Insight
Strategy update: Eni Strategy 2020 (Part II)
Report summary
Eni provided another material update to its four-year Strategic Plan with its Q2 2020 results. ‘Accelerating the Energy Transition’ was the big theme. Near-to-medium-term capital allocation has been reimagined. Most significantly, a new, variable, dividend policy has been introduced. A sharp reduction in upstream capex will be met with an increase in green spend. Long-term carbon and renewables targets are intact. Preparing for a low-carbon future is a top strategic priority. Earlier this year, the Italian Major overhauled its business structure for the Energy Transition. The Energy Evolution group is set to drive the company’s long-term growth and value; the Natural Resources unit is meant to remain ‘selective and sustainable’.
Table of contents
-
Strategy Day 2020 – an update
- Overview
- Our take
- 1. Dividend reset
- Shareholder returns
- Wood Mackenzie view
- 2. Capital allocation
- Planning investment
- 3. Decarbonisation drive
- 4. Upstream outlook
- Production growth
- Exploration
Tables and charts
This report includes 6 images and tables including:
- Eni Strategic Framework
- New Dividend Policy
- Eni corporate cash flow breakevens
- Latest Eni Group Capex Guidance
- Eni Decarbonisation Targets
- Eni production guidance
What's included
This report contains:
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