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18 July 2016

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.

Table of contents

  • Other Eni research
    • SWOT analysis
    • 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
    • Legacy assets
    • Development pipeline
      • Assets under development
      • Yet-to-be sanctioned projects
    • Production overview
  • Key success factors
  • Economic assumptions

Tables and charts

This report includes 39 images and tables including:

  • Relative share price performance
  • Market premium/discount to WM Base Case NPV10
  • Cash flow breakevens
  • Benchmarking: upstream cash flow breakevens (2016 to 2018)
  • Net debt outlook
  • Benchmarking: upstream base case cash flow outlook
  • Eni upstream investment (2016-2020)
  • Benchmarking: development spend (2016-2020)
  • Reserves and resource detail
  • Benchmarking: reserves and resources detail
  • Benchmarking: WM reserves replacement (2010-2015)
  • Top legacy assets by value
  • Key growth assets by value
  • 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
  • Executive summary: Table 1
  • Strategic fit of upstream regions
  • Benchmarking: NPV10 by resource theme
  • Benchmarking: capex intensity
  • Benchmarking: pre-FID new project returns
  • Benchmarking: production CAGR
  • Production outlook
  • Benchmarking: total production
  • Benchmarking: % gas production
  • 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

What's included

This report contains:

  • Document

    Eni Update Q2 2016.xls

    XLS 3.68 MB

  • Document

    Eni corporate report

    PDF 2.30 MB

  • Document

    Eni corporate report

    ZIP 3.29 MB

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