The firms with a positive outlook believe that the stock has the highest dividend yield versus its peers and being one of the cheapest shares in the sector, represents significant value. According to the firms, ENI’s earnings are less exposed to changes in crude prices. They also view ENI’s lack of R&M and Chemicals as a big positive in this environment. Further, the firms contend that one of the main features of ENI’s upstream portfolio is its lower reliance on a handful of large fields, both in its existing portfolio and for its future growth pipeline – except for the Kashagan mega-project. This is in contrast to the growth profile of BP and Shell, both of which are heavily dependent on the delivery of a few key projects (e.g. Thunder Horse for BP, Pearl GTL for Shell). Thus, they can identify more fields contributing to growth at ENI than for BP, Shell or Total.