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Eni corporate report

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16 December 2021

Eni corporate report

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

  • Ambitious decarbonisation targets
  • Measured growth of low-carbon businesses
  • Continuing to leverage exploration strength
  • Structural flexibility to follow market signals
  • 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
  • Swing factors
    • Legacy portfolio
    • Growth themes
    • Overview
    • Wood Mackenzie view
    • Projects approved for development
    • Projects justified for development
    • Longer-term view
    • Overview
    • Overview
    • Exploration
    • Overview
    • Performance
    • Exploration outlook
    • Business development and M&A
    • Discovered resource opportunities (DROs) in the Middle East and North Africa
    • M&A
    • Future M&A opportunities
  • Overview
  • Value and Financials
    • Traditional
    • Biofuels
    • Refining outlook
  • Chemicals
  • Retail and marketing
    • Overview
    • Emissions reductions targets
    • Key targets
    • Overview
    • Plenitude (Eni gas and power retail and renewables)
    • Low carbon power
    • Solar highlights
    • Wind Highlights

Tables and charts

This report includes 18 images and tables including:

  • Benchmark: market premium/discount to Wood Mackenzie’s NPV10 base valuation
  • Benchmark: Q4 2021 gearing (excluding operating leases) versus av. Brent cash flow breakeven 22-24
  • Interactive Chart: Wood Mackenzie Upstream Value NPV Detail (Click to drill-down)
  • Strategic fit of countries within Eni's portfolio
  • Wood Mackenzie’s estimate of Eni’s downstream key financial metrics
  • Wood Mackenzie: Eni production outlook by country
  • Majors’ production: oil versus gas split
  • Majors’ average weighted new project returns versus capex spend to 2035
  • Eni: IRRs and Capex for largest development projects
  • Main basins and discovery expectations in Eni’s 2021-2024 plan
  • Majors conventional exploration average IRR: 2011 to 2020
  • Contracted LNG supply
  • Benchmark: European refining capacity vs NCM in 2022
  • Wood Mackenzie estimate of renewable power capacity (net)
  • Base price assumptions (nominal terms)
  • Valuation assumptions
  • Foreign exchange rate assumptions

What's included

This report contains:

  • Document

    Eni corporate report

    PDF 2.11 MB