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’.