Eni SpA (E) unveiled a comprehensive capital market update, outlining its strategic plans for the period 2024-2027, on Thursday. Let's delve into the details of Eni's ambitious initiatives.Shareholder Rewards and Distribution PolicyEni intends to initiate a share buyback program amounting to approximately euro 1.1 billion (approximately $1.2 billion) and increase its dividend to euro 1 per share for the current fiscal year. This move accompanies an expansion of its shareholder distribution policy to 30-35% ...

Eni S.p.A (E) , the Italian energy giant, has made a significant hydrocarbon discovery in Block CI-205, off the coast of Côte d’Ivoire. In a meeting held in Abidjan, the President of the country, Alassane Ouattara, and Eni’s CEO, Claudio Descalzi, discussed the company’s activities in the country along with the success of the exploratory well Murene 1X on the discovery, named Calao. The meeting was also attended by Côte d’Ivoire’s prime minister, Robert Beugré Mambé, and the minister of Mines, Petroleum and ...

Eni SpA (E) reported fourth-quarter 2023 diluted earnings per share of 5 cents, which declined from the year-ago quarter’s 21 cents.Total quarterly revenues of €25 billion declined from the €31.8 billion recorded a year ago.Quarterly earnings resulted from lower average realized commodity prices.Operational PerformanceThe company operates through four business segments — Exploration & Production, Global Gas & LNG Portfolio, Enilive Refining and Chemicals, and Plenitude & Power.Exploration & ProductionThe to ...

Eni S.p.A. (NYSE:E) Q4 2023 Q4 2023 Earnings Conference Call February 16, 2024 8:00 AM ET Company Participants Claudio Descalzi - Chief Executive Officer Francesco Gattei - Chief Financial Officer Cristian Signoretto - Deputy Chief Operating Officer, Natural Resources Guido Brusco - Chief Operating Officer, Natural Resources Stefano Ballista - Chief Executive Officer, Eni Sustainable Mobility Adriano Alfani - Chief Executive Officer, Versalis Conference Call Participants Biraj Borkhataria - Royal Bank of Ca ...

Eni SPA (E) has completed the acquisition of the U.K.-based independent Neptune Energy in a deal valued at $4.9 billion.The acquisition encompasses Neptune Energy’s extensive portfolio, excluding its operations in Norway and Germany. Eni's Norwegian subsidiary, Vaar Energi, acquired Neptune Energy’s assets in Norway.Vaar Energi acquired Neptune Energy's business in Norway separately before the completion of the overall transaction. Activities in Germany were carved out and will continue to be owned and oper ...

Eni SpA (E) confirmed its decision to establish Italy’s third bio-refinery in Livorno, marking a significant step in the company’s commitment to decarbonization and meeting ambitious environmental targets.Eni is set to convert its existing 84,000-barrel-per-day conventional crude oil refinery in Livorno into Italy's third biorefinery. The Livorno refinery’s transformation aligns with the company’s broader goal of achieving carbon neutrality by 2050 and increasing its bio-refining capacity from 1.65 million ...

Eni S.p.A. (NYSE:E) Q3 2023 Earnings Conference Call October 27, 2023 8:00 AM ET Cristian Signoretto - Deputy Chief Operating Officer, Natural Resources Stefano Ballista - Chief Executive Officer, Eni Sustainable Mobility Conference Call Participants Oswald Clint - Bernstein Michele Della Vigna - Goldman Sachs Massimo Bonisoli - Equita Welcome to Eni's 2023 Third Quarter Results Conference Call hosted by Mr. Francesco Gattei, Chief Financial Officer. For the duration of the call, you will be in listen-only ...

Eni S.p.A. (NYSE:E) Q2 2023 Earnings Conference Call July 28, 2023 8:00 AM ET Claudio Descalzi – Chief Executive Officer Cristian Signoretto – Deputy Chief Operating Officer-Natural Resources Conference Call Participants Oswald Clint – Bernstein Alastair Syme – Citi Henri Patricot – UBS Martijn Rats – Morgan Stanley Bertrand Hodee – Kepler Cheuvreux Operator Company Participants Guido Brusco – Chief Operating Officer-Natural Resources Francesco Gattei – Chief Financial Officer Biraj Borkhataria – RBC Alessa ...

Baleine FPSO in Côte d'Ivoire 2 This document contains forward-looking statements regarding future events and the future results of Eni that are based on current expectations, estimates, forecasts, and projections about the industries in which Eni operates and the beliefs and assumptions of the management of Eni. In addition, Eni's management may make forwardlooking statements orally to analysts, investors, representatives of the media and others. In particular, among other statements, certain statements wi ...

Financial Data and Key Metrics Changes - Adjusted net profit increased by 17% quarter-over-quarter to €2.9 billion despite an 8% decline in oil prices and a significant drop in gas prices [10] - Cash flow from operations was notably strong at €5.3 billion, only 6% lower year-on-year and nearly 30% higher compared to the last quarter of 2022 [20] - Net debt remained flat at a historically low level, indicating financial resilience and flexibility [12] Business Line Data and Key Metrics Changes - The upstream segment showed resilient profitability, with production flat year-on-year but up 2.4% sequentially, aligning with guidance for 2023 [22][23] - GGP (Gas and Power) achieved record EBIT, benefiting from market volatility and strong performance despite lower gas prices [63] - Downstream performance was impacted by high levels of planned refinery maintenance, but sustainable mobility and trading contributed positively [54] Market Data and Key Metrics Changes - The European gas market is expected to be less critical this summer compared to the previous year, with higher storage capacity easing price pressures [45] - The company anticipates more volatility in the winter due to unpredictable weather conditions [46] - The Italian and European markets are seeing a shift towards biofuels, with mandatory quantities increasing annually [32] Company Strategy and Development Direction - The company is focusing on biofuel investments in Europe and the U.S., with plans to expand into the Far East [2] - A joint venture with PBF Energy aims to establish a biorefinery in Louisiana, contributing to a target of over 3 million tonnes of biorefinery capacity by 2025 [39] - M&A activity is a key part of the strategy, with recent acquisitions aimed at enhancing portfolio value and sustainability [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to changing market conditions, particularly in the gas sector following the loss of Russian supply [46][120] - The outlook for GGP remains strong, with expectations for continued profitability despite market volatility [76] - The company is on track to achieve a 50% replacement of Russian gas by 2022-2023 and aims for 80% by 2023-2024 [46] Other Important Information - The Livorno lubricant refinery is undergoing maintenance, with plans to transform it into a biorefinery [14] - The company confirmed a buyback plan of €2.2 billion and an increase in dividends to €0.94 per share [31] - The company is targeting a shift in production mix to 60% gas by 2030, with ongoing projects in various regions [65] Q&A Session Summary Question: Can you provide insights on cash flow guidance and underlying performance? - Management confirmed that cash flow from operations is improving, with a reduction in expected negative impacts from gas prices and foreign exchange rates [4][5] Question: What is the status of new gas opportunities in Cyprus and Australia? - Management indicated that recoverable volumes from Cyprus are still being assessed, with potential for new gas opportunities in the future [6][26] Question: How is the Livorno refinery project progressing? - The Livorno refinery is in maintenance, with plans for transformation into a biorefinery expected to be finalized by summer or early autumn [14] Question: What are the expectations for the European gas market this summer? - The company expects a less critical summer compared to last year, with higher storage levels easing price pressures [45] Question: Can you elaborate on the strategic partnership with ADNOC? - The partnership aims to explore opportunities for reducing emissions and developing carbon capture projects in the UAE and internationally [99]