT decline of 14% Y/Y to €3.4 billion, despite a 2% rise in hydrocarbon production and growth in LNG trading.

ENI raised its 2024 share buyback target by 25% to €2 billion and projects €1.70 million boe/d in hydrocarbon production for FY24.

Also Read: KKR Acquires 25% Stake In Enilive, Supporting Eni’s Push For Energy Transition

Price Action: E shares are up 1.02% at $30.61 at the last check Monday.

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This article Eni Completes $1 Billion Alaska Asset Sale, Fast-Tracks Portfolio Goal: Details originally appeared on Benzinga.com

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