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  • COMPANY

Here's why you should invest in Eni shares

Palazzo Eni Roma

Eni stands as a strategic investment opportunity for those seeking solidity and innovation within the global energy sector. Our clear growth strategy, supported by an integrated business model and an attractive shareholder remuneration policy, makes us an appealing choice for those aiming for diversification and stability in their portfolio.

Our ability to generate value even in complex contexts, coupled with strong financial goals, reinforces our appeal as a key investment opportunity. Most importantly, Eni shows significant financial resilience, which helps ensure the flexibility required to support investments and continue to reward shareholders in a beneficial way.
The latest financial data highlight strong economic results, supported by stable production and investments focused on innovation and decarbonisation. At the same time, we have reinforced our commitment to sustainability by reducing CO₂ emissions and expanding our renewable energy portfolio. Key growth indicators confirm a positive trajectory, aligned with long-term objectives, both from an industrial and an environmental point of view. Our shareholder remuneration policy confirms the increasing growth in value as we implement our strategy.

Beware of scams

Scammers on social media are offering quick-win schemes via digital platforms, investment courses or bogus job offers and use Eni’s name or that of high-profile figures to lend them credibility.

Innovation and the satellite model

Eni is focused on the future through the development of cutting-edge technological solutions. To support these long-term growth plans, we continuously optimise our corporate structure, aiming for maximum efficiency. In this context, the satellite model is a key element of Eni's business growth plan, as it enables the creation of dedicated and financially autonomous entities, such as Enilive and Plenitude. These high-growth businesses are designed to support customers in decarbonisation through integrated value chains that attract specialised capital and accelerate the development of energy transition-related businesses, while also making their market value clear. As they continue to grow, these companies become an increasingly significant source of additional revenue, diversifying and enhancing our overall value. At the same time, we are continuing to develop traditional businesses through other subsidiaries controlled by the Group, focusing on advantageous, low-emission assets related to natural gas and LNG. The satellite model thus serves as the lever that allows us to actively pursue various aspects of the energy trilemma, providing greater flexibility, specialisation and access to capital for the different business lines, making the energy transition more effective and sustainable across all dimensions.

Market scenario

Eni’s positioning

The global energy market analysis for 2024 highlights a complex environment, characterised by a dual challenge: ensuring supply security in the face of rising demand, while simultaneously accelerating the decarbonisation process.

 

In this context, Eni's strategy is proving particularly resilient and far-sighted. On the one hand, the strength of our Oil & Gas operations effectively addresses the growing global demand, which, according to our annual statistical review, the World Energy Review, in 2024 saw oil consumption rise to 102.8 million barrels per day, particularly in non-OECD countries (China, India, Latin America, Middle East), which accounted for over 60% of the global increase. This ability to meet a primary need ensures operational stability and generates the cash flow necessary to support investments and shareholder returns.

 

On the other hand, natural gas, despite experiencing a phase of uncertainty, has confirmed underlying growth in consumption, while renewable energy has reached a new record with around 560 GW of new capacity installed. This trend reaffirms growth opportunities in a sector where Eni is already positioned as a leading player.

Main performance indicators

Robust operational efficiency and ability to generate value in a challenging scenario

Indicator 2024 2023
Profit per boe (1)(3)( ($/boe) 11.3 14.5
Opex per boe (2)(4) 9.2 8.6
Cash flow per boe 17.3 19.4
Exploration and development cost per boe (b) 22.7 26.3
Useful residual life of proven reserves (years)   10.4  10.6
Organic replacement rate of reserves (%) 124 69
Portfolio cash breakeven ($/boe) >30 >25
  • (1) Relating to consolidated subsidiaries.
  • (2) Includes Eni's share of joint ventures and affiliated companies accounted for using the equity method.
  • (3) Profit per boe: Represents the profitability per barrel of oil and natural gas produced and is calculated as the ratio between the result of oil & gas activities (as defined under FASB Extractive Activities - Oil and Gas Topic 932) and the volumes sold.
  • (4) Opex per boe: Indicates the operational efficiency in upstream development activities and is calculated as the ratio between operating costs (as defined under FASB Extractive Activities - Oil and Gas Topic 932) and volumes produced.

Efficiency and vision

The 2024 Eni data, available in digital, interactive , and browsable format, show a clear trend: short-term profitability (Profit and Cash Flow per boe) decreased, an expected effect due to lower oil prices. Nevertheless, Eni continues to maintain strong cash generation.
The real news for investors, however, lies in the operational data, which demonstrate two strategic successes:

  • Increased efficiency: Exploration and development costs have significantly decreased. Today, we spend less to find and develop future reserves, maximising the value of our investments.
  • Future vision: The organic replacement rate reached 124% (up from 69% previously). This means we have more than replaced every barrel produced, ensuring the sustainability of future production with stable reserves.

 

Despite market volatility, our management has achieved significant operational results. Eni has become more efficient and has secured its reserves for the future. These are the strongest signs of high-quality management and a solid long-term outlook.
Learn more on the Market Share page.

Market scenario

Eni’s positioning

The global energy market analysis for 2024 highlights a complex environment, characterised by a dual challenge: ensuring supply security in the face of rising demand, while simultaneously accelerating the decarbonisation process.

 

In this context, Eni's strategy is proving particularly resilient and far-sighted. On the one hand, the strength of our Oil & Gas operations effectively addresses the growing global demand, which, according to our annual statistical review, the World Energy Review, in 2024 saw oil consumption rise to 102.8 million barrels per day, particularly in non-OECD countries (China, India, Latin America, Middle East), which accounted for over 60% of the global increase. This ability to meet a primary need ensures operational stability and generates the cash flow necessary to support investments and shareholder returns.

 

On the other hand, natural gas, despite experiencing a phase of uncertainty, has confirmed underlying growth in consumption, while renewable energy has reached a new record with around 560 GW of new capacity installed. This trend reaffirms growth opportunities in a sector where Eni is already positioned as a leading player.

Main performance indicators

Robust operational efficiency and ability to generate value in a challenging scenario

Indicator 2024 2023
Profit per boe (1)(3)( ($/boe) 11.3 14.5
Opex per boe (2)(4) 9.2 8.6
Cash flow per boe 17.3 19.4
Exploration and development cost per boe (b) 22.7 26.3
Useful residual life of proven reserves (years)   10.4  10.6
Organic replacement rate of reserves (%) 124 69
Portfolio cash breakeven ($/boe) >30 >25
  • (1) Relating to consolidated subsidiaries.
  • (2) Includes Eni's share of joint ventures and affiliated companies accounted for using the equity method.
  • (3) Profit per boe: Represents the profitability per barrel of oil and natural gas produced and is calculated as the ratio between the result of oil & gas activities (as defined under FASB Extractive Activities - Oil and Gas Topic 932) and the volumes sold.
  • (4) Opex per boe: Indicates the operational efficiency in upstream development activities and is calculated as the ratio between operating costs (as defined under FASB Extractive Activities - Oil and Gas Topic 932) and volumes produced.

Efficiency and vision

The 2024 Eni data, available in digital, interactive , and browsable format, show a clear trend: short-term profitability (Profit and Cash Flow per boe) decreased, an expected effect due to lower oil prices. Nevertheless, Eni continues to maintain strong cash generation.
The real news for investors, however, lies in the operational data, which demonstrate two strategic successes:

  • Increased efficiency: Exploration and development costs have significantly decreased. Today, we spend less to find and develop future reserves, maximising the value of our investments.
  • Future vision: The organic replacement rate reached 124% (up from 69% previously). This means we have more than replaced every barrel produced, ensuring the sustainability of future production with stable reserves.

 

Despite market volatility, our management has achieved significant operational results. Eni has become more efficient and has secured its reserves for the future. These are the strongest signs of high-quality management and a solid long-term outlook.
Learn more on the Market Share page.

Key financial and production indicators

We offer solid returns to shareholders with growing dividends and buybacks. Our energy leadership is based on targeted investments, operational capability, and a consistent commitment to global exploration and development.

The value of our people

Eni demonstrates a profound commitment to enhancing human capital, translating this vision into clear and measurable objectives for the coming years. We actively promote inclusion and gender equality within our workforce, aiming to increase the female population by 4% by 2030 compared to 2020, with a particular focus on achieving a 3.8% increase in the presence of women in leadership positions (senior and middle managers) over the same period. Additionally, we foster a culture centred on continuous learning and valuing every individual contribution: strengthening our internal skills is also a strategic choice that provides us with a competitive advantage, while others have opted for outsourcing. Completing this holistic commitment, we extend our actions on a social level, aiming to reach over 20 million people by 2030 through local development projects, highlighting our willingness to make a tangible contribution to the well-being of communities.

Towards 2030: an integrated strategy for growth, transition and sustainable value

Testo: For the future, in line with our long-term Strategic Plan, we leverage our strengths by integrating established activities with emerging initiatives, through solid and synergistic business models aimed at competitive growth and sustainable returns.

A strengthened financial structure supports a resilient, innovative and flexible business, capable of generating long-term value. 

Main business targets by 2030

View table
Activity area / Category Target / Main data
GHG emissions Upstream Net Zero Carbon Footprint (Scope 1+2) (1)
Carbon offset ~15 million tonnes/year in offset CO₂ emissions
Retail 15 million customers in our portfolio (2)
Renewables 15 GW installed electric generation capacity (2), (3)
Electric vehicles 40,000 charging points (2)
Biorefining > 5 million tonnes/year capacity
Oil & gas Production plateau with gas component higher than 60%(4)
Carbon capture & storage >15 million tonnes/year in CO₂ storage capacity (gross capacity before 2030)
  • (1) KPI used in the Eni Sustainability-Linked Financing Framework. The targets are net of Eni's equity share of CO₂ stored.
  • (2) Plenitude 100%
  • (3) KPI used in the Eni Sustainability-Linked Financing Framework
  • (4) Since 2024, it has also included condensate gases