Eni (ENI) EnerCom Denver – The Energy Investment Conference summary

Strategic overview and business highlights

• Operates in over 60 countries with a workforce of 33,000 and nearly 10,000 patents.

• Market cap is $82 billion, enterprise value $100 billion, and trades over $300 million daily across exchanges.

• Focuses on higher margin, lower emission barrels, expanding global gas, CCS, renewables, and biorefining.

• Utilizes a unique satellite corporate structure to unlock value and attract strategic partners at high multiples.

• Maintains a fortified balance sheet, diversified cash flow, capital discipline, and enhanced capital returns.

Upstream business and growth outlook

• Upstream business represents over 70% of capital employed and will drive 2026 operating profit.

• Production is 1.8 million BOE/day, with a 3%-4% CAGR targeted from 2026 to 2030 and 5% YoY growth in 2026.

• Industry-leading exploration, adding 900 million BOE/year since 2015 at EUR 1/BOE, with over 1 billion BOE discovered YTD.

• Uses proprietary HPC7 supercomputer for seismic and reservoir analysis, enabling rapid project development.

• Achieves first cash flow and production 30% faster than peers, with a 2025 reserve replacement rate of 167%.

Key asset updates and project pipeline

• Searah JV in Indonesia expanded production to over 300,000 BOE/day, targeting 800,000+ BOE/day by 2030.

• Argentina LNG project targets 25 TCF resource, two 6 Mtpa LNG vessels, and 500,000 BOE/day gross potential.

• Venezuela assets Perla and Junin-5 offer significant growth, with Perla set to double production and Junin-5 holding 3 billion barrels in reserves.

• Floating LNG and offshore development are core competencies, with industry leadership in vessel delivery.