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Business and financial outlook 2024
The Company is issuing the following 2024 updated operational and financial guidance:
- E&P: 2024 guidance for hydrocarbon production is 1.69-1.71mln boe/d
- GGP: Eni expects to deliver €800 mln per year of proforma EBIT, the same that was set out last year, with an upside to over €1.0 bln in the event of positive negotiation outcomes and uptick in market price/volatility.
- Plenitude: proforma adjusted EBITDA guidance is €1.0 bln. By the end of 2023 installed Renewables reached 3GW, Eni plans to grow capacity further, increasing to 4GW in 2024.
- Enilive: pro-forma adjusted EBITDA guidance is around €1 bln.
- Financials: Group pro-forma EBIT guidance is set to around €13 bln. In 2024 Eni expect to generate around €13.5 bln in Cash from operation, in the context of a more cautiously framed Scenario (Brent dated 80$/bbl, gas price 30.7 €/MWh and SERM 8.1$/bbl).
- Capex: In the 2024-27 plan Eni expects Net Capex € 27 bln, for 2024 we expect €7-8 bln per year, more than 20% lower than last year’s Plan. In 2024, uncommitted capex accounts for 15% of the budget.
- Balance Sheet: leverage in the plan 2024-2027 will range between 15-25% as the company seek to balance a fundamentally conservative capital structure with flexibility and advantaged cost of capital.
- Shareholder Remuneration: For the 2024 dividend, the management proposed an increase by over 6% to €1/share from the previous €0.94 cents, paid in quarterly installments. On the Buyback, following approval at the Assembly in May, a repurchase of €1.1bln is expected based on the 2024 scenario. Similar to 2023, we can confirm that in lower than planned scenario we will seek business outperformance and use financial flexibility to deliver the target buy-back. In the case of better than planned CFFO outcomes we will now allocate up to 60% of incremental cash to our buyback. This is a material improvement versus last year when we indicated 35% of incremental cash allocated as an upside.
The above-described outlook is a forward-looking statement based on information to date and management’s judgement and is subject to the potential risks and uncertainties of the scenario.
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Eni.com is a digitally designed platform that offers an immediate overview of Eni's activities. It addresses everyone, recounting in a transparent and accessible way the values, commitment and perspectives of a global technology company for the energy transition.
Discover our missionRegistered Head Office
Piazzale Enrico Mattei,1 00144 Rome, Italy
Company Share Capital
€ 4,005,358,876.00 paid up
Tax Identification Number
VAT Number 00905811006
Branches
Via Emilia, 1 and Piazza Ezio Vanoni, 1 20097 San Donato Milanese, Milan, Italy
Rome Company Register
00484960588
