Financial Performance - Eni's consolidated financial statements are prepared in accordance with International Financial Standards (IFRS) [22] - The company reported a significant increase in identified net gains, reflecting improved operational performance and market conditions [31] - Eni's leverage ratio, calculated as net borrowings to shareholders' equity, indicates a strong financial position [31] - Eni's total shareholder return (TSR) reflects a positive trend, indicating strong market performance and investor confidence [31] - The company forecasts a Brent crude oil price of $85/bbl for 2023, estimating cash flow from operations to vary by approximately €0.13 billion for each $1 change in Brent price [55] - The capital budget for 2023 is projected to be about €9.5 billion, reflecting a 15% increase compared to 2022 [56] - The Group recognized a cash expense of about €1.04 billion for a one-off windfall tax on profits in Italy [129] - A tax expense of about €1 billion was recognized due to the EU's windfall levy on hydrocarbons sector profits exceeding historical averages [130] - The Group's net income was affected by extraordinary tax charges totaling about €2.4 billion, reducing yearly cash flow by about €1.1 billion [132] Production and Reserves - The average reserve life index shows a healthy ratio of reserves to total production, ensuring long-term sustainability [32] - Eni is focusing on enhancing recovery techniques to increase production efficiency from existing wells [33] - The company plans to increase the share of natural gas production in its portfolio to 60% by 2030, which may increase the variability of results due to natural gas market volatility [55] - In 2022, approximately 71% of Eni's total oil and gas production derived from offshore fields, primarily in regions such as Egypt, Norway, and Libya [97] - As of December 31, 2022, approximately 37% of the Group's total estimated proved reserves (by volume) were undeveloped, requiring significant capital expenditures for recovery [121] - Eni's future production levels are highly dependent on the success of exploration projects and the ability to replace produced reserves [115] Market Dynamics - Global upstream capital expenditures increased by approximately 20% in 2022 compared to 2021, primarily due to cost inflation [44] - Brent crude oil prices spiked to nearly $140/bbl following the onset of Russia's military operations in Ukraine, before retreating as fears of supply disruptions eased [44] - The average price of Brent crude oil remained in the $100-120/bbl range during the first half of 2022, driven by post-pandemic recovery and increased demand [44] - The current level of global upstream investment is insufficient to maintain oil production at the necessary level of 100 million barrels/day to meet global demand [44] - Global demand for crude oil increased by approximately 2 million bbl/d in 2022, reaching about 99.6 million bbl/d, nearly in line with 2019 levels [51] Strategic Initiatives - The company is investing in new technologies for the development of second and third generation feedstocks, aiming to reduce competition with food supply [32] - Eni is expanding its LNG portfolio, with plans to increase liquefaction capacity to meet growing global demand [33] - Eni is actively pursuing strategic partnerships and acquisitions to enhance its market position and operational capabilities [32] - The company anticipates continued growth in the renewable energy sector, aligning with global sustainability goals [31] Environmental and Regulatory Risks - Eni's operations are exposed to environmental risks, including potential oil spills and other incidents that could have material adverse effects on its financial condition [98] - The company expects to incur significant operating expenses related to compliance with environmental, health, and safety regulations in the foreseeable future [170] - Eni may incur significant environmental expenses and liabilities in the future due to unknown contamination and ongoing litigation, which could adversely affect its financial condition and shareholder returns [202] - Eni's financial performance heavily relies on the legacy business of Exploration & Production, which may be adversely affected by declining demand for hydrocarbons due to regulatory changes [176] - Eni faces increasing legal risks from climate-based litigation, which could result in significant financial liabilities [184] Geopolitical and Market Influences - The geopolitical situation in Libya continues to pose risks and uncertainties to Eni's operations and financial results [144] - Venezuela's financial stress and international sanctions have negatively impacted the country's production levels and fiscal revenues, affecting Eni's operations [145] - Eni's operations in Nigeria have been negatively impacted by ongoing oil theft at onshore pipelines [148] - The company is exposed to risks from evolving sanctions against Russia and Venezuela, which could materially affect its business and financial conditions [150][151] Financial and Operational Risks - Eni's credit risk has increased due to a significant rise in energy commodity prices, impacting the financial condition of its counterparties, particularly in the retail gas and power business [218] - The company has experienced a significant level of counterparty defaults, exacerbated by weak economic growth and the COVID-19 recession, leading to increased credit loss provisions in 2022 [218] - Eni's operations are heavily reliant on the reliability and security of its IT systems, which are susceptible to cyber threats and could adversely impact business operations [208] - Non-compliance with data protection laws could expose Eni to regulatory investigations, fines, and damage to its reputation, potentially affecting shareholder returns [210]

SECURITIES AND EXCHANGE COMMISSION 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 March 2023 Eni S.p.A. (Exact name of Registrant as specified in its charter) 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- ...

Eni S.p.A. (NYSE:E) Q3 2022 Earnings Conference Call October 28, 2022 8:00 AM ET Company Participants Francesco Gattei - CFO Giuseppe Ricci - COO, Energy Evolution Division Guido Brusco - COO, Natural Resources Aldo Napolitano - EVP Exploration Projects Management Cristian Signoretto - Deputy COO, Natural Resources Conference Call Participants Irene Himona - Societe Generale Massimo Bonisoli - Equita Biraj Borkhataria - RBC Capital Markets Henri Patricot - UBS Oswald Clint - Sanford C. Bernstein & Co. Marti ...

Eni S.p.A. (NYSE:E) Q2 2022 Results Earnings Conference Call July 29, 2022 8:00 AM ET Company Participants Claudio Descalzi - Chief Executive Officer Francesco Gattei - Chief Financial Officer Giuseppe Ricci - Chief Operating Officer of Energy Evolution Cristian Signoretto - Deputy of Chief Operating Officer, Natural Resources Stefano Goberti - Chief Executive Officer, Eni gas e luce Guido Brusco - Chief Operating Officer, Natural Resources Conference Call Participants Irene Himona - Société Générale Oswald ...

Eni S.p.A. (NYSE:E) Q1 2022 Earnings Conference Call April 29, 2022 8:00 AM ET Company Participants Francesco Gattei - CFO Guido Brusco - Chief Operating Officer Natural Resources Cristian Signoretto - Deputy of COO of Natural Resources Giuseppe Ricci - COO of Energy Evolution Division Cristian Signoretto - Deputy of COO of Natural Resources Luca-Bertelli - Chief Exploration Officer Stefano Goberti - Chief Executive Officer Conference Call Participants Michele Della Vigna - Goldman Sachs Irene Himona - Soci ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECT ...

Financial Data and Key Metrics Changes - In Q3 2021, Eni reported a net profit adjusted for the first nine months of EUR 2.6 billion, exceeding pre-COVID levels from 2019, driven by EUR 1.4 billion in Q3, marking one of the strongest results since 2013 [10][29] - The cash flow from operations before working capital for the first nine months was strong at EUR 8.1 billion, covering CapEx of EUR 4 billion [26][29] - The company expects a cash flow from operations close to EUR 12 billion for 2021, with a potential increase to around EUR 13 billion if current forward prices are confirmed [26][27] Business Line Data and Key Metrics Changes - In the Upstream segment, production reached 1.66 million barrels per day in the first nine months, with adjusted EBIT at EUR 5.7 billion [15][19] - The Retail & Renewables segment reported a pro forma EBITDA of EUR 440 million, a 35% increase year-on-year, with expectations for an EBITDA of EUR 600 million by year-end [19] - The Refining & Marketing (R&M) segment turned positive with an EBIT of EUR 150 million in the last quarter, driven by higher focus and asset optimization [20] Market Data and Key Metrics Changes - Brent crude prices returned to around $85 per barrel, while gas prices reached historical records of $30 per million BTU in European markets [4][5] - The company registered a positive EBIT in the GGP segment, expecting to exceed EUR 500 million of EBIT and EUR 300 million of free cash flow for 2021 [18] Company Strategy and Development Direction - Eni is focused on capital discipline to reduce cash neutrality and accelerate decarbonization plans through new technology deployment [5][10] - The company is pursuing a business combination in Angola and reviewing the ownership structure of Vår Energi, which could include a potential IPO in 2022 [8][14] - Eni aims to enhance its portfolio through business combinations and is actively restructuring to create growth-oriented autonomous vehicles [12][29] Management's Comments on Operating Environment and Future Outlook - Management noted that the recovery of the global economy and energy demand is accelerating, but supply weaknesses persist due to years of underinvestment [3][4] - The company expects production to recover further in Q4 2021, with a target of around 1.76 million barrels per day [15] - Management expressed confidence in the growth of the renewable energy sector and the potential for sustainable aviation fuel, despite increasing competition [42][45] Other Important Information - Eni's HyNet CCS project in the UK was accepted as a Track-1 project, allowing access to GBP 1 billion in government funding [8] - The company is developing agro initiatives in Africa to secure biofeedstock supply for biorefinery and biochemical capacity growth [25] Q&A Session All Questions and Answers Question: Renegotiation gains impacting GGP in Q4 - Management confirmed that the renegotiation aimed to reduce exposure to the PSV-TTF spread, with cash benefits expected next year while most EBIT will be accrued this year [34] Question: Impact of high prices on R&R business - Management stated that they have not suffered drawbacks from high prices due to being fully covered for deliveries, and credit risk has not been significantly impacted [35] Question: Cash distribution to shareholders - Management acknowledged the flexible dividend strategy and indicated that future distribution policies will be considered in the context of long-term planning [40] Question: Biofuels and competition - Management highlighted the competitive landscape for sustainable aviation fuel but emphasized their technological advantages and robust growth plans [42][45] Question: Vår Energi strategic rationale - Management explained that Vår Energi is a success story and a partial divestment could free up cash for future growth opportunities [48] Question: Mozambique production start-up - Management confirmed that Coral floating LNG is expected to start production in the second half of 2022 [50] Question: Cost inflation pressures - Management noted that upstream projects are under fixed contracts, limiting the impact of raw material price fluctuations, but they are preparing for potential future increases [92] Question: Capital allocation priorities - Management indicated that the capital raised from IPOs will be used for deleveraging, maintaining an attractive distribution policy, and improving the company structure [95]

Eni SpA (NYSE:E) Q2 2021 Earnings Conference Call July 30, 2021 8:00 AM ET Company Participants Claudio Descalzi - CEO, GM & Director Andrea Gemma - Director Alberto Chiarini - CEO, Eni gas e luce SpA Francesco Gattei - CFO Conference Call Participants Biraj Borkhataria - RBC Capital Markets Massimo Bonisoli - Equita Operator Good afternoon, ladies and gentlemen, and welcome to Eni's first half 2021 Results Conference Call, hosted by Mr. Claudio Descalzi, Chief Executive Officer. [Operator Instructions]. I ...

Financial Data and Key Metrics Changes - Eni's adjusted EBIT for Q1 2021 was €1.3 billion, flat compared to Q1 2020, but 2.7 times higher than the previous quarter [5] - Adjusted net profit was €0.27, five times higher than Q1 2020 [5] - Cash flow from operations (CFFO) was €1.96 billion, exceeding capital expenditures (CapEx) of €1.4 billion, maintaining leverage flat at 31% [10][20] Business Line Data and Key Metrics Changes - Upstream production was 1.7 million barrels per day, 5% lower than last year, with a steady gas profile [6] - Downstream was negatively impacted by refining margins and lower volumes due to lockdowns, with a negative margin of $0.6 per barrel [8][18] - Chemicals segment delivered its best results since 2018, driven by polyethylene and styrene demand [9][18] Market Data and Key Metrics Changes - Brent price increased by 11% in euro compared to Q1 2020, with global oil demand rebounding to around 95 million barrels per day [2] - Gas prices increased, but the spread between PSV and TTF remained low due to new supply sources in Italy and increased demand in Europe and the Far East [4] Company Strategy and Development Direction - Eni is focusing on expanding its retail renewable businesses, entering the Spanish market and acquiring a 20% stake in Dogger Bank, its first offshore wind project in the UK [8][21] - The company aims to decarbonize its domestic clients and has set ambitious renewable capacity targets, expecting to reach over 1 gigawatt by the end of 2021 and 15 gigawatts by 2030 [26][27] Management's Comments on Operating Environment and Future Outlook - Management noted a mixed recovery environment, with strong rebounds in chemicals and oil but ongoing challenges in downstream and gas businesses [3][4] - Future cash flow from operations is expected to exceed €9 billion at a Brent price of around $60 per barrel, covering CapEx of almost €6 billion [20] Other Important Information - Eni's new Biomass Treatment Unit in Gela aims to achieve 100% waste and residue feedstock by 2023 [9] - The company is exploring various options for its retail renewable business, including a potential IPO [30] Q&A Session Summary Question: Eni gas e luce's global strategy - Management clarified that Eni gas e luce is primarily focused on decarbonizing domestic clients, with potential opportunities in OECD markets [33][34] Question: Exploration success and development acceleration - Management confirmed that exploration is targeted near existing infrastructure to accelerate production [36] Question: Tax rate and renewable pipeline - Management explained the higher tax rate due to poor performance in certain segments and provided updates on renewable capacity growth [61][65] Question: Impact of new hydrocarbon law in Mexico - Management stated that current projects in Mexico are not expected to be affected by the new law [72][74] Question: Global gas and LNG business profitability - Management discussed the challenges in the gas business due to renegotiations and market spreads [76] Question: Cash flows from new projects - Management provided insights on cash flows from various projects, indicating they are in line with expectations [84][88]

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 20-F (Mark One) REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR SHELL COMPANY REPORT PURSUANT TO SECTION 13 O ...