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 2022, Eni is ranked as the 10th largest energy company by revenue in Europe, and is considered to be the 18th largest energy company globally. The company generated a total revenue of EUR 133.7 billion (~USD 145.86 billion) in 2022. 

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 ~44% to the company’s total revenue in 2022.

Italy was Eni’s largest market in 2022, contributing to ~45% 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 19.2% and 16.4%, respectively. Finally, sales from Africa, Asia, and the Americas followed, contributing 6.9%, 6.8%, and 5.2%, respectively. 

In 2022, the company set forth an overall strategy to drive the company’s operational and financial performance from 2023–2026. As part of this plan, Eni is expecting cumulative cash flows from operations, excluding working capital of EUR 69 billion across the plan’s timeline. The company expects to set aside a quarter of the budgeted EUR 37 billion capital expenditure during this period toward low-carbon projects, in line with its aim to reach carbon neutrality by 2050. Eni was on an acquisition spree during 2022, bagging multiple renewable energy players in a bid to expand its renewable energy portfolio while simultaneously reorganizing its group structure to streamline operations and unlock business value.