Core Insights - Eni S.p.A. has signed a memorandum of understanding with YPF for a $50 billion LNG project in Argentina, highlighting its potential involvement in one of South America's most ambitious energy initiatives [1][10] - The project aims to leverage Argentina's Vaca Muerta shale formation, which contains an estimated 308 trillion cubic feet of recoverable gas reserves, positioning Argentina as a key player in the global LNG market [6] Group 1: Project Overview - The MoU focuses on the initial development stage of the Argentina LNG project, which includes upstream, transportation, and gas liquefaction infrastructure, specifically covering two floating LNG units with a combined capacity of 12 million tons per annum [2][10] - Argentina LNG is structured in three phases, with the first phase involving the two FLNG units, the second phase including a 10 million tpa onshore liquefaction plant, and the third phase expanding that facility to increase output by another 10 million tpa, aiming for a total capacity of 30 million tpa by the end of the decade [5] Group 2: Strategic Importance - YPF's CEO expressed that the partnership with Eni is intended to accelerate the project's timeline, reflecting growing global interest in gas from the Vaca Muerta region [4] - Eni's CEO emphasized the company's unique expertise in FLNG, citing successful projects in Congo and Mozambique as reasons for YPF's selection of Eni [3] Group 3: Future Developments - YPF and Shell, the current developers of the Argentina LNG project, are expected to issue the front-end engineering and design tender for the first onshore liquefaction unit by August, with the FEED process anticipated to last for 10 months, leading to a final investment decision by mid-2026 [7]

Core Viewpoint - Eni has signed a partnership agreement with YPF regarding the ARGLNG project, which aims to enhance LNG export capacity to 3 million tons per year by 2030 [1] Group 1 - Eni is an Italian energy giant involved in the LNG sector [1] - YPF is an Argentine oil company collaborating with Eni on the LNG project [1] - The ARGLNG project is expected to gradually increase LNG export capabilities [1]

Core Insights - Eni S.p.A. has entered exclusive negotiations with Global Infrastructure Partners to potentially sell a 49.99% co-control stake in its carbon capture, utilization, and storage subsidiary, Eni CCUS Holding [1][2] - The deal is part of Eni's strategy to accelerate investments in energy transition and unlock value from its decarbonization assets [2][5] - Eni CCUS Holding operates key carbon capture initiatives in the UK and the Netherlands, and holds future acquisition rights to the Ravenna CCS project in Italy, indicating strong market interest in CCUS [3][4] Company Strategy - The exclusivity period allows both Eni and GIP to complete due diligence and finalize transaction documentation [2] - GIP is expected to co-invest in expanding the CCUS platform, validating Eni's energy transition portfolio which includes renewable energy and low-carbon technologies [5] Project Developments - Eni has secured financing for the Liverpool Bay CCS project, which aims to capture CO2 emissions from industrial facilities in North West England and transport them for permanent storage beneath the Irish Sea [6] - Major EPC contracts have been awarded to Italian firms for the construction of CO2 compression stations and offshore platforms for long-term CO2 storage [7] Regulatory Context - Eni is among 44 oil and gas firms tasked by the EU to advance carbon storage initiatives, with a goal of injecting at least 50 million tons of CO2 annually by 2030, highlighting the urgency for CO2 storage solutions [8] - The timing of Eni's stake sale discussions reflects strong investor appetite for carbon management infrastructure as regulatory and climate ambitions intensify in Europe [8] Market Implications - Eni's potential partnership with GIP could serve as a model for legacy energy companies to monetize transition-related assets while leveraging external capital to scale their decarbonization efforts across Europe [9]

Signoretto介绍，为应对天然气市场的变化，埃尼通过垂直一体化的战略，聚焦上游油气开发项目，以 欧洲为锚定市场，在刚果（布）、莫桑比克、印度尼西亚、尼日利亚和卡塔尔等地都以项目权益方式拥 有多元化的资源组合。"这种方式可以让埃尼运营更加有效，能够充分发挥价值链优势，同时还能更好 地控制碳排放。"Signoretto表示。 编者按：第29届世界燃气大会于5月19日至23日在北京国家会议中心举行。这是大会自1931年创办以来 首次落户中国。围绕国内外天然气行业发展趋势，中国经济信息社推出系列报道，敬请关注。 新华财经北京5月22日电（江宇娟、康旭龙）埃尼全球天然气和液化天然气资源组合总监Cristian Signoretto在第29届世界燃气大会（简称"WGC2025"）期间表示，液化天然气（LNG）在全球天然气市 场中发挥着越来越重要的作用，企业应更加注重供应的灵活性和安全性，以应对当前天然气市场的多重 变化。 多重因素重塑天然气市场 Signoretto认为，能源需求的增长、全球脱碳进程的推进与地缘政治局势相结合，重塑了当前能源格 局，LNG在全球天然气市场中发挥着越来越重要的作用。从宏观层面来看，地缘 ...

中新网长沙5月17日电 (王东海 张素)"高端制造业正在进入一个变革性的新阶段。我们致力于扩大在中 国的投资和合作，加速创新，推进工业生态系统的可持续发展。"埃尼中国董事会主席詹尼·迪乔瓦尼近 日在一场会议上说。 2025全球高端制造业招商大会14日至16日在长沙举行。詹尼·迪乔瓦尼在会上致辞时说，埃尼集团与一 些中国企业、研究机构和大学建立了长期有效的合作关系，培养具有全球视野的专业人才，为引领未来 行业做好准备。 郑雄伟表示，面对高端制造业重大发展机遇，各国既需要通过合作共享资源应对全球性挑战，又需要通 过竞争激发创新活力，抢占技术制高点。 郑雄伟认为，湖南长沙已成为中国乃至全球最具吸引力的合作高地之一，发展前景十分美好，期待此次 大会为长沙制造业创新发展注入更大动能，进一步推动全球高端制造业的深度合作与高质量发展。 据介绍，本次大会由长沙市人民政府主办、亚太总裁协会承办，开展主题演讲、专题会议、圆桌对话等 活动，吸引知名跨国公司、行业领军企业、投资机构、国际组织、行业协会负责人和专家学者500余人 参会。 其中，16日共举办四个主题会议，分别是：人工智能+制造业合作会议、低空产业会议、"她力量"+制 造 ...

Group 1 - Eni S.p.A is exploring the sale of a 20% stake in its renewable and retail business Plenitude, engaging in exclusive discussions with Ares Alternative Credit Management [1][2] - The equity value of Plenitude is estimated between 9.8 billion and 10.2 billion euros, with potential to exceed 12 billion euros when considering debt [2] - The sale aligns with Eni's satellite strategy, aimed at developing low-carbon businesses and attracting external investments [3][5] Group 2 - Eni's strategy includes selling small stakes in its business units to support capital expenditures for low-carbon initiatives while retaining investment capacity in upstream projects [3][4] - The interest from Ares highlights the attractiveness of Eni's business model and its growth prospects [4] - Eni has previously executed similar transactions, including a stake sale in Plenitude to Energy Infrastructure Partners and a 30% interest in its biofuel unit Enilive to KKR [5]

Eni SpA (E) , the Italian energy giant, has announced the initiation of gas production from the Merakes East field in the East Sepinggan block, located offshore Indonesia in the Kutei Basin. The development marks a milestone in Eni's strategy to strengthen its foothold in Southeast Asia's energy market, particularly in Indonesia's growing gas sector. The Merakes East field, operated by Eni with an 85% stake, will add up to 100 million standard cubic feet per day (MMSCFD) of gas, equivalent to approximately ...

Group 1 - The article expresses a supportive view on Eni S.p.A. due to its satellite strategy and lower sensitivity to Brent's price [1] - The commentary follows a recent oil update on TotalEnergies SE, indicating a broader context of analysis within the oil sector [1] Group 2 - The analysis is aimed at buy-side hedge professionals conducting fundamental, income-oriented, long-term analysis across sectors globally in developed markets [1]

Core Viewpoint - Eni S.p.A reported first-quarter 2025 adjusted earnings of 92 cents per American Depository Receipt, surpassing the Zacks Consensus Estimate of 91 cents, but down from $1.04 in the same quarter last year. Total revenues of $24.2 billion exceeded the estimate of $22.3 billion but declined from $25.2 billion year-over-year. The results were positively influenced by higher natural gas prices but negatively impacted by decreased hydrocarbon production and lower refining and biofuels margins [1]. Operational Performance - Eni operates through four business segments: Exploration & Production, Global Gas & LNG Portfolio and Power, Refining and Chemicals, and Enilive and Plenitude [2]. Exploration & Production - Total oil and gas production was 1,647 thousand barrels of oil equivalent per day (MBoe/d), a 5% decrease from 1,741 MBoe/d in the prior-year quarter. Liquids production was 786 thousand barrels per day (MBbl/d), down 1% from 797 MBbl/d a year ago. Natural gas production was 4,502 million cubic feet per day (mmcf/d), compared to 4,937 mmcf/d in the previous year [3]. - The average realized price of liquids was $69.72 per barrel, down 6% from $74.53 a year ago. The realized natural gas price was $7.57 per thousand cubic feet, up 8% from $7.04 in the year-ago period [4]. - The Exploration & Production segment reported a pro-forma adjusted EBIT of €3.3 billion, down 2% from €3.4 billion in the first quarter of 2024, affected by lower hydrocarbon production due to asset divestitures finalized in 2024 [5]. Global Gas & LNG Portfolio and Power - Worldwide natural gas sales totaled 12.12 billion cubic meters (bcm), down 22% year-over-year, with lower wholesale gas volumes sold in Italy and declines in the European market, particularly in Turkey. This segment reported a pro-forma adjusted EBIT of €473 million, reflecting a 34% increase from €353 million in the prior year [6]. Refining and Chemicals - Total refinery throughputs were 5.86 million tons (mmtons), down from 6.38 mmtons in the corresponding period of 2024. Petrochemical product sales decreased 7% year-over-year to 0.80 mmtons [7]. - The segment reported a pro-forma adjusted negative EBIT of €334 million, compared to a negative €53 million in the year-ago quarter, impacted by lower throughput volumes and refining margins globally [8]. Enilive & Plenitude - Retail gas sales managed by Plenitude declined 7% year-over-year to 2.39 bcm. The segment reported a pro-forma adjusted EBIT of €336 million, down from €426 million a year ago, attributed to lower margins in the biofuels business [9][10]. Financials - As of March 31, Eni had a long-term debt of €20.1 billion and cash and cash equivalents of €9.1 billion. For the quarter, net cash generated by operating activities was €2.4 billion, with capital expenditures totaling €1.8 billion [11]. Outlook - Eni has lowered its 2025 capital spending guidance to below €8.5 billion from approximately €9 billion due to recent trade tariff events. Oil and gas production for 2025 is expected to be around 1.7 million barrels of oil equivalent per day [12].

Financial Performance - Eni reported €3.7 billion of proforma adjusted EBIT, €1.4 billion of adjusted net profit, and €3.4 billion of adjusted cash flow, covering gross capex of €1.9 billion[10]. - In Q1 '25, the company reported an adjusted net profit of €1,313 million, an increase of 11% compared to Q1 '24, driven by contributions from joint ventures and associates[24]. - Adjusted net profit attributable to Eni's shareholders in Q1 2025 was €1,412 million, reflecting an 11% decrease compared to Q1 2024[64]. - The Group's proforma adjusted EBIT for Q1 2025 was €3,681 million, down 11% from the previous year, mainly due to a downturn in downstream businesses[63]. - Proforma adjusted EBITDA for Q1 2025 was €358 million, a 3% increase compared to Q1 2024[49]. - The refining business reported a proforma adjusted loss of €91 million, reflecting ongoing challenges in product crack spreads[17]. - The tax rate in Q1 '25 was approximately 46%, a decrease of about 7 percentage points compared to the same period in 2024, primarily due to a more favorable geographical mix of pretax profit[26]. Production and Operations - Hydrocarbon production decreased to 1,741 kboe/d in Q1 2025, down 5% from Q4 2024, while installed renewable capacity increased by 37% to 4.1 GW[11]. - Hydrocarbon production averaged 1.65 million boe/d in Q1 '25, down by 5% year-over-year, with divestments in Nigeria, Alaska, and Congo offset by ramp-ups in Côte d'Ivoire, Congo, Mexico, and Italy[25]. - Production of oil and natural gas totaled 1,716 kboe/d in Q1 2025, a decrease from 1,741 kboe/d in Q1 2024[121]. - Production of liquids was 786 kbbl/d in Q1 2025, consistent with Q4 2024 but down from 797 kbbl/d in Q1 2024[122]. - Production of natural gas reached 4,862 mmcf/d in Q1 2025, an increase from 4,502 mmcf/d in Q4 2024 but a decrease from 4,937 mmcf/d in Q1 2024[123]. Capital Expenditure and Investments - The company expects FY gross capex to be below €8.5 billion, down from initial guidance of around €9 billion, with net capex seen below €6 billion[21]. - Capital expenditure in Q1 2025 was €1,819 million, a decrease of 6% year-over-year from €1,931 million in Q1 2024[120]. - Exploration & Production capital expenditure was €1,439 million, primarily focused on oil and gas development in regions including the UAE, Indonesia, and Italy[120]. - The company completed a buyback program of €2 billion, repurchasing a total of 144 million shares[71]. - Cash inflows from divestments net of acquisitions were approximately €0.2 billion, including a post-closing adjustment of €0.12 billion from Ithaca Energy Plc[69]. Dividends and Shareholder Returns - The company confirmed a 5% increase in FY 2025 dividend to €1.05 per share and announced a buyback program of €1.5 billion[19]. - The company paid dividends of €765 million to shareholders in Q1 2025, slightly down from €767 million in Q1 2024[118]. Financial Position and Cash Flow - Net cash provided by operating activities in Q1 2025 was €2,385 million, an increase of €481 million compared to Q4 2024[68]. - Free cash flow for Q1 2025 was €1,789 million, significantly up by €1,895 million from Q4 2024[66]. - Net borrowings before IFRS 16 decreased by approximately €1.8 billion, amounting to €10.3 billion as of March 31, 2025[76]. - Shareholders' equity increased by €1.6 billion to €57.3 billion, driven by a net profit of €1.2 billion and equity transactions related to subsidiaries[74]. - Cash and cash equivalents increased from €8,183 million in December 2024 to €9,147 million in March 2025, an increase of approximately 11.8%[1]. Strategic Initiatives and Joint Ventures - Eni has identified over €2 billion in mitigating actions to offset negative scenario effects in 2025, reflecting the company's financial discipline[13]. - The company established a joint venture with Petronas targeting a long-term production plateau of 500 kboe/d in Indonesia[17]. - In March, the company and Vitol agreed on the economic terms for a farm-out of a 25% working interest in the Congo FLNG project, with expected proceeds of $2.7 billion[28]. - In April, the company and KKR completed a transaction increasing KKR's stake in Enilive to 30% for approximately €601 million[43]. Market Conditions and Challenges - In Q1 '25, natural gas sales were 12.12 bcm, a decrease of 22% from the previous year, attributed to lower volumes sold in Italy and the European market[30]. - Enilive reported a proforma adjusted EBIT of €95 million in Q1 '25, down by 48% year-over-year, impacted by deteriorated margins in the biofuels business[40]. - The company reported a significant impact from inventory holding gains and losses, which were excluded from adjusted results[89]. - Special items recorded in operating profit amounted to net charges of €286 million, primarily due to write-downs in the E&P segment[78].