Company report
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23 Pages

Eni corporate report


Eni corporate report

Report summary

Eni’s outstanding exploration success over the past decade has differentiated the company from the rest of the Majors. The giant 2015 Zohr discovery in Egypt has, in particular, been a game changer. Sanctioned in 2016 – one of the very few projects globally to receive FID – Zohr will drive outperformance on post-2020 production growth metrics. Finances are also in good shape. Recent asset disposals have helped bring down gearing down to one of the lowest levels in the peer group.

What's included?

This report includes 2 file(s)

  • Eni corporate report PDF - 2.29 MB 23 Pages, 8 Tables, 31 Figures
  • Eni Update Q2 2016.xls XLS - 3.68 MB

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company report offers thought-provoking insight into corporate financial health, investment strategy and operational outlook supported by our proprietary asset data and energy research experts.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Executive summary
    • SWOT analysis
  • Strategy
    • Current strategic positioning
    • Strategic priorities
      • 1. Capital discipline: focus on achieving cash flow neutrality in the near-term
      • 2. Protecting the base business; preparing for the new phase of growth
      • 3. Maintaining exploration excellence
      • 4. Opportunities for inorganic growth
  • Financial health
  • Investment
    • Legacy assets
    • Development pipeline
      • Assets under development
      • Yet-to-be sanctioned projects
  • Resources, reserves and production
    • Production overview
  • Key success factors
  • Economic assumptions

In this report there are 39 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Strategy
    • Relative share price performance
    • Market premium/discount to WM Base Case NPV10
    • Strategic fit of upstream regions
    • Benchmarking: NPV10 by resource theme
    • Benchmarking: capex intensity
    • Benchmarking: pre-FID new project returns
    • Benchmarking: production CAGR
    • Benchmarking: future exploration spend per boe
    • Top ten probable project by projected capex
    • Sensitivity: Zohr NPV10 to Eni
    • Strategy: Image 11
    • Benchmarking: IRR for pre-FID LNG projects
    • Mozambique LNG capex, net to Eni
    • Cash flow by development status
    • Top eight projects by production 2020-2030
    • Net conventional acreage additions (Q1 2015 to Q1 2016)
    • Net deepwater acreage breakdown
  • Financial health
    • Cash flow breakevens
    • Benchmarking: upstream cash flow breakevens (2016 to 2018)
    • Net debt outlook
    • Benchmarking: upstream base case cash flow outlook
  • Investment
    • Eni upstream investment (2016-2020)
    • Benchmarking: development spend (2016-2020)
  • Resources, reserves and production
    • Reserves and resource detail
    • Benchmarking: reserves and resources detail
    • Benchmarking: WM reserves replacement (2010-2015)
    • Production outlook
    • Benchmarking: total production
    • Benchmarking: % gas production
  • Key success factors
    • Top legacy assets by value
    • Key growth assets by value
  • Economic assumptions
    • Base price assumptions (nominal terms)
    • Base price assumptions (nominal terms)
    • Base, high and low Brent (nominal terms)
    • High price assumptions
    • Low price assumptions
    • Valuation assumptions
    • Foreign exchange rate assumptions
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