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Strategy update: Eni Strategy 2020 (Part II)

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06 August 2020

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

    • 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:

  • Document

    Strategy update: Eni Strategy 2020 (Part II)

    PDF 2.80 MB