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BOOSTING OUR TRANSFORMATION

Strategic Plan 2021-2024

The new Strategy 2021-2024 improves and accelerates Eni’s transformation reinforcing the roadmap towards 2050. We remain committed to become a leader in producing clean energy and offering our customer a full set of decarbonized products. We aim to maximise value creation for all our stakeholders.

Strategy Presentation ENI

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AN INTEGRATED, ZERO CARBON, ENERGY COMPANY

Our strategy is built on 3 key pillars:

  1. decarbonizing operations and products
  2. diversifying and expanding our businesses in retail & renewables, bio-products and circular economy
  3. increasing the resilience and flexibility of the company to absorb price volatility. Selective growth, increased efficiency and right-sizing will continue to ensure value and high returns in all our activities.

The 3 pillars are based on 2 solid foundations:

  1. minimizing environmental impact, addressing issues of social inequality and a strong governance model, in order to achieve UN’s SDGs and increase value for all our stakeholders
  2. technology and digitalization, to de-risk our present and accelerate our transformation.
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Our Strategic Plan 2021-2024 is another step forward in boosting our transformation. We commit to the full decarbonization of all our products and processes by 2050.

Claudio Descalzi, CEO of Eni

NET ZERO EMISSIONS BY 2050

Eni will be carbon neutral by 2050 and this is a target, not just an aspiration. We have set this, considering all our activities and combining economic sustainability with the industrial implementation.

The New Eni

ENERGY EVOLUTION: A SELF FINANCED SUSTAINABLE TRANSFORMATION

To further maximize value generation along the whole green power chain and foster our decarbonization scope 3 targets, we have decided to merge our renewable business with our gas & power retail business. This business combination makes Eni one of the main green retail operators in the European market with 15Mln Clients and 15GW by 2030. In the plan period Retail+Renewable EBITDA will be around € 1 Bln.

In Refining & Marketing, we expect to increase results in all our business lines: Bio-refining and marketing, and traditional plants. Our biorefineries will continue to contribute positively, becoming palm oil free in 2023 and with a growing contribution of feedstock coming from waste and residues.

NATURAL RESOURCES: LOWER BREAKEVEN AND CARBON FOOTPRINT

Over the last years, we have materially reinforced our upstream business, reducing its cash needs while continuing to minimize the carbon footprint.

In the 4-year plan we will further lower the price level that will be required to generate free cash flow after capex. During the plan, this will result in a drop of our upstream capex coverage by almost 10 $ per barrel to 28 $.

Production will grow at an average of around 4% per year vs 2020 at the Eni scenario.

The second main goal of Natural Resources is to minimize carbon footprint and to develop initiatives to remove CO2, such as Forestry preservation and CCS.

Eni is focusing on REDD+ initiatives to maximize the value for our stakeholders, preserve primary and secondary forests and biodiversity, mainly in Africa, South Asia and Latin America. We target to offset more than 6 MTPA of CO2 by 2024 and more than 20 MTPA by 2030.

Our CCS projects are synergic with Upstream and we aim to create worldwide storage hubs for decarbonizing our industrial activities. By 2030 we target a total storage of around 7 MTPA, with an overall gross capacity of 15 MTPA.

FINANCIAL STRATEGY: CAPITAL DISCIPLINE, STRONG BALANCE SHEET AND ENHANCED REMUNERATION POLICY

Eni’s financial strategy will be a structural component in the execution of our plan.

It will be centered on a diversified set of levers:

  • our capex flexibility: focus on short cycle initiatives limiting inactive capital within 20% of our investment
  • an active and dynamic portfolio management, including new business combinations; more than 2 bln € disposals in the plan to be reinvested in acquisition for selective portfolio reshaping
  • a new set of financial tools, linked to our strategy execution: sustainable KPI linked bond
  • a competitive and progressive distribution policy.
The New Eni

RESILIENT CASH GENERATION AND FLEXIBILITY

We will continue to improve our resilience along the plan period: cash neutrality, the level of price necessary to cover our capex needs and the floor dividend, will be progressively reduced below 40 $/bbl.

Eni, its people and the Board of Directors, express their strong commitment to continue to play a sustainable and innovative role in supporting social and economic development in all their activities. Our strong ESG model provides a foundation for our aim, which remains to deliver value to all our stakeholders.

Claudio Descalzi, CEO of Eni

Eni boosts the transformation

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