Company Overview

Eni S.p.A. is a prominent multinational company headquartered in Italy, primarily operating within the oil and gas industry. The Italian government holds a significant stake of 30.5% in the company. As of August 2025, Eni boasts a market capitalization of $53.08 Billion USD, positioning it as one of Europe's major integrated energy corporations.

Business Operations and Global Presence

Eni's operations encompass the exploration, development, and production of hydrocarbons, alongside the supply and marketing of gas, liquefied natural gas (LNG), and power. The company is also involved in refining and marketing petroleum products, producing and marketing basic petrochemicals, plastics, and elastomers, and commodity trading. Its core business segments include Exploration & Production, Gas & Power, and Refining & Marketing.

The company maintains an extensive global footprint with operations across multiple continents. Eni SpA actively explores for and produces hydrocarbons in Italy, Africa, the North Sea, the Gulf of Mexico, Kazakhstan, and Australia. It is involved in both the production of natural gas and its import for sale in Italy and other parts of Europe, utilizing pipeline transportation for natural gas distribution.

Production and Reserves

In 2024, Eni produced approximately 0.8 million barrels of liquids and 4.8 billion cubic feet of natural gas per day. As of the end of 2024, Eni held reserves equivalent to 6.5 billion barrels of oil, with 46% comprising liquids. Upstream production was expected to be around 1.7 million barrels per day for the full year 2024.

Financial Performance and Strategic Execution

Eni delivered robust operating and financial results in 2024, driven by the consistent execution of its value-unlocking strategy, technological expertise, high-quality asset portfolio, distinctive satellite model, and capital discipline. The separate draft financial statements for the parent company, ending December 31, 2024, reported a net profit of €6,419 million.

Key Financial Metrics for 2024

- Enilive and Plenitude Combined EBITDA: €1.9 billion in 2024, meeting the overall annual target.

- Shareholder Returns 2024: €5.1 billion distributed through dividends and an increased share buy-back program of €2 billion (80% completed by year-end). These returns were enabled by portfolio actions executed faster and for better value than planned.

- Group Leverage: Achieved 15% on a pro-forma basis, reflecting better-than-anticipated progress in portfolio activities.

Q3 2024 Performance

Eni SpA reported a pro-forma adjusted EBITDA of EUR3.4 billion and cash flow from operations of EUR2.9 billion for Q3 2024, demonstrating resilience amidst a challenging market environment.

- Pro Forma Adjusted EBITDA (Q3 2024): EUR3.4 billion

- Cash Flow from Operations (Q3 2024): EUR2.9 billion (EUR10.7 billion for the nine months)

- Capital Expenditure (Q3 2024): EUR2 billion (EUR6.1 billion for the nine months, expected to be below EUR9 billion for the year)

- Share Buyback (Q3 2024): EUR560 million (planned increase to EUR2 billion for 2024)

- Dividend: First tranche of the annual EUR1 dividend was paid in September, marking a 6% increase from the previous year.

Energy Transition Strategy and Satellite Model

Eni has successfully implemented a distinctive satellite model to drive its energy transition strategy. The company confirmed the effectiveness of this model in establishing separate low-carbon entities. In 2024, landmark investments were made by KKR in Enilive (acquiring a 25% interest) and by EIP in Plenitude (increasing its stake up to 10%), totaling €3.1 billion. These investments attracted aligned capital to fund independent growth and unlock value for the parent company.

Enilive Operations

In 2024, Enilive's installed renewable capacity grew by 37% to 4.1 GW, and biorefinery throughputs increased by 29%. The company's first bio-jet plant in Sicily commenced operations. Enilive expects its pro-forma EBITDA to rise from €1 billion in 2024 to over €1.6 billion by 2027.

Plenitude Growth

Eni is consolidating its renewable and low-carbon businesses into a separate entity named Plenitude, with potential for a future public listing. Installed renewable capacity at Plenitude increased to 4 GW in 2024 and is projected to more than double to over 8 GW by 2027, with an aim to reach over 15 GW by 2030, maintaining a strong growth trajectory.

Strategic Investments and Partnerships

Eni SpA confirmed a EUR2.9 billion investment by KKR for a 25% stake in Enilive, which supports growth and validates the value created by the satellite model. In February 2025, following the initial transaction, an agreement was reached with KKR to increase its interest in Enilive by an additional 5%, bringing its total stake to 30% and further strengthening the partnership.

Exploration Success and Future Growth

Exploration activities in the past year yielded excellent results, proving up 1.2 billion barrels of oil equivalent (Bboe) in resources. This success sets the stage for a new gas-driven growth phase, driven by material discoveries off Indonesia and Cyprus. Continued exploration success has provided the Group with significant options for early monetization and value creation.

Shareholder Returns and Capital Allocation

These strategic and operational successes have enabled Eni to remunerate its shareholders with competitive yields while progressing towards its carbon neutrality targets, all underpinned by robust economic sustainability. The company plans to resolve the fourth dividend installment for 2024 in April 2025.

Eni continues to solidify its position as a leading integrated energy company by balancing its traditional hydrocarbon operations with substantial investments in renewable energy and low-carbon technologies. This strategic approach demonstrates its commitment to the energy transition while consistently delivering strong financial performance and shareholder returns.