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Letter to shareholders
In 2017 Eni delivered outstanding results proving the effectiveness of our deep transformation process started in 2014. As a result of this, the Company is now on a strong footing and is able to create value even in the most difficult market conditions, such as the last price downturn that was among the most severe ever affecting the oil&gas industry. In the last three years, we have grown our core upstream business and have substantially completed the turnaround process of our mid-downstream businesses, which in the past were unprofitable and cash-negative, while retaining a strong focus on the robustness of the financial structure.
CEO and general manager
IIntegrated Annual Report
Eni’s 2017 Integrated Annual Report is prepared in accordance with principles included in the “International Framework”, published by International Integrated Reporting Council (IIRC). It is aimed at representing financial and sustainability performance, underlining the existing connections between competitive environment, group strategy, business model, integrated risk management and a stringent corporate governance system. Since 2011, Eni takes part in the IIRC Pilot Program, whose aim is to define an international framework for integrated reporting.
the highest ever level
up by 32% vs. 2016
more than doubled vs 2016
in line with long-term target of zero flaring in 2025
vs. 60$/bbl target Organic coverage = Capex + Dividend
Exploration & Production
Eni’s Exploration & Production segment engages in oil and natural gas exploration, field development and production, mainly in Italy, Algeria, Angola, Congo, Egypt, Ghana, Libya, Mozambique, Nigeria, Norway, Kazakhstan, the UK, the United States and Venezuela, overall in 46 countries.
Gas & Power
Eni’s Gas & Power segment engages in supply, trading and marketing of gas and electricity, international gas transport activities, and LNG supply and marketing. This segment also includes the activity of electricity generation that is ancillary to the marketing of electricity.
Refining & Marketing and Chemicals
Eni’s Refining & Marketing and Chemicals segment engages in crude oil supply and refining. It markets petroleum and bio-based products to wholesalers or through retail networks, mainly in Italy and in the rest of Europe.
In 2017 Eni reported excellent results underlining how the process of intense change started in 2014 has transformed Eni into a company able to grow and create value even in difficult market conditions.
CConsolidated disclosure of non-financial information (NFI)
Eni’s 2017 Consolidated Non-Financial Information (NFI) has been prepared structuring the report on the three levers of Eni’s integrated business model (Path to Decarbonisation, Operating Model and Cooperation Model) whose objective is to create long-term value for stakeholders, combining financial stability with social and environmental sustainability.