Our 2022-2025 Strategic Plan is addressing the challenges of the current energy market to deliver secure and sustainable energy to customers, while accelerating the path to net-zero. This section highlights Eni's value proposition.
Eni’s ultimate goal is to work for the security and sustainability of the energy system, while keeping a sharp focus on a just energy transition and value creation for our stakeholders
Claudio Descalzi
In order to address the challenges of the current energy market, Eni built a winning value proposition, detailed below:
Technology, and specifically, proprietary technology,is at the foundation of our strategy. This has been the case in the past, for our traditional businesses, and even more now to face the complexity of the energy transition.
Technology underpins the development of new businesses and allows us to be at the forefront of market change, so we can bring to scale and provide new solutions to customers more quickly, generating stronger returns. In line with this approach, we have decided to merge into a dedicated entity our biorefining business with the marketing of low carbon products and services for sustainable mobility, a winning customer-centric proposition along our downstream value chain.
In this context, a stakeholder alliance is a necessarycondition to effectively deploy the new models and the new technologies, removing barriers to change and involving everyone in the transformation of the energy system.
The new and innovative business structures that target challenges and opportunities of energy markets, have the following purposes:
In line with the commitment we made in March, we have updated our assessment of the 2022 buyback upside price scenario, taking into account the Brent price to date and the expected trend, market fundamentals and potential risks.
Accordingly, we are announcing an upside Brent price of $105/bbl for the year as the basis of the incremental FCF to be distributed.
In addition, the stronger foreign exchange rate and the strength of refining margins and gas prices leads us to conclude that a larger €2.4 billion programme, an increase of €1.3 billion vs our original plan, is appropriate and consistent with our strategy.
We expect the buyback to be completed before the end of Q1 2023 and confirm we will further update our scenario and plan at our Q3 results in October
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