Eni S.p.A (E) , the Italy-based integrated energy company, is set to invest nearly 24 billion euros over the next four years in several projects in Algeria, Libya and Egypt. Eni’s CEO, Claudio Descalzi, mentioned that this investment is aimed at amplifying energy production in North Africa. This investment will help Eni solidify its presence in the region’s energy sector.Eni is a major foreign investor in North Africa’s energy market. The investment would also contribute to the Roman government’s Mattei Pla ...

Core Viewpoint - Eni SpA is advancing its strategy to sell a minority stake in its retail and renewables business, Plenitude, with an expected valuation exceeding €10 billion (~$11 billion) including debt [1][2]. Group 1: Stake Sale Details - Eni has received binding offers from five bidders for a further stake in Plenitude, indicating strong investor interest despite market volatility [2][3]. - The exact size of the stake being offered and the identities of the bidders have not been disclosed [3]. - Eni is entering negotiations regarding governance terms and contract specifics with potential investors [3]. Group 2: Strategic Context - The sale aligns with Eni's "satellite strategy," aimed at raising funds to support energy transition by divesting stakes in high-growth units [4]. - Recently, Eni sold 30% of its biofuels unit Enilive to KKR, a U.S.-based private equity firm [4]. - Over the next four years, Eni anticipates its satellite operations, including Plenitude and Enilive, to generate approximately €13 billion in cash flow [5]. Group 3: Valuation Insights - There are reports suggesting Plenitude's valuation could rise to €13 billion, although Eni's CFO did not confirm these figures but indicated a premium over the previous valuation [6][7]. - The strong interest from global investors and a clear capital deployment roadmap suggest Eni is balancing energy transition goals with financial prudence [7].

Group 1: Eni's Strategic Moves - Eni SpA is considering additional sales of its upstream oil and gas assets to optimize its portfolio, following a recent agreement with Vitol to sell stakes in assets in the Ivory Coast and the Republic of Congo [1][3] - The deal with Vitol, valued at $1.65 billion, reflects Eni's strategy to streamline its portfolio and attract capital through divestments while advancing energy transition goals [3][4] - Eni's chief operating officer noted significant investor interest in the company's asset divestments, prompting further consideration of additional sales [2][4] Group 2: Market Response and Implications - The potential new sales could enable Eni to reallocate capital more efficiently, invest in energy transition projects, or reduce debt [4] - High investor interest indicates a resilient appetite for upstream oil and gas assets, particularly in Africa, where Eni has a significant presence [4]

Washington, D.C. 20549 ________________________ Form 6-K REPORT OF FOREIGN ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of April 2025 Eni S.p.A. (Exact name of Registrant as specified in its charter) SECURITIES AND EXCHANGE COMMISSION Piazzale Enrico Mattei 1 - 00144 Rome, Italy (Address of principal executive offices) (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.) Form 20-F X Form 40-F ...

Financial Performance - Eni's consolidated financial statements are prepared in accordance with International Financial Standards (IFRS) [18] - The company reported a significant increase in net borrowings, calculated as total finance debt less cash and cash equivalents, indicating a focus on managing financial condition [28] - Eni's leverage ratio, a non-GAAP measure, is calculated as the ratio between net borrowings and shareholders' equity, providing insight into financial stability [28] - The volatility of hydrocarbon prices significantly affects the company's financial performance, with lower prices negatively impacting revenues recognized in the Exploration & Production segment [47] - In 2024, Eni's refining business incurred a loss of €674 million due to reduced crack spreads and weak demand, while the chemical business faced an operating loss of €1,007 million, marking the third consecutive year of losses [65] - Eni's credit exposure to PDVSA amounted to approximately €2.1 billion as of December 31, 2024, reflecting significant overdue trading receivables [128] - The Group has significant credit exposure towards local companies in Nigeria due to historic underperformance in reimbursing amounts owed [129] - Eni disbursed about €0.45 billion to settle an Italian windfall tax levied in 2023 on profits of energy companies [118] - The Group's operations are subject to increasingly high levels of income taxes and royalties, which may impact future results of operations and cash flows [117] - Eni's financial performance may be adversely affected by unfavorable movements in exchange rates, particularly due to its operations being primarily in US dollars while reporting in euros [162] Operational Efficiency - The average reserve life index, which measures the ratio of reserves to total production, is a key indicator of Eni's operational efficiency [29] - The company’s ability to add new reserves through exploration and property purchases is indicated by a reserve replacement ratio higher than 100%, which suggests more reserves were added than produced in the period [36] - Approximately 70% of Eni's total oil and gas production in 2024 came from offshore fields, which are subject to higher operational risks [100] - Eni's production in Libya was 169 kboe/d in 2024, accounting for about 10% of the Group's total production [126] - Eni's future production levels depend on its ability to replace produced reserves through new discoveries and acquisitions [108] Environmental Impact and Sustainability - The company is committed to reducing greenhouse gas emissions, with a specific focus on its carbon efficiency index [30] - Direct greenhouse gas emissions from the company's operations (Scope 1) and indirect emissions from purchased electricity (Scope 2) are critical metrics for assessing environmental impact [36] - Eni's net carbon intensity is a key metric, reflecting the ratio between net GHG lifecycle emissions and the energy content of products sold [36] - The REDD+ scheme aims to reduce emissions from deforestation and forest degradation, aligning with the company's sustainability goals [42] - The company targets to increase the proportion of natural gas in its production mix while gradually reducing the weight of hydrocarbons in its portfolio, aiming for net zero emissions by 2050 [73] - Eni's strategy aims for carbon neutrality by mid-century, focusing on maximizing asset value and restructuring challenged sectors [171] - Eni aims for net zero emissions by 2050 across all industrial activities, with intermediate targets including a 50% reduction by 2024 and 65% by 2025 compared to the 2018 baseline [205] - The company plans to utilize nature-based solutions to offset approximately 20-25 million tons of CO2 per year by 2050, contributing about 5% of total supply chain emissions reduction [205] - Eni's investment in lower carbon activities is expected to represent around 30% of total planned expenditures for the 2025-2028 period [207] - As of December 31, 2024, natural gas proved reserves accounted for approximately 52% of Eni's total proved reserves, positioning the company favorably in terms of GHG emissions [208] - The company has reduced the breakeven price of its reserves through effective exploration and low-complexity developments, enhancing resilience to low-carbon scenarios [209] Market Dynamics and Geopolitical Risks - In 2024, hydrocarbon prices declined by 2.2% for Brent crude oil and 14% for the European spot price of natural gas, leading to a reduction in Exploration & Production operating profit by an estimated €0.7 billion [48] - The OPEC+ alliance, which includes countries like Russia and Kazakhstan, currently holds a spare capacity of 5-6 million bbl/day, representing about 5-6% of the world crude oil and natural gas liquids supply [45] - The transition to a low-carbon economy may lead to structural lower crude oil demands and prices, impacting the worldwide energy mix [43] - The ongoing conflict in Ukraine and geopolitical tensions could derail macroeconomic recovery, negatively affecting demand for hydrocarbons and leading to lower commodity prices [55] - Eni's ability to remain competitive is challenged by volatile prices, limited product differentiation, and competition from larger players in the energy market [60] - The energy transition and increasing regulatory pressures related to climate change could lead to a decline in demand for hydrocarbons, affecting future financial performance [66] - Eni's business heavily relies on global demand for oil and natural gas, which may decline due to laws and regulations promoting alternative energy sources and electric vehicles [81] Regulatory and Compliance Risks - Eni expects to incur significant operating expenses related to compliance with environmental, health, and safety regulations in the coming years [144] - The company is not insured against all potential HSE risks, which could lead to significant liabilities in the event of a major environmental disaster [149] - Eni is subject to significant penalties under the GDPR, with fines up to 4% of global annual turnover for data protection violations [159] - Regulatory risks in Italy may negatively impact Eni's future sales margins in the gas and electricity markets due to potential pricing controls by the Italian Regulatory Authority [141] Strategic Initiatives and Investments - The company plans to invest approximately €33 billion in gross capital expenditures from 2025 to 2028, with a focus on profitable production growth and transitioning to sustainable energy sources [183] - Eni expects to receive about €3.7 billion in fresh funds from private equity investments in its subsidiaries Enilive and Plenitude, aimed at supporting their independent growth [179] - The company has established a new joint venture with Ithaca Energy, combining UK oil and gas assets, resulting in a 37% interest in the new entity [182] - Eni's refining and chemical businesses are being restructured to focus on biorefineries and sustainable products, leveraging proprietary technologies [179] - Eni's management plans to renegotiate long-term gas supply contracts to align pricing with current market conditions, but the outcomes of these negotiations are uncertain [140] Risk Management - Eni has adopted a structured risk management process to assess assets exposed to climate-related risks over various time horizons [197] - Eni's crisis management systems may be ineffective, potentially prolonging disruptions and negatively impacting financial results [157] - Cybersecurity threats pose risks to Eni's IT systems, which could lead to operational disruptions and damage to the company's reputation [158] - Eni faces significant operational risks in development projects, which may lead to cost overruns and delays [103] - Legal risks from climate litigation could impose additional financial burdens on Eni, affecting its operations and business prospects [84] Acquisitions and Financial Liabilities - Eni's acquisition of Neptune Energy in 2024 was valued at €2.4 billion, marking the largest acquisition in recent years, which may involve integration risks [156] - Eni is exposed to a gross amount of approximately €2.1 billion in trade receivables from PDVSA, with uncertain recoverability due to U.S. sanctions [136] - The company faces liquidity risk, which could lead to higher borrowing costs or even jeopardize its ability to continue operations [165] - Eni incurred €555 million in charges related to write-offs of capitalized exploration expenditures due to uneconomic reserves [102] - The estimated total future development and decommissioning costs associated with the Group's proved total reserves are approximately €41.7 billion, compared to €42.6 billion in 2023 [112]

Company Overview - Eni SpA is headquartered in Rome, Italy, and operates in the Oils-Energy sector, with a price change of 13.82% year-to-date [3] - The company currently pays a dividend of $0.35 per share, resulting in a dividend yield of 4.74%, significantly higher than the Oil and Gas - Integrated - International industry's yield of 1.36% and the S&P 500's yield of 1.57% [3] Dividend Performance - Eni SpA's annualized dividend of $1.48 has increased by 2.1% from the previous year [4] - Over the past five years, the company has raised its dividend twice on a year-over-year basis, achieving an average annual increase of 20.12% [4] - The current payout ratio stands at 41%, indicating that the company distributes 41% of its trailing 12-month earnings per share as dividends [4] Earnings Growth Outlook - For the fiscal year, Eni SpA anticipates solid earnings growth, with the Zacks Consensus Estimate for 2025 projected at $3.61 per share, reflecting a year-over-year growth rate of 4.03% [5] Investment Considerations - Eni SpA is considered a compelling investment opportunity due to its strong dividend profile and current Zacks Rank of 3 (Hold) [7] - The company is positioned well for income investors, particularly in contrast to tech start-ups or growth businesses that typically do not offer dividends [6][7]

Company Overview - Eni is an Italian multinational oil company with a market capitalization of over $44 billion [2] Financial Performance - Eni has continued to generate strong cash flow from a global portfolio of assets and has outperformed the market [2] Investment Strategy - The Value Portfolio focuses on building retirement portfolios using a fact-based research strategy, which includes extensive analysis of 10Ks, analyst commentary, market reports, and investor presentations [2]

Core Viewpoint - Eni S.p.A has announced the sale of interests in certain West African assets to Vitol for a total consideration of $1.65 billion, pending regulatory approvals [1] Group 1: Transaction Details - The deal includes Eni's oil and gas-producing assets and exploration blocks in Cote d'Ivoire and the Republic of Congo [2] - Vitol will acquire a 30% participating interest in the Baleine field, where Eni holds a 77.25% ownership, and a 25% participating interest in the Congo LNG project, where Eni has a 65% interest [3] Group 2: Strategic Implications - The agreement strengthens the existing partnership between Eni and Vitol, who have collaborated on projects in Ghana, enhancing Vitol's presence in West Africa [4] - Eni's decision to divest aligns with its upstream strategy to optimize its asset portfolio, focusing on reducing stakes in exploration discoveries to lower financial risk [5] Group 3: Production and Future Prospects - The Baleine field currently produces over 60,000 barrels of oil equivalent, while the Congo LNG project has a production capacity of 1 billion cubic meters per year, with plans to increase to 4.5 billion cubic meters by the end of 2025 [6]

Core Viewpoint - Eni SpA has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Revisions - The Zacks Consensus Estimate for Eni SpA is projected at $3.78 per share for the fiscal year ending December 2025, reflecting a year-over-year increase of 8.9% [8]. - Over the past three months, the Zacks Consensus Estimate for Eni SpA has risen by 5%, indicating a trend of increasing earnings estimates [8]. Impact of Institutional Investors - Changes in earnings estimates are strongly correlated with stock price movements, largely due to institutional investors who adjust their valuations based on these estimates [4]. - An increase in earnings estimates typically leads to higher fair value calculations for stocks, prompting institutional investors to buy or sell, which subsequently affects stock prices [4]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) to Zacks Rank 5 (Strong Sell), and has shown a strong track record of performance [7]. - Only the top 20% of Zacks-covered stocks receive a 'Strong Buy' or 'Buy' rating, indicating superior earnings estimate revisions and potential for market-beating returns [9][10]. Conclusion - The upgrade of Eni SpA to Zacks Rank 2 places it in the top 20% of stocks covered by Zacks, suggesting a favorable outlook for the stock in the near term [10].

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