Eni

Eni S.p.A. (NYSE: E) is an Italian multinational energy company that provides oil, natural gas, and renewable energy. The company operates across the oil and gas supply chain, working upstream, midstream, and downstream. The company’s headquarters are located in Rome, Italy; however, the company has operations across the world, including several entities across Europe, the Americas, Asia, and Africa. As of 2024, Eni was ranked as the largest energy company in Europe by revenue and, as of 2023, was considered to be the 21st largest energy company globally. The company generated a total revenue of EUR 94.9 billion (~USD 103.8 billion) in 2023. 

Eni operates under two main segments: Natural Resources and Energy Evolution. Under these two main segments, the company has four sub-segments that it reports its activities under: 1) Exploration & Production (of natural gas and oil); 2) Global Gas & LNG (Liquid Natural Gas) Portfolio; 3) Refining & Marketing and Chemicals; and 4) Plenitude & Power. Its Global Gas & LNG Portfolio segment refers to Eni’s supply and trade of natural and liquid natural gas, while its Plenitude & Power segment refers to its sale of gas, power, and renewables. Eni’s Refining & Marketing and Chemicals segment contributed ~55% to the company’s total revenue in 2023.

Italy was Eni’s largest market in 2023, contributing to ~36% of the Group’s total sales. Europe, excluding Italy, followed as its next largest geographical market. However, the company separates revenues earned from Europe into two geographical categories: Other European Union and Rest of Europe, which contributed 19.5% and 19.7%, respectively. Finally, sales from Africa, Asia, and the Americas followed, contributing 9.7%, 7.9%, and 7.5%, respectively.

In 2023, the company set forth an overall strategy to drive the company’s operational and financial performance from 2024–2027. As part of this plan, Eni is expecting cumulative cash flows from operations, excluding working capital of EUR 62 billion across the plan’s timeline. Eni aims to achieve carbon neutrality by 2050, using current technologies to reduce its carbon footprint. Eni also aims to fully replace Russian gas by 2025. It has made progress by reducing its natural gas sourced from Russia from ~28% in 2022 to ~12% in 2023 and secured alternative equity gas and partnerships with entities in North and West Africa.