Company Report

Eni corporate report

25 November 2019

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25 November 2019

Eni corporate report

Report summary

Eni's exploration-led strategy is unique among the Majors. Big discoveries and a turnaround in its project execution will deliver production growth to the middle of the next decade. They will also underpin a more integrated gas business and global LNG ambitions. Finances are in good shape, supporting the capture of new low-cost oil resource, the next phase of investment and potential to go after growth opportunities, in both upstream and downstream. Renewables and decarbonisation are also more prominent strategically as Eni starts to position itself for the energy transition unfolding.

SWOT analysis
- Overview
- Key targets
- Long-term strategic outlook
- Recent market performance
- Future strategic moves
- Overview
- Company capex targets
- Company cash flow targets
- Shareholder distributions
- Wood Mackenzie outlook
Current strategic positioning
- Overview
- Legacy portfolio
- Growth themes
- Middle East pivot
Production outlook
- Wood Mackenzie view
- Longer-term view
New project returns
- Overview
Portfolio renewal
- Overview
- Exploration
- Overview
- Recent exploration performance
- Strategic differentiators in exploration
- Exploration outlook
- Business development and M&A
- Overview
- Discovered resource opportunities (DROs) in the Middle East and North Africa
- M&A
- Overview
- Eni's LNG ambitions
- Wood Mackenzie view
- Long-term LNG outlook
- Retail
- Overview
- Recent strategic moves: the ADNOC deal
- Eni refining outlook
- Chemicals
- Overview
- Renewable technologies: strategic priorities
Valuation
Investment
- Wood Mackenzie base case investment and cost metrics
Production
- Wood Mackenzie base case production metrics
Reserves and resources
- Wood Mackenzie base case reserves and resources metrics

Tables and charts

This report includes 44 images and tables including:

Upstream EV vs. Upstream NPV10
Upstream portfolio sensitivities vs. NPV10

Current NPV10 vs. Future NPV10
Base case upstream NPV10
Benchmark: share price performance
Benchmark: market rating to WM NPV10
Gearing (without operating leases)
Majors corporate cash flow breakeven
Interactive Chart: Wood Mackenzie Upstream Value NPV Detail (Click to drill-down)
Strategic fit of upstream regions
Benchmark: NPV10 by resource theme
Wood Mackenzie: Eni production outlook by country
Eni production outlook
Benchmark: Majors’ production outlook
Eni’s new project returns
Benchmark: Majors’ new project returns
Benchmark: conventional resource additions
Benchmark: conventional exploration returns
Benchmark: Majors' deal spend 2014-2019*
Benchmark: net resource additions 2014-2019
Eni: contracted LNG supply 2019 vs. 2025
Benchmark: Majors' contracted LNG
Refining capacity and NCM: Eni vs. peers 2018-2022
Refining and retail capacity: Eni vs. peers 2018
Forecast development expenditure (nominal)
Forecast operating expenditure (nominal)
New project returns
Reported costs
Reported and WM forecast production
Oil vs. Gas
Liquid production
Gas production
Total reserves: Wood Mackenzie commercial
Commercial and subcommercial reserves by region
Total reserves: reported vs Wood Mackenzie
Reserve life: reported vs Wood Mackenzie
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