Company Report
Eni corporate report
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Report summary
Eni has an ambitious plan to transform its business by 2050. Over the next three decades, production will decline and swing heavily towards gas, renewables generation will materially increase, more refineries will convert to biofuels and other low-carbon uses, and Eni’s product mix will be decarbonised. Eni’s progress can be assessed against comprehensive interim targets, but the plan represents a transition rather than a pivot. There is no abrupt winding down of oil and gas and the build-out of new areas such as wind, solar and biofuels is taking place at a more moderate place than peers such as BP and TotalEnergies. This approach means that Eni has some heavy lifting to do beyond 2030. It is also reliant on the cost-competitive scaling up of nascent fields such as CCS and hydrogen. But Eni has the flexibility to adapt its plan as market and competitor dynamics evolve. This should help the company to maximise returns while also keeping options open in the legacy oil and gas business.
Table of contents
- Dash to gas
- Continuing to leverage exploration strength
- No let up on decarbonisation targets
- Satellite model keeps eyes on the prize
- SWOT analysis
- Overview
- Key targets
- Long-term strategic outlook
- Recent market performance
-
Corporate Resilience and Sustainability ratings
- Resilience
- Strengths
- Weaknesses
- Outlook
- Sustainability
- Strengths
- Weaknesses
- Outlook
- Future strategic moves
- Overview
- Company capex targets
- Company cash flow targets
- Shareholder distributions
- Wood Mackenzie outlook
- Swing factors
-
Overview
- Legacy portfolio
- Growth themes
-
Production
- Overview
- Wood Mackenzie view
- Projects approved for development
- Projects justified for development
- Longer-term view
-
New project returns
- Overview
-
Portfolio renewal
- Overview
- Exploration
- Overview
- Performance
- Exploration outlook
- Business development and M&A
- Discovered resource opportunities in the Middle East and North Africa
- M&A
- Future M&A opportunities
- Overview
- Value and Financials
- Traditional refining
- Chemicals
-
Sustainable Mobility
- Biofuels refining
- Feedstocks
- Retail and marketing
-
Carbon
- Overview
- Emissions reductions targets
- Key targets
- CCUS
-
New Energy
- Overview
- Plenitude (Eni gas and power retail and renewables)
- Low carbon power
- Solar highlights
- Wind Highlights
Tables and charts
This report includes 20 images and tables including:
- Benchmark: market premium/discount to Wood Mackenzie’s NPV10 base valuation
- Benchmark: Q2 2023 gearing (excluding operating leases) versus av. Brent cash flow breakeven 23-25
- Interactive Chart: Wood Mackenzie Upstream Value NPV Detail (Click to drill-down)
- Strategic fit of countries in Eni's portfolio
- Wood Mackenzie’s estimate of Eni’s downstream key financial metrics
- Resilience ratings: 1) IOC benchmarking; 2) Eni ratings weighted by Dimension
- Sustainability ratings: 1) IOC benchmarking; 2) Eni ratings weighted by Dimension
- Wood Mackenzie: Eni production outlook by country
- Majors production: oil versus gas split
- Majors’ average weighted new project returns versus capex spend 2023 to 2050
- Eni: IRRs and Capex for largest development projects
- Main drilling areas - near-field and selected high-impact
- Majors conventional exploration average IRR: 2013 to 2022
- Global Gas and LNG Portfolio
- Eni GGP business model
- Eni Sustainable Mobility
- Wood Mackenzie estimate of renewable power capacity (net)
- Base price assumptions (nominal terms)
- Valuation assumptions
What's included
This report contains:
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