Reported Earnings • Jul 30
Second quarter 2026 earnings released: EPS: €0.96 (vs €0.18 in 2Q 2025) Second quarter 2026 results: EPS: €0.96 (up from €0.18 in 2Q 2025). Revenue: €22.7b (up 19% from 2Q 2025). Net income: €2.83b (up 421% from 2Q 2025). Profit margin: 13% (up from 2.8% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to grow by 1.8%. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. New Risk • Jul 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 6.7% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (128% cash payout ratio). Declared Dividend • Jun 01
Dividend of €0.27 announced Shareholders will receive a dividend of €0.27. Ex-date: 21st September 2026 Payment date: 23rd September 2026 Dividend yield will be 4.6%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (87% earnings payout ratio) but not covered by cash flows (128% cash payout ratio). The dividend has increased by an average of 1.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 46% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • May 08
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-executive Director Carolyn Adele Dittmeier was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • May 07
Eni S.P.A. Announces Board Appointments Eni S.p.A. announced the appointment of Giuseppina Di Foggia – Chairman of the Board; Stefano Cappiello – Director; Benedetta Fiorini – Director; Emma Marcegaglia – Director; and Matteo Petrella – Director, at the AGM held on May 6, 2026. Tillkännagivande • Apr 22
ARUM S.p.A. and Dompé Holdings Srl proposed to acquire 50.88% stake in B.F. S.p.A. (BIT:BFG) from Fondazione Cariplo, Inarcassa, Istituto Di Servizi Per Il Mercato Agricolo Alimentare - Ismea, Eni S.p.A. (BIT:ENI) and other shareholders for approximately €670 million. ARUM S.p.A. and Dompé Holdings Srl proposed to acquire 50.88% stake in B.F. S.p.A. (BIT:BFG) from Fondazione Cariplo, Inarcassa, Istituto Di Servizi Per Il Mercato Agricolo Alimentare - Ismea, Eni S.p.A. (BIT:ENI) and other shareholders for approximately €670 million on April 21, 2026. A cash consideration valued at €5 per share will be paid by ARUM S.p.A. and Dompé Holdings Srl, which implies a premium of 13.8% over the closing price on April 20, 2026. As part of consideration, an €666.2 million value is paid towards 133.242 million common equity of B.F. S.p.A. The tender offer does not seek delisting, and the bidders have committed to restoring the free float should they hold at least 90% of the capital. The bidders have signed a framework agreement that governs the terms of the offer and provides for the two companies to purchase shares in equal amounts, i.e., 50% each, and a commitment to enter into a shareholders' agreement. The offer is aimed to ensure the stability of its ownership structure, further investing in the growth and development' of the company. Declared Dividend • Mar 26
Dividend of €0.27 announced Shareholders will receive a dividend of €0.27. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 4.4%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is not covered by earnings (134% earnings payout ratio). However, it is covered by cash flows (77% cash payout ratio). The dividend has increased by an average of 1.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 49% to bring the payout ratio under control. EPS is expected to grow by 66% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Declared Dividend • Mar 02
Fourth quarter dividend of €0.26 announced Shareholders will receive a dividend of €0.26. Ex-date: 23rd March 2026 Payment date: 25th March 2026 Dividend yield will be 5.2%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by both earnings (29% earnings payout ratio) and cash flows (72% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 65% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 28
Full year 2025 earnings released: EPS: €0.86 (vs €0.79 in FY 2024) Full year 2025 results: EPS: €0.86 (up from €0.79 in FY 2024). Revenue: €83.6b (down 8.3% from FY 2024). Net income: €2.61b (up 4.7% from FY 2024). Profit margin: 3.1% (up from 2.7% in FY 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Tillkännagivande • Dec 19
Global Infrastructure Management, LLC completed the acquisition of 49.99% stake in Eni CCUS Holding from Eni S.p.A. (BIT : ENI). Global Infrastructure Management, LLC agreed to acquire 49.99% stake in Eni CCUS Holding from Eni S.p.A. (BIT : ENI) on August 18, 2025. The transaction is subject to due diligence. The closing of the transaction is subject to the approvals provided by law. JP Morgan SE acted as financial advisor to Eni S.p.A. (BIT:ENI).
Global Infrastructure Management, LLC completed the acquisition of 49.99% stake in Eni CCUS Holding from Eni S.p.A. (BIT : ENI) on December 18, 2025. Upcoming Dividend • Nov 17
Upcoming dividend of €0.26 per share Eligible shareholders must have bought the stock before 24 November 2025. Payment date: 26 November 2025. Payout ratio is a comfortable 29% and the cash payout ratio is 77%. Trailing yield: 6.1%. Within top quartile of British dividend payers (5.5%). Higher than average of industry peers (4.5%). Recent Insider Transactions • Nov 07
CEO, GM & Director recently sold €1.1m worth of stock On the 4th of November, Claudio Descalzi sold around 69k shares on-market at roughly €15.81 per share. This transaction amounted to 9.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Claudio's only on-market trade for the last 12 months. Tillkännagivande • Nov 04
Ares Alternative Credit Management managed by Ares Management LLC completed the acquisition of 20% stake in Eni Plenitude S.P.A. Societa' Benefit from Eni S.p.A. (BIT:ENI). Ares Alternative Credit Management managed by Ares Management LLC signed an exclusivity agreement to acquire 20% stake in Eni Plenitude S.P.A. Societa' Benefit from Eni S.p.A. (BIT:ENI) for approximately €2 billion on May 15, 2025. On June 23, 2025, Parties signed an agreement for approximately €2 billion. The move marks a key step toward a definitive deal that would value Plenitude at between €9.8 billion and €10.2 billion in equity terms, with an enterprise value exceeding €12 billion. The exclusivity period will allow the two parties to finalize the terms of the transaction. The agreement follows a thorough selection process involving several prominent international players who expressed strong interest in the company, further confirming the great appeal of its business model and its growth prospects. The agreement with Ares is part of Eni's development of its satellite model and follows the acquisition of a 10% stake in Plenitude's share capital by the investment fund Energy Infrastructure Partners. The completion of the transaction is subject to the clearance by the competent authorities and regulation approvals.
Mediobanca is acting as financial adviser for Eni. Gianguido Arcangeli, Domenico Magistri and Luca Marniga of L&B Partners S.P.A., Maria Vastola, Andrea Petruzzello, Anna Maria Capodacqua, Luca Gunetti, Alessandro Ferraro and Ilaria Pezzana of UniCredit, and Pierpaolo Di Stefano, Marco Campo, Michele Cohen, Lorenzo Cabizza, Livio Berti and Pietro Cusumano of Deutsche Bank acted as financial advisor to Ares Alternative Credit Management LLC. Calvin Ng,Michelle Kelban, Jeremy Trinder, James Beeson, Charles Armstrong, Adrien Giraud, Tyler Brown, Philipp Studt, Matthew, Ruchi Gill, Cataldo Piccarreta, and Erika Brini Raimondi of Latham & Watkins acted as legal advisor to Ares Alternative. Equita SIM S.p.A. acted as a financial advisor to Eni. Pietro Scarfone, Luca Maffia, Elia Ferdinando Clarizia, Emanuele Trucco, Fiona Cumming of A&O Shearman advised the banks in the financing supporting the transaction.
Ares Alternative Credit Management managed by Ares Management LLC completed the acquisition of 20% stake in Eni Plenitude S.P.A. Societa' Benefit from Eni S.p.A. (BIT:ENI) on November 4, 2025. The transaction was completed following the approval of the transaction by the competent authorities. Tillkännagivande • Oct 30
Eni S.P.A. Raises Production Guidance for the the Year 2025 Eni S.p.A. raised production guidance for the the year 2025. For the period, the company is raising expected oil and gas production guidance for 2025 to a 1.71 mln -1.72 mln boe/d range, implying a Fourth Quarter level of around 1.8 mln boe/d. Reported Earnings • Oct 26
Third quarter 2025 earnings released: EPS: €0.27 (vs €0.17 in 3Q 2024) Third quarter 2025 results: EPS: €0.27 (up from €0.17 in 3Q 2024). Revenue: €20.5b (down 2.2% from 3Q 2024). Net income: €803.0m (up 54% from 3Q 2024). Profit margin: 3.9% (up from 2.5% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Sep 29
Now 21% undervalued Over the last 90 days, the stock has risen 9.4% to €15.08. The fair value is estimated to be €19.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 65%. For the next 3 years, revenue is forecast to grow by 1.0% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Declared Dividend • Sep 25
Dividend of €0.26 announced Shareholders will receive a dividend of €0.26. Ex-date: 24th November 2025 Payment date: 26th November 2025 Dividend yield will be 6.7%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (139% earnings payout ratio). However, it is covered by cash flows (79% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 54% to bring the payout ratio under control. EPS is expected to grow by 71% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Upcoming Dividend • Sep 15
Upcoming dividend of €0.26 per share Eligible shareholders must have bought the stock before 22 September 2025. Payment date: 24 September 2025. The company is paying out more than 100% of its profits and is paying out 79% of its cash flow. Trailing yield: 7.1%. Within top quartile of British dividend payers (5.5%). Higher than average of industry peers (4.8%). Tillkännagivande • Aug 19
Global Infrastructure Management, LLC agreed to acquire Eni CCUS Holding from Eni S.p.A. (BIT : ENI). Global Infrastructure Management, LLC agreed to acquire Eni CCUS Holding from Eni S.p.A. (BIT : ENI) on August 18, 2025. The transaction is subject to due diligence. The closing of the transaction is subject to the approvals provided by law. Tillkännagivande • Jul 31
Eni S.P.A. Provides Production Guidance for the the Third Quarter and Fiscal Year 2025 Eni S.p.A. provided production guidance for the the third quarter and fiscal year 2025. For the third quarter, the company production is seen at between 1.7 and 1.72 million boe/d.
For the year, the company continue to expect oil and gas production at 1.7 million boe/d, in line with original assumptions. New Risk • Jul 27
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.7% Last year net profit margin: 4.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (135% payout ratio). Profit margins are more than 30% lower than last year (2.7% net profit margin). Tillkännagivande • May 29
Eni S.p.A. (BIT:ENI) commences an Equity Buyback for 315,000,000 shares, for €3,500 million, under the authorization approved on May 14, 2025. Eni S.p.A. (BIT:ENI) commences share repurchases on May 20, 2025, under the program mandated by the shareholders in the Annual General Meeting held on May 14, 2025. As per the mandate, the company is authorized to repurchase up to 315,000,000 shares, for €3,500 million. The shares will be repurchased at a price which shall not be more than 10% greater or lower than the official price registered by the stock in the trading session of the Euronext Milan, organized and operated by Borsa Italiana S.p.A on the day before each individual transaction. The repurchased will be funded out of distributable profit and available reserves as reported in the most recent regularly approved financial statements. The share repurchase program is valid till April 2026.
On May 16, 2025, the company announced a share repurchase program. Under the program, the company will repurchase up to €1,500 million (€3,500 million, in case of upside scenarios). The program will be valid till April 2026. Declared Dividend • May 22
Dividend of €0.26 announced Shareholders will receive a dividend of €0.26. Ex-date: 22nd September 2025 Payment date: 24th September 2025 Dividend yield will be 7.9%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is not adequately covered by earnings (96% earnings payout ratio). However, it is covered by cash flows (59% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 6.4% to bring the payout ratio under control. EPS is expected to grow by 71% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Tillkännagivande • May 17
Eni S.p.A. Approves Dividend for the Year 2025, First and Second Tranche Payable on September 24, 2025 and November 26, 2025 Respectively The Ordinary and Extraordinary Meeting of Eni’s Shareholders, held 14 May 2025, approved the distribution for and in place of the payment of the dividend relating to financial year 2025 of a sum of €1.05 per share in tranches in the months of September 2025 (€0.26 per share), November 2025 (€0.26 per share), March 2026 (€0.26 per share) and May 2026 (€0.27 per share), using the available reserves, making use, if necessary or appropriate and in the interest of the Shareholders, of the amount of the revaluation reserve ex Lege 342/2000 within the limits of use subject to resolution by the Extraordinary Shareholders’ Meeting; The first tranche will be paid on September 24, 2025 (ex-dividend date: September 22, 2025; record date: September 23, 2025) and the second tranche will be paid on November 26, 2025 (ex-dividend date: November 24, 2025; record date: November 25, 2025). Upcoming Dividend • May 12
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. Payout ratio is on the higher end at 96%, however this is supported by cash flows. Trailing yield: 8.1%. Within top quartile of British dividend payers (5.8%). Higher than average of industry peers (5.3%). Declared Dividend • Apr 14
Dividend of €0.25 announced Shareholders will receive a dividend of €0.25. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 8.7%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is not covered by earnings (127% earnings payout ratio). However, it is covered by cash flows (66% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 41% to bring the payout ratio under control. EPS is expected to grow by 57% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €11.58, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 3x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 1.5% over the past three years. Reported Earnings • Apr 06
Full year 2024 earnings released: EPS: €0.79 (vs €1.41 in FY 2023) Full year 2024 results: EPS: €0.79 (down from €1.41 in FY 2023). Revenue: €91.2b (down 3.8% from FY 2023). Net income: €2.49b (down 47% from FY 2023). Profit margin: 2.7% (down from 4.9% in FY 2023). The decrease in margin was driven by lower revenue. Oil reserves Proven reserves: 2993 MMbbls Gas reserves Proven reserves: 18330 Bcf Combined production Oil equivalent production: 625.3 MMboe (604.2 MMboe in FY 2023) Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 17
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 24 March 2025. Payment date: 26 March 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.9%. Within top quartile of British dividend payers (6.1%). Higher than average of industry peers (5.0%). Tillkännagivande • Mar 06
KKR & Co. Inc. (NYSE:KKR) completed the acquisition of unknown minority stake in Enilive SpA from Eni S.p.A. (BIT:ENI) for €2.5 billion. KKR & Co. Inc. (NYSE:KKR) signed a temporary exclusivity agreement to acquire unknown minority stake in Enilive SpA from Eni S.p.A. (BIT:ENI) on July 23, 2024. KKR & Co. Inc. (NYSE:KKR) have signed an agreement to acquire 25% stake in Enilive SpA from Eni S.p.A. (BIT:ENI) for €2.4 billion on October 24, 2024. In a related transaction, KKR made subscription of a capital increase in Enilive reserved to KKR amounting to €500 million. Under the terms of temporary exclusivity agreement, the sale has been agreed valuing the company between €11.5 billion and €12.5 billion. Under the terms of agreement, the transaction will be funded through: 1) the subscription of a capital increase in Enilive reserved to KKR amounting to €500 million; 2) the purchase of Enilive’s shares from Eni for a value of €2.438 billion, corresponding to a post-money valuation of €11.75 billion of Equity Value for 100% of Enilive's share capital. Both companies have attracted significant interest from leading international partners and have achieved high stock market valuations, indicating that our approach to the energy transition is appreciated. Furthermore, according to the agreement, Eni will undertake a capital increase of €500 million prior to the completion of the transaction to set a debt-free company. The transaction also confirms the effectiveness of Enilive’s distinctive integrated model and strengthens at the same time its financial structure. The transaction brings together Eni’s proven ability to develop high-growth energy businesses and KKR’s expertise as a long-term investor with a strong track record in the energy and infrastructure sectors, further contributing to the growth of Enilive.
The transaction is subject to agreeing definitive documentation and to negotiate the terms of a potential transaction. Closing of the transaction is subject to customary regulatory approvals and is also subject to customary approvals provided by law. J.P. Morgan acted as financial advisor to Eni S.p.A. (BIT:ENI). Deutsche Bank and Unicredit acted as financial advisor with Toby Parkinson, Sara Pickersgill, Nick Appleton, Serra Tar, Sinead O'Shea, James Boswell, Jia Meng and James McGivern of Kirkland & Ellis and Gianni & Origoni serving as legal counsel to KKR on this transaction. Giovan Battista Santangelo, Damiano Battaglia and Damiano Battaglia of Pedersoli e Associati acted as legal advisor to Eni S.p.A.
KKR & Co. Inc. (NYSE:KKR) completed the acquisition of unknown minority stake in Enilive SpA from Eni S.p.A. (BIT:ENI) for €2.5 billion on March 6, 2025. Upon receipt of the necessary regulatory approvals, Eni and KKR have closed the transaction contemplated by the investment agreement, announced last October, for the acquisition by KKR of a 25% stake in Enilive’s share capital. Declared Dividend • Mar 03
Fourth quarter dividend of €0.25 announced Shareholders will receive a dividend of €0.25. Ex-date: 24th March 2025 Payment date: 26th March 2025 Dividend yield will be 7.1%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (30% earnings payout ratio) and cash flows (63% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: €0.83 (vs €1.41 in FY 2023) Full year 2024 results: EPS: €0.83 (down from €1.41 in FY 2023). Revenue: €91.2b (down 3.8% from FY 2023). Net income: €2.64b (down 43% from FY 2023). Profit margin: 2.9% (down from 4.9% in FY 2023). Revenue is forecast to stay flat during the next 3 years compared to a 1.3% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Tillkännagivande • Feb 20
KKR & Co. Inc. (NYSE:KKR) signed an agreement to acquire an additional 5% stake in Enilive S.p.A. from Eni S.p.A. (BIT:ENI) for approximately €590 million. KKR & Co. Inc. (NYSE:KKR) signed an agreement to acquire an additional 5% stake in Enilive S.p.A. from Eni S.p.A. (BIT:ENI) for approximately €590 million on February 18, 2025. A cash consideration of €587.5 million will be paid by KKR & Co. Inc. As part of consideration, €587.5 million is paid towards common equity of Enilive S.p.A. The acquisition is based on the same post-money valuation of €11.75 billion of Equity Value for 100% of Enilive's share capital. Following the completion KKR & Co. Inc will hold 30% stake in Enilive S.p.A. The transaction is in line with the agreement signed between KKR and Eni last October for KKR's acquisition of a 25% stake in Enilive's share capital, which is expected to close by next month.
The closing of the acquisition of the additional 5% stake is subject to regulatory approvals of the competent authorities.
Claudia Fornaro and Stefano Cozzi of Mediobanca Banca di Credito Finanziario S.p.A. acted as financial advisor to Eni S.p.A. Francesco Cardinali of Jpmorgan Asset Management Europe Sarl (Italy Branch) acted as financial advisor for Eni S.p.A. (BIT:ENI). Toby Parkinson, Sara Pickersgill, Nick Appleton, Serra Tar, Sinead O'Shea, James Boswell, Jia Meng, James McGivern of Kirkland & Ellis International LLP acted as legal advisor to KKR & Co. Inc. Buy Or Sell Opportunity • Feb 12
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at €14.03. The fair value is estimated to be €17.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has declined by 19%. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Upcoming Dividend • Nov 13
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 18 November 2024. Payment date: 20 November 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 6.9%. Within top quartile of British dividend payers (5.9%). Higher than average of industry peers (5.3%). Recent Insider Transactions • Nov 07
CEO, GM & Director recently sold €1.2m worth of stock On the 31st of October, Claudio Descalzi sold around 89k shares on-market at roughly €13.96 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Claudio's only on-market trade for the last 12 months. Buy Or Sell Opportunity • Nov 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.4% to €13.95. The fair value is estimated to be €17.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has declined by 19%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Tillkännagivande • Nov 06
Hilcorp Energy Company completed the acquisition of Nikaitchuq and Oooguruk Assets in Alaska, US from Eni S.p.A. (BIT:ENI) for $1 billion. Hilcorp Energy Company signed binding agreement to acquire Nikaitchuq and Oooguruk Assets in Alaska, US from Eni S.p.A. (BIT:ENI) on June 27, 2024. The value of the transaction will be announced upon its closing.
The closing of this transaction is subject to appropriate regulatory approvals and other customary terms and conditions. David M. Castro, Jr., P.C, Chad M. Smith, P.C, R.J. Malenfant, Albert Y. Kim and Kelsey Laugel of Kirkland & Ellis LLP acted as legal advisor to Hilcorp Energy Company. Jefferies LLC acted as financial advisor to Eni S.p.A. (BIT:ENI).
Hilcorp Energy Company completed the acquisition of Nikaitchuq and Oooguruk Assets in Alaska, US from Eni S.p.A. (BIT:ENI) for $1 billion on November 4, 2024. Eni will continue to be present in the USA in the upstream of Gulf of Mexico as well as in energy transition projects in the renewables, biofuels and magnetic fusion. The transaction has received the approval of all relevant authorities. Declared Dividend • Oct 30
Third quarter dividend of €0.25 announced Shareholders will receive a dividend of €0.25. Ex-date: 18th November 2024 Payment date: 20th November 2024 Dividend yield will be 6.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (30% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 58% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 26
Third quarter 2024 earnings released: EPS: €0.17 (vs €0.58 in 3Q 2023) Third quarter 2024 results: EPS: €0.17 (down from €0.58 in 3Q 2023). Revenue: €21.0b (down 7.2% from 3Q 2023). Net income: €522.0m (down 73% from 3Q 2023). Profit margin: 2.5% (down from 8.5% in 3Q 2023). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 2.1% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 16
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 23 September 2024. Payment date: 25 September 2024. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 6.7%. Within top quartile of British dividend payers (5.3%). Higher than average of industry peers (4.9%). Tillkännagivande • Sep 14
Eni Reportedly in Talks with Funds on Another Plenitude Stake Sale Italian energy group Eni S.p.A. (BIT:ENI) is in talks with several funds over the potential sale of a minority stake in its renewable and retail business Plenitude (Eni Plenitude S.p.A.), two sources with knowledge of the matter said on September 13, 2024. The possible sale would be another step in Eni's strategy of tapping specialised investors to help fund the group's energy transition. In March, Eni completed the sale of 7.6% in Plenitude to Energy Infrastructure Partners. The sources told Reuters talks between Eni and investors interested in the low-carbon business were based on a valuation for Plenitude of more than EUR 10 billion ($11.08 billion), which is the value at which EIP entered the share capital of the unit earlier this year. One of the sources said that U.S. asset management firm Apollo Global Management, Inc. (NYSE:APO), Norway's private equity fund HitecVision AS and London-based private equity firm Trilantic Europe Ltd. were among the investors interested in the potential acquisition of a stake of around 10% in Plenitude. Eni declined to comment. Apollo, HitecVision and Trilantic were not immediately available for comment. Tillkännagivande • Sep 04
Timor GAP, E.P. agreed to acquire 16% stake in Bayu-Undan upstream project from Santos Limited (ASX:STO), Tokyo Timor Sea Resources Pty Ltd, Eni S.p.A. (BIT:ENI), Inpex Corporation (TSE:1605) and SK E&S Co., Ltd. Timor GAP, E.P. signed a sale and purchase deed to acquire 16% stake in Bayu-Undan upstream project from Santos Limited (ASX:STO), Tokyo Timor Sea Resources Pty Ltd, Eni S.p.A. (BIT:ENI), Inpex Corporation (TSE:1605) and SK E&S Co., Ltd. on September 2, 2024. Execution of the SPD to effect this transaction is planned to occur in mid-September. Reported Earnings • Jul 27
Second quarter 2024 earnings released: EPS: €0.21 (vs €0.088 in 2Q 2023) Second quarter 2024 results: EPS: €0.21 (up from €0.088 in 2Q 2023). Revenue: €23.1b (up 16% from 2Q 2023). Net income: €661.0m (up 125% from 2Q 2023). Profit margin: 2.9% (up from 1.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Jul 24
KKR & Co. Inc. (NYSE:KKR) signed a temporary exclusivity agreement to acquire 25% stake in Enilive SpA from Eni S.p.A. (BIT:ENI). KKR & Co. Inc. (NYSE:KKR) signed a temporary exclusivity agreement to acquire 25% stake in Enilive SpA from Eni S.p.A. (BIT:ENI) on July 23, 2024. The transaction is subject to agreeing definitive documentation and to negotiate the terms of a potential transaction. Tillkännagivande • Jul 03
Eni Reportedly Eyes Over €4 Billion in Upstream Asset Sale Plan Eni S.p.A. (BIT:ENI) is looking to raise more than €4 billion ($4.3 billion) from disposals in its global upstream business, people familiar with the matter said. The sales would be part of a broader strategy of disposing of €8 billion in assets over the next three years. Units that could be candidates for the asset sale plan include some operations in Indonesia and Cyprus, said the people, asking not to be named discussing confidential deliberations. Tillkännagivande • Jun 05
Eni S.p.A. (BIT:ENI) completed the acquisition of ATEN OIL, S.L. from Marcol Group. Eni S.p.A. (BIT:ENI) agreed to acquire ATEN OIL, S.L. from Marcol Group on April 28, 2024. The agreement is still awaiting authorization from the competition authorities. The majority of the company's capital is in the hands of the English fund Marcol, whose only stake in Spain is Atenoil, and a good part of the debt was in the hands of the French manager Kartesia. The founding partners also appear as minority shareholders.Eni S.p.A. (BIT:ENI) completed the acquisition of ATEN OIL, S.L. from Marcol Group on June 3, 2024. The transaction, which has been approved by the relevant authorities, comprises 21 service stations in the regions of Madrid, Andalusia and Castilla-La Mancha. The new stations will become part of Enilive Iberia's network, which will have a total of 38 stations in Spain after the transaction. With this acquisition, Enilive Iberia has strengthened its market position in the area and has extended its presence into new provinces. Tillkännagivande • May 24
Eni Reportedly Mulls Selling 20% Stake in Enilive Unit Italian energy major Eni S.p.A. (BIT:ENI) is studying the sale of a 20% stake in its Enilive biorefining unit after receiving expressions of interest from potential suitors, according to people familiar with the matter. The company is working with advisers and values the entire business at about €10 billion ($10.8 billion), said the people, who asked not to be named as they aren’t authorized to discuss the matter publicly. Talks over the scale of the sale are at an early stage and the company is still assessing options for the unit, the people said. Investment firms including BlackRock, Brookfield, IFM Investors and Macquarie are interested in the asset, daily Corriere della Sera reported on May 23, 2024, without saying where it got the information. A representative for Eni declined to comment. Eni has embarked on a reorganization to help fund its transition to gas and renewable energy. Chief Executive Officer Claudio Descalzi is pursuing a “satellite model,” which entails listing divisions or partnering with external investors to develop them. The new strategy began with the sale of a minority stake in the Plenitude green unit to Energy Infrastructure Partners AG in 2023. The company is also targeting splitting off its carbon capture unit and its Novamont biochemical subsidiary by 2027. Tillkännagivande • May 16
Eni S.P.A. Approves Dividend for the Year 2024, First and Second Tranche Payable on September 25, 2024 and November 20, 2024 Respectively Eni S.p.A. approve the distribution for and in place of the payment of the dividend relating to the financial year 2024 of a sum of €1 per share in tranches of an equal amount (€ 0.25 per share) in the months of September 2024, November 2024, March 2025 and May 2025. The first tranche will be paid on September 25, 2024 (ex-dividend date: September 23, 2024; record date: September 24, 2024) and the second tranche will be paid on November 20, 2024 (ex-dividend date: November 18, 2024; record date: November 19, 2024). Upcoming Dividend • May 13
Upcoming dividend of €0.23 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 6.2%. Within top quartile of British dividend payers (5.7%). Higher than average of industry peers (4.2%). Tillkännagivande • Apr 30
Eni S.p.A. (BIT:ENI) agreed to acquire unknown majority stake in ATEN OIL, S.L. from Marcol Group. Eni S.p.A. (BIT:ENI) agreed to acquire unknown majority stake in ATEN OIL, S.L. from Marcol Group on April 28, 2024. The agreement is still awaiting authorization from the competition authorities. The majority of the company's capital is in the hands of the English fund Marcol, whose only stake in Spain is Atenoil, and a good part of the debt was in the hands of the French manager Kartesia. The founding partners also appear as minority shareholders. Reported Earnings • Apr 24
First quarter 2024 earnings released: EPS: €0.38 (vs €0.71 in 1Q 2023) First quarter 2024 results: EPS: €0.38 (down from €0.71 in 1Q 2023). Revenue: €23.2b (down 15% from 1Q 2023). Net income: €1.21b (down 49% from 1Q 2023). Profit margin: 5.2% (down from 8.7% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 1.4% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. New Risk • Apr 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 9.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 9.1% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.0% net profit margin). Tillkännagivande • Mar 30
Ithaca Energy Enters into Exclusivity Agreement for Potential Transformational Combination with Eni's UK Business Ithaca Energy plc (LSE:ITH) announced that it has entered into an exclusivity agreement (the ‘Exclusivity Agreement’) in relation to a potential transformational combination with substantially all of Eni S.p.A. (BIT:ENI)’s (‘Eni’) UK upstream assets including the recently acquired Neptune Energy (Neptune Energy Group Limited) assets, excluding certain assets including Eni's CCUS and Irish sea assets (the ‘Potential Combination’). Pursuant to the Exclusivity Agreement, Eni has granted Ithaca Energy exclusivity in respect of the assets, the subject of the Potential Combination, for a period of 4 weeks from the date of this announcement. Ithaca Energy and Eni have entered into the Exclusivity Agreement to allow time to separately progress the contractual documentation required in connection with the Potential Combination. Key highlights of the Potential Combination: Eni will contribute its UK business in exchange for the issuance of new Ithaca Energy shares to Eni, with Eni anticipated to hold between 38% and 39% of the enlarged issued share capital of Ithaca Energy following completion; Eni has a well-diversified asset base across 4 key hubs: Elgin Franklin, J-Area, Cygnus and Seagull; Ithaca Energy is already a partner in the Elgin Franklin and Jade fields; Eni's UK business had 2023 pro forma production of 40-45 kboe/d and 2P reserves of c.100 mmboe as at 31 December 2023; The Potential Combination would represent a value-accretive opportunity for Ithaca Energy's shareholders, supporting delivery of the Company's Buy, Build and Boost strategy. The Potential Combination would: Add significant scale and diversification to Ithaca Energy's business: Significantly growing pro forma production to above 100 kboe/d, creating the 2 largest independent operator in the UKCS by production; Create a leading UKCS portfolio: Enhancing Ithaca Energy's status as the largest independent operator by resource, holding stakes in 6 of the 10 largest fields; Enable material future growth for Ithaca Energy: Boost near term cash flows to unlock growth from Ithaca Energy's development projects whilst supporting shareholder returns; Create a long-term strategic partnership with Eni: Eni would become a major shareholder in the enlarged group supportive of delivery of Ithaca Energy's Buy, Build and Boost strategy. It is contemplated that Ithaca Energy would have access to Eni's leading technical expertise to drive future growth. Ithaca Energy anticipates that the Potential Combination will require shareholder approval as a Class 1 transaction. Additionally, as Eni will hold between 38% and 39% of the voting rights of Ithaca Energy at completion of the Potential Combination, a mandatory offer would normally be required under Rule 9 of the UK Code on Takeovers and Mergers (the ‘Takeover Code’). However, given that Delek will still hold shares carrying more than 50% of the voting rights following completion of the Potential Combination, the UK Panel on Takeover and Mergers (the ‘Panel’) have granted a dispensation from Rule 9 pursuant to note 5 (b) of Rule 9 under the Takeover Code. Accordingly, completion of the Potential Combination will not be conditional upon and will not require approval by Ithaca Energy's independent shareholders in relation to a Rule 9 waiver. Although the discussions are at an advanced stage, there can be no certainty that a Potential Combination will occur, nor as to the final terms or timing on which a Potential Combination might be concluded. Further announcements will be made if and when appropriate. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: €1.44 (vs €3.96 in FY 2022) Full year 2023 results: EPS: €1.44 (down from €3.96 in FY 2022). Revenue: €94.9b (down 29% from FY 2022). Net income: €4.75b (down 66% from FY 2022). Profit margin: 5.0% (down from 10% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 1.5% p.a. on average during the next 3 years compared to a 1.6% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 19
Dividend of €0.23 announced Shareholders will receive a dividend of €0.23. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 6.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 13% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Mar 11
Upcoming dividend of €0.24 per share Eligible shareholders must have bought the stock before 18 March 2024. Payment date: 20 March 2024. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 6.4%. Within top quartile of British dividend payers (6.1%). Higher than average of industry peers (4.7%). Declared Dividend • Feb 22
Fourth quarter dividend of €0.24 announced Shareholders will receive a dividend of €0.24. Ex-date: 18th March 2024 Payment date: 20th March 2024 Dividend yield will be 6.5%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: €1.44 (vs €3.96 in FY 2022) Full year 2023 results: EPS: €1.44 (down from €3.96 in FY 2022). Revenue: €94.9b (down 29% from FY 2022). Net income: €4.75b (down 66% from FY 2022). Profit margin: 5.0% (down from 10% in FY 2022). The decrease in margin was driven by lower revenue. Oil reserves Proven reserves: 6400 MMbbls Combined production Oil equivalent production: 562.648 MMboe (588.1 MMboe in FY 2022) Revenue is forecast to decline by 2.9% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 08
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €19.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 2.1% per annum. Earnings is forecast to grow by 2.7% per annum over the same time period. Upcoming Dividend • Nov 13
Upcoming dividend of €0.23 per share at 6.4% yield Eligible shareholders must have bought the stock before 20 November 2023. Payment date: 22 November 2023. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 6.4%. Within top quartile of British dividend payers (6.4%). In line with average of industry peers (6.5%). New Risk • Oct 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.0% net profit margin). New Risk • Oct 29
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.0% Last year net profit margin: 13% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.0% net profit margin). Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: €0.58 (vs €1.68 in 3Q 2022) Third quarter 2023 results: EPS: €0.58 (down from €1.68 in 3Q 2022). Revenue: €22.7b (down 40% from 3Q 2022). Net income: €1.92b (down 67% from 3Q 2022). Profit margin: 8.5% (down from 16% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 3.2% p.a. on average during the next 3 years compared to a 3.5% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Sep 28
Eni in Talks to Sell Plenitude Stake, IPO Will Follow Eni S.p.A. (BIT:ENI) is in talks with a strategic partner to sell a stake in its low carbon unit Eni Plenitude S.p.A., the CEO of the Italian energy group Claudio Descalzi said on September 27, 2023, adding that an initial public offering (IPO) would follow. Descalzi told an energy conference in Milan the deal would help to set an overall value for Plenitude, which he said showed growth in all of its businesses. Eni, which last year froze IPO plans for Plenitude due to adverse market conditions, still aims to list the unit and Descalzi said in July it could happen this or next year. Upcoming Dividend • Sep 11
Upcoming dividend of €0.24 per share at 6.5% yield Eligible shareholders must have bought the stock before 18 September 2023. Payment date: 20 September 2023. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of British dividend payers (6.3%). In line with average of industry peers (6.4%). Tillkännagivande • Sep 05
Oando PLC (NGSE:OANDO) signed an agreement to acquire Nigerian Agip Oil Company Ltd. from Eni S.p.A. (BIT:ENI). Oando PLC (NGSE:OANDO) signed an agreement to acquire Nigerian Agip Oil Company Ltd. from Eni S.p.A. (BIT:ENI) on September 4, 2023. The closing of this transaction is subject to, inter alia, the authorization of all relevant local and regulatory authorities. Tillkännagivande • Aug 04
Eni S.p.A. Provides Production Guidance for the Third Quarter and Year 2023 Eni S.p.A. provided production guidance for the third quarter and year 2023. For the quarter, the company expects production is forecast to be about 1.63 million barrels per day.For the year, the company expects Hydrocarbon production for 2023 is confirmed in the range of 1.63-1.67 million barrels per day in a price scenario of $80/bbl. Tillkännagivande • Jul 29
Eni in Advanced Talks to Sell Minority Stake in Low-Carbon Unit Eni S.p.A. (BIT:ENI) is in advanced negotiations with a strategic partner to sell a minority stake in its low-carbon unit Eni Plenitude S.p.A., its Chief Financial Officer Francesco Gattei said on July 28, 2023. In a post-results conference call, Gattei said that it would take a while to reach a final agreement over the transaction which would bring the group additional resources to step up its renewable energy production. “Clearly negotiations will take time also because there are lot of details that need to be agreed in terms of value, governance. we will disclose (it) once all the details are set,” Gattei said, without mentioning any potential investor. Eni, which had to freeze the initial public offering of Plenitude last year due to adverse market conditions, still aims to list it, group CEO Claudio Descalzi said this month, adding the IPO could happen late this year or in 2024. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: €0.088 (vs €1.08 in 2Q 2022) Second quarter 2023 results: EPS: €0.088 (down from €1.08 in 2Q 2022). Revenue: €19.8b (down 38% from 2Q 2022). Net income: €294.0m (down 92% from 2Q 2022). Profit margin: 1.5% (down from 12% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 6.2% p.a. on average during the next 3 years compared to a 4.1% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jul 26
Eni S.p.A. (BIT:ENI) agreed to acquire unknown majority stake in Chevron Assets in Indonesia. Eni S.p.A. (BIT:ENI) agreed to acquire unknown majority stake in Chevron Assets in Indonesia on July 25, 2023. The acquisition includes operatorship, in the Indonesian Blocks named Ganal PSC (Chevron 62%), Rapak PSC (Chevron 62%) and Makassar Straits PSC (Chevron 72%). Eni already has a 20% interest as non-operator in the Ganal and Rapak Blocks. The closing of the transaction is subject to the customary governmental and regulatory approvals. Tillkännagivande • Jul 06
Eni Wants to Reduce Oil Exposure with Asset Sales Italy’s Eni S.p.A. (BIT:ENI) aimed to reduce its exposure to oil in favour of natural gas and non-fossil fuels in part through asset sales, the energy group’s CEO Claudio Descalzi said. Speaking at the Rome presentation of a report by the International Renewable Energy Agency (IRENA), Descalzi added he could not comment on potential oil asset sales in the near term. Eni plans to generate EUR 1 billion ($1.1 billion) of net proceeds from the balance between asset sales and acquisitions between 2023 and 2026, the company said in its business plan. Last month, Eni announced the sale of some of its oil assets in Congo, just a few days after saying it had agreed to buy Neptune Energy. Descalzi said the acquisition would reduce Eni’s average carbon intensity, since Neptune is focused on natural gas. The deal also provides an opportunity to expand the carbon capture and storage business of Eni’s Vaar business in northern Europe. “This is why the acquisition of Neptune is not in contrast with the energy transition path,” Descalzi said. Eni will attend the COP28 climate summit later this year in Dubai, participating directly in the event for the first time, the CEO said. The group will present its investment projects in Africa, including the development of renewable energy and the creation of agri-hubs to produce feedstock for its biofuel business, he said. In a recent assessment of efforts to meet the key Paris accord target of limiting global warming to 1.5 degrees Celsius, IRENA said the energy transition was currently “off-track”. Tillkännagivande • Jun 28
Perenco Holdings agreed to acquire Interest in several permits in Congo from Eni S.p.A. (BIT:ENI) for approximately $300 million. Perenco Holdings agreed to acquire Interest in several permits in Congo from Eni S.p.A. (BIT:ENI) for approximately $300 million on June 27, 2023. The transaction value of $300 million including firm and contingent consideration, subject to customary adjustments. Closing of transaction is subject to the authorization of relevant local and regulatory authorities. Tillkännagivande • Jun 23
EIP Reportedly in Talks to Buy Stake in Eni's Renewables Business Energy Infrastructure Partners AG is in discussions to acquire a minority stake in Eni Plenitude S.p.A., the renewables arm of Eni S.p.A. (BIT:ENI), Reuters reported on 21 June 2023, citing unnamed sources. Previously, the news agency reported that Eni plans to sell between 5% and 15% of Plenitude in a deal that could value the business at more than EUR 6 billion (USD 6.55 billion). The Italian company is in negotiations with several potential buyers and could reach an agreement before August. In February, Eni was discussing a potential stake sale with Norwegian private equity firm HitecVision, but the talks fell apart. The Italian oil and gas major still intends to make Plenitude public, after postponing an initial public offering (IPO) in 2022 due to unfavourable market conditions. Selling a stake in the subsidiary would assign a value to it, facilitating a smoother future listing, according to the report. Tillkännagivande • Jun 16
Eni Reportedly Extends Talks with Investors on Potential Plenitude Stake Sale Eni S.p.A. (BIT:ENI) has intensified talks with several investors over a potential sale of a minority stake in its renewables and retail business Eni Plenitude S.p.A., three sources with knowledge of the matter said on June 14, 2023. Two of the sources said that Eni is working on a disposal of between 5% and 15% of Plenitude and could even do a deal before Italy's summer break, which is normally in August. Plenitude, which last year recorded an adjusted operating profit of 345 million euros, could be valued at more than 6 billion euros ($6.5 billion) in the private transaction, one of the sources said. Eni declined to comment. A sale of a small stake in Plenitude would give a value to the business, creating the conditions for a future listing. A new attempt to list Plenitude could be launched at the end of this year or more probably in 2024, the sources said. Tillkännagivande • Jun 07
Eni Reportedly Enters Exclusive Talks to Acquire Neptune Energy Eni S.p.A. (BIT:ENI) has entered exclusive talks to acquire Neptune Energy Group Limited after sweetening its previous offer to below $6 billion, industry sources said. The two firms entered a new phase of exclusive discussions in recent weeks following months of slow negotiations that started late last year, the sources said. Eni agreed to slightly increase its offer for Neptune, which still remains in a range between $5 to $6 billion, the sources said. Though the exclusive talks indicate that negotiations have significantly progressed, there was no guarantee that an agreement would be reached, the sources said. Eni and Neptune both declined to comment. Tillkännagivande • May 18
Eni S.p.A. (BIT:ENI) commences an Equity Buyback Plan for 337,000,000 shares, for €3,500 million, under the authorization approved on May 10, 2023. Eni S.p.A. (BIT:ENI) commences share repurchases on May 12, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 10, 2023. As per the mandate, the company is authorized to repurchase up to 337,000,000 shares, for €3,500 million. The shares will be repurchased at a price which shall not be more than 10% greater or lower than the official price registered by the stock in the trading session of the Euronext Milan, organised and operated by Borsa Italiana SpA, on the day before each individual transaction. The repurchased will be funded out of distributable profit and available reserves as reported in the most recent regularly approved financial statements. The share repurchase program is valid till April 30, 2024.
On May 11, 2023, the company announced a share repurchase program. Under the first tranche of the program, the company will repurchase up to 62,000,000 shares, representing 2% of share capital, for €1,000 million. The purpose of the program is to serve extraordinary financial transactions, as for example convertible bond issues. Tillkännagivande • May 13
Eni S.p.A. Appoints Claudio Descalzi as Chief Executive Officer The Board of Directors of Eni S.p.A. appointed Claudio Descalzi as Chief Executive Officer and General Manager. In this role he will be responsible for the management of the company, with the exception of specific responsibilities that are reserved for the Board of Directors and those that are not to be delegated according to the current legislation. 
