Eni's Board of Directors, chaired by Giuseppe Zafarana, approved the unaudited consolidated results for the fourth quarter and FY 2024.

For the FY’24, Group proforma adjusted EBIT of €14.3 bln beat plan scenario adjusted guidance by €1.7 bln driven by E&P outperformance, GGP delivering 40% above original base case guidance and resilient contributions from Enilive and Plenitude in challenging scenarios.

FY ’24 adjusted operating cash flow of €13.6 bln beat plan scenario adjusted guidance by €1.0 bln, and largely covered the organic capex of €8.8 bln, itself below plan guidance of €9.0 bln.

Organic free funds “FCF” of about €5 bln broadly matched cash distributions of €5.1 bln and together with around €0.2 bln of net disposals enabled the Company to maintain net borrowings at €12.2 bln, following the €2.4 bln financing of the Neptune acquisition.

Q4 ’24 E&P proforma adjusted EBIT of €2.8 bln was helped by the contribution of higher value barrels at new projects, strong execution, and cost control, despite weaker Brent prices impacting both y-o-y and sequential comparisons (down 17% and 15%, respectively). Q4 production was resilient and grew sequentially by 3% (flat compared to Q4 last year) driven by higher activity levels in Kazakhstan and Libya, production ramp-ups at new projects in Cote d’Ivoire, Congo and Mozambique and despite divestment actions.

Eni CEO Claudio Descalzi said: “2024 was an exceptional year of growth and value creation for Eni, underpinned by our financial framework and our cost discipline. Our leading industry position comes from the competitiveness of our asset portfolio and the unique managerial and financial alignment of our satellite model which has unlocked more than €21 bln of enterprise value in the year.

We continue to drive value from our exploration portfolio with E&P reporting a 3% increase in oil&gas production driven by organic projects start-ups and the integration of Neptune. We are also building additional value through the creation of a new geographically-focused North Sea satellite Ithaca Energy alongside the ongoing disposal of mature and non-core assets...Our chemical business, impacted by the structural headwinds in Europe, is being restructured and transformed by leveraging our technological expertise to build competitively advantaged businesses linked to the transition and the circular economy.

Plenitude and Enilive delivered on their EBITDA target despite a challenging commercial backdrop, emphasizing the value of our focused approach to future prospects. Operational capacity and throughput growth was outstanding. Meanwhile, building on the success of our satellite model track record, we are progressing our CCS projects in Italy and the UK laying the foundations of a new transition-related satellite, leveraging our existing skills and asset positions.

This outstanding level of delivery means we have reported €14.3 bln of proforma adjusted EBIT, and €13.6 bln of adjusted cash flow, both well above our plan. After funding €8.8 bln of organic capex, lower than we originally expected, we have delivered about €5 bln of free cash flow, pairing cash returns to shareholders, featuring an increased 2024 dividend and an accelerated pace in the execution of a near doubled €2 bln share buy-back program. Moreover, our portfolio actions mean our proforma leverage is now an historically low 15%, enabling us to continue to invest in the business and reward our shareholders through the cycle.”