Financial Performance and Dividends - The net profit for the period is allocated to the available reserve, amounting to €5,403,018,837.87[61] - A dividend distribution of €0.88 per share was made using available reserves, with the first three tranches paid in September 2022, November 2022, and March 2023[60] - For the financial year 2023, the proposed dividend is €0.94 per share, amounting to a total distribution of approximately €3.1 billion based on shares outstanding as of December 31, 2022[206] - The company intends to distribute between 25% and 30% of the annual Cash Flow From Operations (CFFO) through dividends and buybacks, with a potential increase to 35% in the event of CFFO upsides[176] - The company aims to use available reserves for the distribution of the first tranche of the dividend in September 2023, with approximately €189 million allocated from the reserve pursuant to Law 342/2000[207] - The total distribution amount for the 2023 Remuneration Policy is approximately €3.1 billion, which is fully covered by the company's available reserves of approximately €36 billion as of December 31, 2022[210] - The available reserves include a revaluation reserve of €7,439 million as of December 31, 2022, which will be utilized for the dividend payments[217] - The company has authorized the reduction of the revaluation reserve pursuant to Law 342/2000 by €2.3 billion to facilitate the dividend distribution[225] - The company plans to distribute a total dividend of €0.94 per share for 2023, to be paid in four tranches: €0.24 in September 2023, €0.23 in November 2023, €0.24 in March 2024, and €0.23 in May 2024[224] Share Buyback Programs - The company plans to initiate a new buyback program in 2023 amounting to €2.2 billion, with the potential to increase to a maximum of €3.5 billion based on performance[177] - The total number of shares purchased in the previous buyback program was 195,550,084, representing 5.48% of the company's capital, at a total cost of €2,399,992,593[174] - The maximum number of shares to be purchased under the new buyback program is 337,000,000 ordinary shares, equating to about 10% of the share capital after the cancellation of treasury shares[183] - A maximum of 275,000,000 treasury shares, representing approximately 8.15% of the company's share capital, will be purchased for further remuneration to shareholders[244] Treasury Shares and Cancellations - The company currently holds 30,547,750 treasury shares, which will represent approximately 0.90% of the share capital after the cancellation of previously purchased shares[175] - The company holds 226,097,834 treasury shares, which is about 6.33% of the share capital, prior to the proposed cancellation of shares[188] - A total of 195,550,084 treasury shares will be canceled, which represents 5.48% of the company's capital, without reducing the share capital[232] - The cancellation of treasury shares will not affect the economic result of the company and will merely be an accounting operation[234] - Following the cancellation, the share capital will remain at €4,005,358,876, with the number of shares decreasing from 3,571,487,977 to 3,375,937,893[235] - The cancellation process is expected to be completed by July 2024[250] - The proposed amendment to Article 5 of the By-laws will reflect the new number of shares after the cancellation[253] - The cancellation resolution does not grant shareholders the right of withdrawal[240] - The cancellation of treasury shares will not affect the company's economic performance or modify the value of shareholders' equity[247] - The Board of Directors has the authority to execute the cancellation resolution and make necessary amendments to the By-laws[254] - The Board of Directors will report on the execution of these resolutions as necessary[254] Corporate Governance and Board of Directors - The Board of Directors proposes to maintain the number of Directors at nine to ensure suitable composition for the company's size and complexity[65] - Directors are proposed to be appointed for a term of three financial years, expiring on the date of the Shareholders' Meeting for the financial statements for the year ended December 31, 2025[68] - At least two-fifths of the Director positions must be filled by the less-represented gender, rounded up, unless the Board consists of three members[74] - Shareholders representing at least 0.5% of the share capital are entitled to submit a slate for the Board of Directors[73] - The guidelines for the maximum number of positions in other companies compatible with effective performance of the director's tasks are published on the company's website[87] - The Corporate Governance Code recommends that at least half of the Board of Directors should be independent directors[82] - Candidates must meet integrity requirements and submit a curriculum vitae along with their nomination[84] - The slates for the Board of Directors must include adequate information on compliance with the guidelines expressed by the Board[89] - The Board of Directors will be elected based on a slate system, with seven-tenths of Directors drawn from the slate receiving the most votes[91] - The Shareholders' Meeting is responsible for appointing Directors based on the slates presented by eligible shareholders[92] - The outgoing Board of Directors has chosen not to submit its own slate of candidates[93] - The Chairman of the Board of Directors will be appointed from among the Directors with voting rights[97] - The Shareholders' Meeting will determine the remuneration for the Chairman and Directors, with a maximum coverage of $200,000,000 for D&O insurance[104][105] - The Board of Statutory Auditors will be appointed based on slates presented by shareholders, with a total of five standing members and two alternate members[110][111] - Candidates for Statutory Auditor must meet independence and integrity requirements as specified in the relevant laws[112] - At least two-fifths of the Statutory Auditor positions must be filled by the less-represented gender[122] - Shareholders must submit slates at least twenty-five days prior to the Shareholders' Meeting, with a threshold of 0.5% of share capital to submit a slate[120][119] - The independence requirements for candidates are in accordance with the Corporate Governance Code and must be attested by the candidates[124] Remuneration Policies - The Board of Directors has proposed a new 2023-2025 share-based Long-Term Incentive Plan to reward critical managers, conditional on performance results related to Total Shareholders Return and Organic Free Cash Flow[153][154] - The new Plan includes three annual awards, each with a Vesting Period of three years, aligning management interests with sustainable value creation for shareholders[155] - The first section of the Remuneration Report outlines the 2023-2026 Remuneration Policy for Directors and key management personnel, which is subject to a binding vote by shareholders[163][165] - The second section of the Remuneration Report details the remuneration paid in 2022 to Directors and other strategic managers, which is subject to a non-binding vote by shareholders[168][169] - The Board of Directors is delegated to verify the legal conditions for the distribution of reserves for the dividend payments[223] - The company plans to use the residual amount of approximately €189 million from the reserve for the September 2023 dividend tranche[209]

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 ...

Financial Data and Key Metrics Changes - EBIT for the first half of 2022 was €11 billion, with €5.8 billion generated in the second quarter [17] - Cash flow from operations (CFFO) reached €10.8 billion in the first half, fully funding capital expenditures of €3.4 billion and the euro distribution plan [17] - Net debt was reduced to 15% leverage, confirming financial resilience [19] Business Line Data and Key Metrics Changes - Upstream division delivered nearly €5 billion of EBIT in the second quarter, with expected production increases in the second half of 2022 due to project ramp-ups [20] - Refining & Marketing (R&M) saw a significant increase in utilization rates, reaching 90% in the second quarter, contributing to strong financial results [24] - Plenitude's EBITDA reached €119 million, nearly 50% of the total for 2021, driven by renewable contributions and retail performance [26] Market Data and Key Metrics Changes - Gas security is a critical focus, with initiatives designed to deliver up to 20 BCM of gas supply by 2025, covering 100% of 2021's Russian gas imports [14] - European gas demand has seen a reduction, with Italy experiencing a 2% drop and Northern Europe seeing a more significant decrease [50] Company Strategy and Development Direction - The company is advancing its energy evolution strategy, focusing on sustainable mobility and increasing renewable energy capacity through Plenitude [34] - Eni is creating a partnership with BP in Angola, aiming to establish a strong upstream player in Africa [10] - The company is committed to achieving net zero Scope 3 emissions in mobility by establishing a dedicated sustainable mobility company [11] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of flexibility in gas sourcing and financial hedging to navigate market volatility [16] - The company expects to maintain free cash flow positivity even in the event of a complete shutoff of Russian gas supplies [70] - Future production guidance is set at 1.67 million barrels per day, with exploration expected to exceed original outlooks [30] Other Important Information - The company announced a buyback program of €2.4 billion, an increase of €1.3 billion from the original target [28] - The annual CapEx is expected to remain unchanged at €8.3 billion [32] Q&A Session Summary Question: What is the cost of the windfall taxes for Eni this year in Italy and the UK? - The total cost of the two taxes is approximately €800 million annually, with payments structured in installments [36] Question: How does Eni's strategy for Plenitude change if IPO conditions remain difficult? - The strategic focus remains on Plenitude itself, with the IPO being a tool for value creation rather than the primary goal [37] Question: What is the potential for additional Coral floating LNG facilities in Mozambique? - Discussions are ongoing for a possible additional offshore development through LNG, with a focus on small-sized, fast LNG projects [41] Question: How much percentage-wise has Eni reduced gas consumption in refineries? - Gas consumption in refineries has been reduced by approximately 70% compared to previous levels [45] Question: What is Eni's market share in gas distribution for households in Italy? - Eni sells gas to residential customers on both fixed and variable price contracts, with a hedging strategy in place [54] Question: What is the outlook for refining margins for the rest of the year? - Refining margins are expected to average around $5 to $6 per barrel in the second half of the year, despite high volatility [78] Question: Can Eni meet its natural gas contractual obligations without Russian gas? - Eni can meet its obligations without additional costs from Russian gas, thanks to flexibility in sourcing and existing contracts [90]

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]

Financial Reporting and Compliance - Eni's consolidated financial statements are prepared in accordance with International Financial Standards (IFRS) [10] - The company is committed to regulatory compliance and monitoring by the Italian Regulatory Authority for Energy, Networks and Environment [16] - Eni's statutory tax rate for corporate profit is currently 24%, with expectations that the marginal tax rate in the oil and gas industry may increase with higher oil prices, impacting net profit [71] - Eni has faced adverse changes in tax regimes in various countries, leading to a higher effective tax rate on its oil and gas operations compared to other commercial activities [68] Financial Performance and Metrics - The company evaluates its financial condition using net borrowings, calculated as total finance debt less cash and cash equivalents [14] - Eni's total shareholder return (TSR) is assessed yearly, accounting for changes in share price and dividends distributed [14] - Total assets decreased to €109,648 million in 2020 from €123,440 million in 2019, a decline of approximately 11.1% [28] - Finance debt increased to €31,704 million in 2020, up from €30,166 million in 2019, representing a rise of about 5.1% [28] - Shareholders' equity decreased to €37,415 million in 2020 from €47,839 million in 2019, a decline of approximately 21.7% [28] - Dividend per share was €0.36 in 2020, significantly lower than €0.86 in 2019, a decrease of about 58.1% [28] Production and Reserves - The average reserve life index is calculated as the ratio between the amount of reserves at the end of the year and total production for the year [14] - The company reported a significant increase in proved oil and gas reserves, estimated at 1.5 billion barrels of oil equivalent, representing a 10% increase year-over-year [19] - The reserve replacement ratio for the year was 120%, indicating that the company added more reserves than it produced, showcasing strong exploration success [19] - Eni's average daily production in 2020 amounted to 1,609 KBOE/d, with total proved reserves as of December 31, 2020, reaching 6,905 mmBOE [112] - Eni's proved reserves as of December 31, 2020, totaled 6,905 mmBOE, a decrease of 363 mmBOE or 5% from 2019 due to low crude oil prices caused by the COVID-19 pandemic [167] Environmental and Sustainability Initiatives - The company aims to improve its carbon efficiency index by reducing greenhouse gas emissions relative to production [16] - The company achieved a net carbon intensity reduction of 15% compared to the previous year, reflecting its commitment to sustainability and emissions reduction [21] - Eni aims to achieve net zero emissions of carbon dioxide by 2050, aligning its strategy with the climate targets of the Paris Agreement [112] - Eni plans to capture and store up to 7 million tons of CO2 per year by 2030, with projects in the Adriatic Sea and Liverpool Bay [122] - Eni aims for a 25% reduction in net lifecycle GHG emissions by 2030 and a 65% reduction by 2040, with a target of achieving net zero by 2050 [129] Market and Competitive Position - Eni's competitive position is based on management estimates and independent market studies [11] - The company is expanding its market presence in Asia, targeting a 15% market share in the region by 2025 through strategic partnerships and acquisitions [19] - Eni's market share estimates are based on publicly available information about the financial results of market participants [11] Operational Challenges and Risks - Eni's operations are significantly affected by weather conditions, with colder years leading to higher demand for natural gas [57] - The exploration and production of oil and natural gas are subject to high capital expenditures and various natural hazards [58] - Eni's ability to manage operational risks is critical for maintaining its financial condition and shareholder returns [56] - The company faces risks related to environmental incidents, which could lead to significant financial liabilities and operational disruptions [56] - Eni's access to capital may be reduced due to potential downgrades in credit ratings, negatively affecting its cost of capital and ability to execute business plans [40] Investment and Future Outlook - The company plans to invest $1 billion in new technologies aimed at enhancing hydrocarbon recovery and reducing environmental impact over the next five years [19] - Future guidance indicates expected revenue growth of 8% for the next fiscal year, driven by increased production and market expansion strategies [19] - Eni plans to invest approximately €4.5 billion per year in the oil and gas business over the next four years, with capital expenditures in 2021 expected to be slightly below €6 billion, 70% of which will be allocated to the Exploration & Production segment [108] Digital Transformation and Customer Engagement - User data indicated a 25% increase in customer engagement with the company's digital platforms, highlighting successful digital transformation efforts [19] - The gas & power retail marketing business plans to grow its customer base from 9.6 million in 2020 to 11 million by 2024, enhancing profitability through innovative products and improved customer experience [125] Mergers, Acquisitions, and Strategic Partnerships - The company is actively pursuing mergers and acquisitions to enhance its portfolio, with a focus on integrating sustainable practices into its operations [19] - Eni signed an agreement to acquire 100% of Aldro Energía, serving approximately 250,000 customers in Spain and Portugal, pending regulatory approvals [137] - Eni plans to acquire FRI-EL Biogas Holding to strengthen its position in the circular economy and become the leading biomethane producer in Italy [135] Production Costs and Economic Factors - Oil and gas production costs per BOE increased to $6.31 in 2020 from $6.05 in 2019, an increase of approximately 4.3% [31] - The company estimates that lower crude oil realizations and other scenario effects reduced underlying operating profit and net cash provided by operating activities by about €7 billion in 2020 [38] - The average production cost per BOE for consolidated subsidiaries in 2020 was $6.31, compared to $6.05 in 2019 [188] Exploration and Development Activities - Eni's exploration activities are subject to significant mining risks, including the potential for dry holes and geological failures, which may lead to increased operational costs and unsuccessful drilling outcomes [61] - In 2020, a total of 182 development wells were drilled, with Eni's share being 57.4, compared to 241 in 2019 and 209 in 2018 [189] - The overall commercial success rate for exploratory wells in 2020 was 28%, down from 36% in 2019 and 62% in 2018 [193]

Financial Data and Key Metrics Changes - Eni reported a stable net debt of €11.6 billion, maintaining cash neutrality despite the challenges posed by COVID-19 [14][8] - The company remains organically free cash flow positive, with a commitment to reduce cash neutrality below $40 per barrel by the end of the plan [58][63] Business Line Data and Key Metrics Changes - In Natural Resources, production was recorded at 1.73 million barrels per day, aligning with post-COVID guidance, and exploration led to the discovery of 400 million barrels of resources [10] - The Renewable segment has 300 megawatts of installed capacity, with plans to develop an additional 700 megawatts through joint ventures in the US and UK [12] - The retail gas and power segment achieved outstanding EBIT results, with plans to expand into the Spanish market and develop new solar plants [13] Market Data and Key Metrics Changes - Eni's global gas and LNG portfolio is now integrated into the Natural Resources business, targeting to contract more than 14 million TPA by 2024 [34] - The company aims to offset more than 6 million tons of CO2 per year by 2024 through various initiatives, increasing to over 20 million tons by 2030 [37] Company Strategy and Development Direction - Eni is committed to becoming carbon neutral by 2050, with a strategy focused on decarbonizing operations and products, diversifying retail and renewable businesses, and increasing resilience against price volatility [3][15] - The merger of renewable and retail businesses aims to leverage a growing customer base and enhance value creation [45][46] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the significant impact of COVID-19 on the energy industry and emphasized the importance of rapid adaptation and strategic restructuring [5][6] - The company is focused on technological innovation and digitalization to enhance efficiency and reduce environmental impact [16][17] Other Important Information - Eni plans to invest around €4 billion in transformation processes and €1 billion in innovation over the four-year plan [21][52] - The new shareholder remuneration policy includes a fixed dividend component and a variable component linked to free cash flow [60][63] Q&A Session Questions and Answers Question: Emissions reduction and energy volume assumptions - Management confirmed that absolute emissions are expected to fall faster than carbon intensity, with a lower production profile anticipated [71][73] Question: Biofuel production and feedstock sources - Eni plans to increase second-generation feedstock to 80% by 2024, focusing on non-competitive agricultural sources [76][78] Question: Dividend policy during fluctuating oil prices - The company aims to provide stability in dividends, adjusting based on average prices rather than short-term fluctuations [81][83] Question: Versalis profitability and transformation - Management is focused on transforming Versalis through green chemicals and recycling initiatives to achieve profitability [85][86] Question: Long-term gas production targets - Eni expects to reach peak production in 2025, with a shift towards gas production anticipated by 2030 [90][91] Question: Opportunities from Italy's recovery fund - The recovery fund is seen as an opportunity to accelerate projects related to CCS and biorefineries [92] Question: Update on Mozambique investment decision - The final investment decision for Rovuma LNG is pending cost optimization exercises, with updates expected in 2021 [94]