Core Insights - Argentina's state-controlled oil company YPF and Italy's Eni have reached a framework agreement with Abu Dhabi National Oil Company's (ADNOC) XRG investment arm to collaborate on Argentina's liquefied natural gas (LNG) sector [1] Group 1 - YPF and Eni's partnership with ADNOC aims to enhance investment and development in Argentina's LNG industry [1] - The agreement signifies a strategic move to leverage international investment for local energy resources [1] - This collaboration is expected to boost Argentina's position in the global LNG market [1]

Core Viewpoint - Pakistan has reached an agreement to cancel 21 liquefied natural gas (LNG) cargoes from its long-term contract with Italy's Eni, aiming to reduce excess imports that have overwhelmed its gas network [1] Group 1: Company Actions - The cancellation of the 21 LNG cargoes is part of Pakistan's broader strategy to manage its gas supply and demand effectively [1] - This decision reflects Pakistan's efforts to address the challenges posed by an oversaturated gas network [1] Group 2: Industry Implications - The move may indicate a shift in the LNG market dynamics, particularly in how countries manage long-term contracts amid fluctuating demand [1] - It highlights the ongoing challenges faced by countries reliant on LNG imports, especially in balancing supply with domestic consumption needs [1]

Core Viewpoint - Eni and Petronas have signed a binding agreement to create a jointly owned company that will consolidate their upstream oil and gas assets in Indonesia and Malaysia [1] Group 1: Company Collaboration - The agreement marks a significant collaboration between Italy's Eni and Malaysia's Petronas, focusing on upstream oil and gas operations [1] - This joint venture aims to enhance operational efficiency and leverage combined expertise in the region's energy sector [1] Group 2: Strategic Implications - The formation of the jointly owned company is expected to strengthen both companies' positions in the Southeast Asian energy market [1] - By pooling resources and assets, Eni and Petronas aim to capitalize on growth opportunities in Indonesia and Malaysia's oil and gas sectors [1]

Group 1 - The article discusses the role of buy-side hedge professionals who conduct fundamental, income-oriented, long-term analysis across various sectors globally in developed markets [1] - It emphasizes the importance of engaging in discussions about investment ideas and strategies among professionals in the field [1] Group 2 - The article includes a disclosure stating that the author has no stock, option, or similar derivative positions in any of the companies mentioned, nor plans to initiate any such positions within the next 72 hours [2] - It clarifies that the opinions expressed are solely those of the author and not influenced by any compensation or business relationships with the companies mentioned [2]

REPORT OF FOREIGN ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of October 2025 Eni S.p.A. (Exact name of Registrant as specified in its charter) SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________ Form 6-K 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 ...

Financial Data and Key Metrics Changes - Pro forma adjusted EBIT for Q3 2025 was €3 billion, a 12% increase from Q2 and a 6% decrease year-on-year in U.S. dollar terms despite a 14% fall in crude oil prices [6][10] - Adjusted net income was €1.25 billion, effectively in line year-on-year, despite a $10 per barrel fall in crude price and a weaker U.S. dollar [9][10] - Cash flow from operations reflected efficient conversion of earnings into cash, with a working capital draw in Q3 [10][11] Business Line Data and Key Metrics Changes - Upstream production reached 1.76 million barrels per day, up 6% year-on-year, with a pro forma EBIT of €2.6 billion [7][9] - Transition activities reported €233 million of pro forma EBIT, with a 26% year-on-year increase [9] - GGP reported €279 million in pro forma EBIT, maintaining focus on maximizing value and optimizing the gas and LNG portfolio [8][9] Market Data and Key Metrics Changes - The company expects full-year production to be between 1.71 and 1.72 million barrels per day, a 3% underlying increase versus 2024 [11] - The LNG portfolio aims for a target of 20 million tons per annum, with projects in Mozambique, Congo, and Argentina [26][27] Company Strategy and Development Direction - The company is focused on a dual exploration strategy, enhancing its upstream capabilities while also investing in transition activities [14] - Significant progress in floating LNG technology, with Coral North and other projects reinforcing leadership in this area [4][26][77] - The company is committed to tripling biofuel production capacity by 2030, with ongoing investments in biorefineries [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage downturns and maintain growth, citing a strong underlying business performance [13][35] - The outlook for production remains positive, with expectations of continued growth driven by new projects and operational efficiencies [11][26] - Management highlighted the importance of maintaining a diversified income mix and efficient tax rate as part of the overall strategy [10][46] Other Important Information - The company announced an increase in share buyback to €1.8 billion, reflecting confidence in financial performance and a commitment to shareholder value [13][35] - The company is in advanced negotiations for a joint venture with Petronas, expected to contribute to production growth [30] Q&A Session Summary Question: Strong production figures in upstream - Management attributed the strong production figures to new startups and ramp-ups in various regions, including Norway and Angola [19] Question: Chemicals performance and future expectations - Management indicated that benefits from the shutdown of chemical plants would materialize in 2025, with significant improvements expected in 2026 [21][22] Question: Outlook for production in coming quarters - Management confirmed a strong exit rate and visibility on high-quality projects, expecting production to remain robust [26] Question: Buyback decision amidst declining oil prices - Management explained that the decision to increase buyback was based on strong operational performance and confidence in managing future downturns [35] Question: Update on Namibia gas project - Management reported successful drilling results in Namibia, indicating potential for future development [36] Question: Impact of legislation on Argentine LNG project - Management stated that the RIGI legislation is an enabler for LNG exports, but investments in Argentina began prior to this legislation [40] Question: Biofuels market outlook and SAF demand - Management highlighted that demand for sustainable aviation fuel (SAF) is expected to grow due to regulatory mandates and market dynamics [58][61] Question: Working capital movement and future expectations - Management anticipated limited drawdown in working capital for Q4, with a positive outlook for the full year [90]

Group 1 - The article does not provide any specific content related to a company or industry [1]

Financial Performance - EBIT pro forma reached €9.4 billion, including €6.6 billion from EBIT and €1.0 billion from income from investments[7] - Net profit amounted to €3.8 billion and CFFO (Cash Flow From Operations) reached €9.5 billion[7] - Organic capex was €5.9 billion, with leverage at 19% (proforma 12%)[7] - The company completed €0.84 billion of share buybacks by the end of Q3, representing approximately 3% of equity repurchased in 9M[18, 19] Production and Guidance - Full-year production guidance was raised to 1.71-1.72 Mboed (Million barrels of oil equivalent per day), with current production at approximately 1.8 Mboed[23, 25] - GGP (Global Gas & LNG Portfolio) pro-forma EBIT guidance was raised to >€1 billion[22, 36] - Group CFFO guidance was increased to €12 billion, with cash initiatives of €4 billion and net capex expected to be <€5 billion[22] Transition Business - Enilive's biorefining capacity is projected to exceed 3 MTPA by 2028[41] - Plenitude's renewables capacity increased by 55% year-over-year[25, 42] - Energy production from renewables increased by 35% year-over-year[42] Key Projects - The Agogo Integrated West Hub (Angola) project achieved first oil in August 2025, only 29 months from FID (Final Investment Decision)[44, 46] - Congo LNG project is expected to start up offshore operations by the end of 2025, with a total LNG production capacity of 3 Mtpa[49, 50] - Baleine field (Côte d'Ivoire) has resources in place of 2.5 Bbbl & 3.3 TCF, with a total production capacity of 150 Kbopd & 200 Mscfd across phases 1, 2 & 3[53]

Core Insights - Eni's earnings have exceeded expectations due to increased production, which has compensated for lower oil prices [1] Group 1 - The guidance upgrades are a result of Eni's strong performance in earnings [1] - Higher production levels have played a crucial role in offsetting the impact of weaker oil prices [1]

Eni says it’s raising share buybacks this year on an improved outlook for cash flows, after reporting profit that beat analyst estimates https://t.co/yXbdPrq0lc ...