The oil & gas industry is coping with a complex scenario featured by the global economic slowdown, particularly in the Euro-zone, and volatile market conditions for energy commodities. In the medium to long-term the main challenges will be driven by rising competitive pressures in accessing reserves by new players, stricter regulation addressing environmental preservation and mitigation of the climate risk, a growing importance of renewable sources as well as the role of unconventional resources in satisfying energy need.

Against this backdrop, Eni confirms its growth strategy and the adoption of a sustainable business model founded on the pillars of innovation, excellence, inclusiveness, integration, responsibility and cooperation in a framework of straightforward rules of corporate governance. Eni believes that a sustainable business conduct contributes to both the achievement of industrial performance, and the mitigation of political, financial and operational risks. This strengthens Eni’s role as a trustworthy and reliable partner, who is ready to capture new opportunities in the marketplace and able to manage the complexities of the environment.

Eni believes that those drivers will help the Company to create value to its shareholders and stakeholders.

Eni has designed its industrial plan for the four-year period 2012-2015 along the following strategic guidelines: growing profitable oil and gas production in the upstream, strengthening market leadership in the European gas market, improving downstream oil efficiency, refocusing petrochemical operations and retaining top spots among the best-inclass engineering and construction players in the most technologically advanced segments.

In the medium-term, Eni intends to preserve a solid capital structure while continuing to invest to fuel profitable growth and reward investors. Management is targeting a net debt to equity ratio of less than 0.4 by the end of the plan period which takes into account a capital expenditure plan of €59.6 billion, of which 75% dedicated to upstream activities. Eni’s ability to generate strong operating cash flows, investment selection and capital efficiency will underpin the Company’s financial structure.

Management believes that the achievement of Eni’s projected targets and expected returns will be underpinned by Eni’s operational excellence, synergies from integration and the development of integrated risk management capabilities intended to extract value from Eni’s assets. Operational excellence thanks to Eni’s know-how and distinctive competences endorses a preventive business conduct when managing the environmental footprint of Eni’s operations and risks to employees and communities’ health and safety. Continuing improvement in efficiency through innovation of business processes will enable the Company to reduce the energy intensity of its productions, optimize plants activities and achieve economies of scale in centralized services. Integration will enable Eni to capture joint opportunities in the marketplace, reaping the benefits of synergies and maximizing asset returns. Particularly, the new business unit Eni trading will develop integrated risk management activities with a view of better coping with the increasingly volatile commodity markets.

Cash flow 2012-2015Cash flow* 2012-2015

2012-2015 capex plan2012-2015 capex plan

Efficiency programmeEfficiency programme


  • Eni S.p.a. – Registered head office
    Piazzale Enrico Mattei, 1 00144 Roma

  • Vat number
    n. 00905811006

  • Company share capital
    € 4.005.358.876,00 paid up

  • Rome Company Register
    n. 00484960588

  • Branches
    Via Emilia, 1, e Piazza Ezio Vanoni, 1
    20097 – San Donato
    Milanese (MI)