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Eni’s satellite model: a distinctive approach
Striking the right balance between investments and returns through a unique organizational and financial strategy.
Our satellite model is based on creating separate entities that can independently access capital markets to finance their own growth and to reveal the real value of each business. It is our answer to the potential trade off emerging between continuing with more traditional businesses that generate high free cashflows, but offer reduced growth profiles, or investing into Energy Transition, high growth sectors where we can generate significant value but which demand capital.
Our satellite model reduces the capital absorption by new businesses preserving the free cash flow from traditional assets for the benefit of shareholder distribution.
Emerging activities can be developed autonomously, usually with third-party funding, accessing new pools of aligned capital and thereby highlighting value creation.
The recent sale of the Plenitude stake for example is the first step to support further investments and it highlighted the value already generated in this business but not reflected in Eni’s multiple. The company intends to replicate this model for Enilive, for Novamont biochemical activity and for CCS.
At the same time a satellite structure can also be applied in some upstream geographies, to access operational and financial synergies, maximise growth potential, and free up more capital for the rest of the portfolio.
Var Energi and Azule are very successful examples of business combinations that have allowed us to fuel upstream growth under a dedicated and focussed management structure in Norway and Angola.
Capital Markets Update 2024
On 14 March, Eni presented the Capital Markets Update 2024, and the video on demand is available.
Find out more about the satellite model
Plenitude: increased energy production from renewable sources
A Benefit Corporation integrating electricity production from renewables and energy solutions for private and business customers.
Enilive: for increasingly decarbonized mobility
Eni's multi-service company dedicated to the development of a new idea of mobility, offering individuals and businesses more sustainable solutions.
Sustainable chemistry: from technological innovation to production
We develop new technologies to obtain the full circularity of our processes and products throughout their entire life cycle.
CO₂ capture, utilisation and storage (CCUS)
Our projects for the capture, storage and utilisation of CO₂ (CCUS), a set of technologies that are indispensable for lowering emissions.
Vår Energi: exploration and production in Norway
Eni's energy subsidiary is a leader in hydrocarbon exploration and production in Norway.
Azule Energi: the biggest independent producer in Angola
Eni's investee company focused on upstream activities in Angola, committed to energy sustainability and renewables.
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.
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