Tenaris Q2 Earnings Call Highlights

Impact · against what's priced in

Tenaris faces a material headwind as it removes the reopening of the Strait of Hormuz from its base-case forecast, creating a long-term revenue gap for Middle Eastern markets. This is partially offset by stronger U.S. drilling activity and expected Q4 pricing improvements, while Eni and TotalEnergies benefit from the sanctioning of the Cronos project.

ENI+0.30

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In context

The sanctioning of the Cronos project drives new offshore pipeline and supply requirements, supporting growth in the project backlog.

Read from the article alone

• earnings▲4%
• geopolitics
• dividends
• ENI
• TS
• TTE
• middle east
• north america
• oil gas
• shipping