Eni Sets out 2022-25 Strategy
19 March 2022 - 1:04AM
Dow Jones News
By Giulia Petroni
Eni SpA on Friday set out its strategic plan for the 2022-25
period as it focuses on energy security and emission reduction, and
raised its dividend for the current year.
The Italian oil-and-gas major said it aims to accelerate its
path toward net-zero emissions, cutting Scope 1, Scope 2 and Scope
3 emissions by 35% by 2030 and 80% by 2040 compared with 2018
levels.
It will also increase the share of investments toward new-energy
solutions to almost 30% by 2025, 60% by 2030 and up to 80% around
2040.
For its upstream portfolio, Eni aims to grow production at an
average of 3% a year to reach around 1.9 million barrels of oil
equivalent a day in 2025. The goal is to increase the share of gas
to 60% by 2030 and more than 90% beyond 2040, while reducing oil
volumes in the medium to long term.
In regards to the current energy prices and supply crisis, Eni
said that its response has been to leverage its alliances with
producing countries in order to find replacement energy sources. It
added that it can make more than 14 trillion cubic feet of
additional gas resources available to the market for the short to
medium term.
The company's average yearly capital expenditure will amount to
7 billion euros ($7.77 billion) over the course of the plan, it
said, with EUR7.7 billion planned for 2022. Around 25% of capex
will be allocated to renewables and the company's customer
base.
Cash flow from operations is seen at more than EUR14 billion in
the current year and around EUR55 billion along 2022-25.
Eni also said it raised its annual total dividend to EUR0.88 a
share from EUR0.86 a share, and plans to launch a EUR1.1 billion
share buyback following shareholder approval in May.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
March 18, 2022 09:49 ET (13:49 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Eni (BIT:ENI)
Historical Stock Chart
From Apr 2024 to May 2024
Eni (BIT:ENI)
Historical Stock Chart
From May 2023 to May 2024