Eni Unveils 2024-2027 Plan Focused on Energy Transition and Value Maximization

Eni has launched its strategic plan for 2024-2027, focusing on capitalizing on the energy transition, maximizing traditional energy business value, and reducing emissions. The plan includes developing profitable new activities related to the energy transition, achieving strong returns through organic investments and selective M&A, enhancing business performance, and maintaining financial discipline with a significant reduction in net investments.

Eni aims to increase dividends and shareholder returns, projecting a cash flow from operations of €13.5 billion in 2024 and €62 billion over four years, with net investments of about €27 billion. The company reaffirms its commitment to achieving net-zero emissions for Upstream Scope 1 and 2 by 2030 and for all activities by 2035, with specific reduction targets for 2030, 2040, and 2050. Upstream production is expected to grow annually by 3-4% until 2027. The Gas and Power division anticipates a pro-forma EBIT of €800 million in 2024, with potential increases based on market conditions. CCS is highlighted as a growth area, with significant CO2 injection capacity planned.

Enilive’s EBITDA is expected to exceed €1.6 billion by 2027, with a significant increase in bio-refining capacity. Plenitude targets a pro-forma EBITDA of €2 billion by 2027, with a substantial increase in renewable energy capacity. Versalis is set for a financial turnaround by 2026. Eni plans €1.8 billion in corporate cost reductions and aims to enhance shareholder remuneration, proposing a dividend of €1 per share for 2024 and a buyback of €1.1 billion. CEO Claudio Descalzi emphasizes the strategy’s focus on growth, value creation, and addressing the energy transition’s challenges while ensuring energy supply security and competitiveness.