3
2
Summary of the
Annual Report 2023
Mission
We are an energy company.
Global goals for a sustainable development
The 2030 Agenda for Sustainable Development, presented in September 2015, identifies the 17 Sustainable Development Goals (SDGs) which represent the common targets of sustainable development on the current complex social problems. These goals are an important reference for the international community and Eni in managing activities in those Countries in which it operates.
ActivitiesActivities
Eni activities:
our value chain
Eni is an energy tech company engaged in the entire value chain: from the exploration, development and extraction of oil and natural gas, to the generation of electricity from natural gas and renewable sources, traditional and bio refining and chemical activities, and the development of circular economy processes. Eni extends its reach to end markets, marketing gas, power and products to local markets and to retail and business customers also offering services of energy efficiency and sustainable mobility. Consolidated expertise, technologies, geographical and energy sources diversification, alliances for development, as well as new business and financial models are Eni levers to effectively meet the challenge of a just energy transition, balanced and economically sustainable, while also maintaining a strong focus on value creation for shareholders. Along this path, Eni is committed to become a leading company in the production and sale of progressively decarbonized energy products, increasingly customer-oriented.
Eni’s strategy to reach carbon neutrality by 2050 leverages on an industrial transformation to be implemented by strengthening available and economically sustainable technologies able to immediately contribute to emission reduction, among which:
- gas component as a bridge energy source in the transition, flanked by investments to reduce CO2 and methane emissions;
- development of biomethane and biofuels, by increasing feedstocks of bio and renewable raw materials, waste and residues and of an integrated agri-feedstock production chain and contributing to transport decarbonization with no sudden changes to existing infrastructures;
- renewables through increased installed capacity and integration with the retail business leveraging on large customer base;
- carbon capture utilization and/or storage (CCUS), currently available to reduce emissions in hard-to-abate sectors, through the development of hubs for the storage of the CO2 from emissions generated by Eni’s and third parties’ industrial plants;
- progressive development of the production of new energy carriers, including low carbon and renewable hydrogen.
The scale use of these solutions together with research and development of breakthrough technologies, such as magnetic confinement fusion, can support the revolution of the energy sector. Residual emissions, i.e. those that cannot be reduced due to technical and economic constraints, will be offset through high quality carbon offsets.
Eni's activities in the world
61 countries where we operate
Our value chain
Our 2024 Capital Markets Update in short
Business ModelBusiness Model
We are an integrated energy company committed to a socially fair energy transition that, through tangible and economically sustainable solutions, aims to address the crucial challenges of our time: combating climate change and providing access to energy efficiently and sustainably for all. Our business model is aimed at creating long-term value for all stakeholders through an established presence along the entire energy value chain. Our corporate mission integrates the Sustainable Development Goals (SDGs) of the United Nations 2030 Agenda and our distinctive approach permeates all our activities. Eni continues its commitment ensuring energy security, continuing to guarantee value creation while advancing its transition strategy with a technologically neutral and pragmatic approach aimed at maintaining the competitiveness of the production system and social sustainability.
These objectives leverage a diversified geographic presence and a portfolio of technological solutions which will enable the creation of a decarbonized energy mix. Essential to the achievement of these goals are partnerships and alliances with stakeholders to ensure active involvement in defining Eni’s activities and transforming the energy system.
Our model combines the use of proprietary technologies with the development of an innovative satellite model, which involves the creation of dedicated companies capable of independently accessing the capital market to finance their growth while bringing out the real value of each business. This integrated business model is supported by a Corporate Governance system, inspired by the principles of transparency and integrity, an Integrated Risk Management process ensuring, through the assessment and analysis of the risks and opportunities of the reference scenario, informed and strategic decisions, as well as materiality analysis to examine the most significant impacts generated by Eni on the economy, environment and people, including those on human rights.
The operation of the business model is focused on the best possible use of all the resources (inputs) the organization disposes and on their transformation into outputs, through the implementation of its strategy.
Eni also organically integrates its business plan with the principles of environmental and social sustainability, deploying its actions along three levers:
- Carbon neutrality by 2050
- Operational excellence
- Alliances for the promotion of development
Value creation for stakeholders
Through an integrated presence all along the energy value chain
(*)As of December 31, 2023 or in 2023, unless stated otherwise.
(**)People involved in local projects could have benefitted from more than one initiative in different areas of opportunity.
Carbon neutrality by 2050
Eni’s business model envisages a decarbonization path towards carbon neutrality by 2050 based on an approach oriented to emissions generated throughout the life cycle of energy products. This path, achieved through existing and under development technologies, will allow Eni to totally reduce its carbon footprint, both in terms of net emissions and net carbon intensity. On the back of this scenario, Eni believes natural gas having a role as a bridge energy source in the transition by virtue of its accessibility, reliability, versatility and reduced carbon footprint compared to other fossil fuels.
Operational excellence
Eni’s business is aimed to operational excellence through the continuous commitment in the enhancement, health and safety of people, assets integrity, environmental protection, respect for human rights, resilience and diversification of activities and financial soundness. These elements allow Eni to seize the opportunities deriving from the possible developments in the energy market and to progress its transformation path.
Alliances for the promotion of development
Eni is committed to reduce energy poverty in the countries where it operates through the development of infrastructures linked to traditional business but also to the new frontiers of renewables with the aim of generating value in the long-term by transferring its know-how and skills to local partners (so called “Dual Flag” approach). In these countries, Eni promotes initiatives to support local communities accessing to energy, to diversify economy, training and health of community, access to water and sanitation, and protection of the territory, in collaboration with international players and in line with the National Development Plans and the United Nations 2030 Agenda.
The Energy Trilemma
Eni at a glanceEni at a glance
Capital Markets Update
€ 16.5 bln
adj. CFFO
strong cash generation
€ 17.8 bln
adj. PROFORMA EBIT
robust performance
20 %
LEVERAGE
financial solidity
AVERAGE BRENT DATED PRICE
($/BL)
AVERAGE EUR/USD EXCHANGE RATE
STANDARD ENI REFINING MARGIN
(SERM) ($/BL)
PSV
(€/MWh)
€ 8.3 bln
adj. NET PROFIT
second best performance in the last ten years
€ 9.2 bln
CAPEX
strict financial discipline
€ 1.7 bln
PROFIT FROM ASSOCIATES
relevant contribution from our satellite model
Adjusted net profit (€ bln)
Leverage and net borrowings
Robust cash generation (€ bln)
Shareholders remuneration (€ bln)
Financial highlights
|
|
2023 |
2022 |
2021 |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales from operations |
(€ million) |
93,717 |
132,512 |
76,575 |
||||||||
Operating profit (loss) |
|
8,257 |
17,510 |
12,341 |
||||||||
Adjusted operating profit (loss)(a) |
|
13,805 |
20,386 |
9,664 |
||||||||
Exploration & Production |
|
9,934 |
16,469 |
9,340 |
||||||||
Global Gas & LNG Portfolio |
|
3,247 |
2,063 |
580 |
||||||||
Enilive, Refining and Chemicals |
|
555 |
1,929 |
152 |
||||||||
Plenitude & Power |
|
681 |
615 |
476 |
||||||||
Adjusted net profit (loss)(b) |
|
8,322 |
13,301 |
4,330 |
||||||||
Net profit (loss)(b) |
|
4,771 |
13,887 |
5,821 |
||||||||
Net cash flow from operating activities |
|
15,119 |
17,460 |
12,861 |
||||||||
Capital expenditure |
|
9,215 |
8,056 |
5,234 |
||||||||
of which: exploration |
|
784 |
708 |
391 |
||||||||
development of hydrocarbon reserves |
|
6,293 |
5,238 |
3,364 |
||||||||
Dividend to Eni’s shareholders pertaining to the year(c) |
|
3,106 |
2,972 |
3,055 |
||||||||
Cash dividend to Eni's shareholders |
|
3,046 |
3,009 |
2,358 |
||||||||
Total assets at year end |
|
142,606 |
152,130 |
137,765 |
||||||||
Shareholders' equity including non-controlling interests at year end |
|
53,644 |
55,230 |
44,519 |
||||||||
Net borrowings at year end before IFRS 16 |
|
10,899 |
7,026 |
8,987 |
||||||||
Net borrowings at year end after IFRS 16 |
|
16,235 |
11,977 |
14,324 |
||||||||
Net capital employed at year end |
|
69,879 |
67,207 |
58,843 |
||||||||
of which: Exploration & Production |
|
51,534 |
50,732 |
47,949 |
||||||||
Global Gas & LNG Portfolio (GGP) |
|
1,119 |
672 |
(823) |
||||||||
Enilive, Refining and Chemicals |
|
9,627 |
9,302 |
9,815 |
||||||||
Plenitude & Power |
|
7,728 |
7,486 |
5,474 |
||||||||
Share price at year end |
(€) |
15.4 |
13.3 |
12.2 |
||||||||
Weighted average number of shares outstanding |
(€ million) |
3,303.8 |
3,483.6 |
3,566.0 |
||||||||
Market capitalization(d) |
(€ billion) |
50 |
48 |
44 |
||||||||
|
||||||||||||
Performance of the yearPerformance of the year
Key data
Summary financial data
|
|
2023 |
2022 |
2021 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
Net profit (loss) |
|
|
|
|
||||||
per share(a) |
(€) |
1.40 |
3.95 |
1.60 |
||||||
per ADR(a)(b) |
($) |
3.03 |
8.32 |
3.78 |
||||||
Adjusted net profit (loss) |
|
|
|
|
||||||
per share(a) |
(€) |
2.47 |
3.78 |
1.19 |
||||||
per ADR(a)(b) |
($) |
5.34 |
7.96 |
2.81 |
||||||
Cash flow |
|
|
|
|
||||||
per share(a) |
(€) |
4.58 |
5.01 |
3.61 |
||||||
per ADR(a)(b) |
($) |
9.90 |
10.55 |
8.54 |
||||||
Adjusted Return on average capital employed (ROACE) |
(%) |
12.3 |
22.0 |
8.4 |
||||||
Leverage before IFRS 16 |
|
20 |
13 |
20 |
||||||
Leverage after IFRS 16 |
|
30 |
22 |
32 |
||||||
Gearing |
|
23 |
18 |
24 |
||||||
Coverage |
|
17.5 |
18.9 |
15.7 |
||||||
Current ratio |
|
1.3 |
1.3 |
1.3 |
||||||
Debt coverage |
|
93.1 |
145.8 |
89.8 |
||||||
Net Debt/EBITDA adjusted |
|
74.4 |
43.0 |
83.7 |
||||||
Dividend pertaining to the year |
0.94 |
0.88 |
0.86 |
|||||||
Total Share Return (TSR) |
(%) |
23 |
16 |
52 |
||||||
Dividend yield(c) |
|
6.2 |
6.5 |
7.1 |
||||||
|
||||||||||
Employees
|
|
2023 |
2022 |
2021 |
|---|---|---|---|---|
Exploration & Production |
(number) |
8,785 |
8,689 |
9,409 |
Global Gas & LNG Portfolio |
|
669 |
870 |
847 |
Enilive, Refining and Chemicals |
|
14,092 |
13,132 |
13,072 |
Plenitude & Power |
|
3,018 |
2,794 |
2,464 |
Corporate and other activities |
|
6,578 |
6,703 |
6,897 |
Group |
|
33,142 |
32,188 |
32,689 |
Innovation
|
|
2023 |
2022 |
2021 |
|---|---|---|---|---|
R&D expenditure |
(€ million) |
166 |
164 |
177 |
First patent filing application |
(number) |
28 |
23 |
30 |
Climate(a)
|
|
2023 |
2022 |
2021 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
Net carbon footprint upstream (Scope 1+2)(b) |
(mmtonnes CO2eq.) |
8.9 |
9.9 |
11.0 |
||||||
Net carbon footprint Eni (Scope 1+2)(b) |
|
26.1 |
29.9 |
33.6 |
||||||
Indirect GHG emissions (Scope 3) other than those due to purchases from other companies(c) |
|
174 |
164 |
176 |
||||||
Net GHG Emissions (Scope 1+2+3)(b) |
|
200 |
194 |
210 |
||||||
Net GHG Lifecycle Emissions (Scope 1+2+3)(b) |
|
398 |
419 |
456 |
||||||
Net Carbon Intensity (Scope 1+2+3)(b) |
(gCO2eq./MJ) |
65.6 |
66.3 |
66.5 |
||||||
Direct GHG emissions (Scope 1) |
(mmtonnes CO2eq.) |
38.69 |
39.39 |
40.08 |
||||||
Indirect GHG emissions (Scope 2) |
|
0.73 |
0.79 |
0.81 |
||||||
Methane direct emissions (Scope 1) |
(ktonnes CH4) |
39.1 |
49.6 |
54.5 |
||||||
|
||||||||||
Health, safety and environment(a)
|
|
2023 |
2022 |
2021 |
||
|---|---|---|---|---|---|---|
TRIR (Total Recordable Injury Rate) |
(total recordable |
0.40 |
0.41 |
0.34 |
||
employees |
|
0.45 |
0.29 |
0.40 |
||
contractors |
|
0.38 |
0.47 |
0.32 |
||
Total volume of oil spills |
(barrels) |
12,822 |
6,139 |
4,408 |
||
of which: due to sabotage |
|
5,094 |
5,253 |
3,053 |
||
operational |
|
7,728 |
886 |
1,355 |
||
Freshwater withdrawals |
(mmcm) |
124 |
116 |
117 |
||
Re-injected production water |
(%) |
60 |
59 |
58 |
||
|
||||||
Exploration & Production
Exploration & Production
|
|
2023 |
2022 |
2021 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
Hydrocarbon production |
(kboe/d) |
1,655 |
1,610 |
1,682 |
||||||
Net proved reserves of hydrocarbons |
(mmboe) |
6,414 |
6,614 |
6,628 |
||||||
Reserve life index |
(years) |
10.6 |
11.3 |
10.8 |
||||||
Organic reserve replacement ratio |
(%) |
69 |
47 |
55 |
||||||
Profit per boe(a)(c) |
($/boe) |
14.5 |
9.8 |
4.8 |
||||||
Opex per boe(b) |
|
8.6 |
8.4 |
7.5 |
||||||
Finding & Development cost per boe(c) |
|
26.3 |
24.3 |
20.4 |
||||||
|
||||||||||
~
900
mmboe
discovered resources
the Geng North-1 discovery,
one of the top in the industry in 2023
finalized Neptune acquisition
synergestic portfolio growth with over 100 kboe/d net
to Eni and low emissions profile
€ 13.3 bln
proforma adjusted EBIT
Baleine and Congo LNG start-ups
fast-track development on time and budget
- 10 % vs. 2022
Net Carbon footprint upstream
Key performance indicators
|
|
2023 |
2022 |
2021 |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total recordable incident rate (TRIR)(a) |
(total recordable |
0.30 |
0.35 |
0.25 |
||||||||||
of which: employees |
|
0.24 |
0.12 |
0.09 |
||||||||||
contractors |
|
0.32 |
0.42 |
0.30 |
||||||||||
Profit per boe(b)(c) |
($/boe) |
14.5 |
9.8 |
4.8 |
||||||||||
Opex per boe(d) |
|
8.6 |
8.4 |
7.5 |
||||||||||
Cash flow per boe |
|
19.4 |
29.6 |
20.6 |
||||||||||
Finding & Development cost per boe(c)(d) |
|
26.3 |
24.3 |
20.4 |
||||||||||
Average hydrocarbon realization |
|
59.35 |
73.98 |
51.49 |
||||||||||
Production of hydrocarbons(d) |
(kboe/d) |
1,655 |
1,610 |
1,682 |
||||||||||
Net proved reserves of hydrocarbons |
(mmboe) |
6,414 |
6,614 |
6,628 |
||||||||||
Reserves life index |
(years) |
10.6 |
11.3 |
10.8 |
||||||||||
Organic reserves replacement ratio |
(%) |
69 |
47 |
55 |
||||||||||
Employees at year end |
(number) |
8,785 |
8,689 |
9,409 |
||||||||||
of which outside Italy |
|
5,592 |
5,497 |
6,045 |
||||||||||
Direct GHG emissions (Scope 1)(a) |
(mmtonnes CO2eq.) |
22.92 |
21.50 |
22.30 |
||||||||||
Methane Intensity(a) |
(%) |
0.06 |
0.08 |
0.09 |
||||||||||
Volumes of hydrocarbon sent to routine flaring(a) |
(billion Sm3) |
1.0 |
1.1 |
1.2 |
||||||||||
Net carbon footprint upstream |
(mmtonnes CO2eq.) |
8.9 |
9.9 |
11.0 |
||||||||||
Oil spills due to operations |
(barrels) |
143 |
845 |
436 |
||||||||||
Re-injected production water(a) |
(%) |
60 |
59 |
58 |
||||||||||
|
||||||||||||||
Download the full chapter as a pdf
Global Gas & LNG Portfolio
Global Gas & LNG Portfolio
|
|
2023 |
2022 |
2021 |
|---|---|---|---|---|
Natural gas sales |
(bcm) |
50.51 |
60.52 |
70.45 |
of which: Italy |
|
24.40 |
30.67 |
36.88 |
outside Italy |
|
26.11 |
29.85 |
33.57 |
LNG sales |
|
9.6 |
9.4 |
10.9 |
€ 3.4 bln
Proforma adjusted EBIT, record result
50.51 bln cm
natural gas sales
6.5 bln cm/y
additional LNG volumes contracted
in Congo, Indonesia and Qatar
ensured stable and
reliable supplies to
European markets
Key performance indicators
|
|
2023 |
2022 |
2021 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
TRIR (Total Recordable Injury Rate)(a) |
(total recordable |
0.00 |
0.00 |
0.00 |
||||||
of which: employees |
|
0.00 |
0.00 |
0.00 |
||||||
contractors |
|
0.00 |
0.00 |
0.00 |
||||||
Natural gas sales(b) |
(bcm) |
50.51 |
60.52 |
70.45 |
||||||
Italy |
|
24.40 |
30.67 |
36.88 |
||||||
Rest of Europe |
|
23.84 |
27.41 |
28.01 |
||||||
of which: Importers in Italy |
|
2.29 |
2.43 |
2.89 |
||||||
European markets |
|
21.55 |
24.98 |
25.12 |
||||||
Rest of world |
|
2.27 |
2.44 |
5.56 |
||||||
LNG sales(c) |
|
9.6 |
9.4 |
10.9 |
||||||
Employees at year end |
(number) |
669 |
870 |
847 |
||||||
of which outside Italy |
|
390 |
588 |
571 |
||||||
Direct GHG emissions (Scope 1)(a) |
(mmtonnes CO2eq.) |
0.69 |
2.09 |
1.01 |
||||||
|
||||||||||
Download the full chapter as a pdf
CCUS, carbon offset initiatives & agri-feedstock
Eni recognizes and supports economy transition towards a low carbon model and on this basis, Eni developed a decarbonization strategy of the Group's products and industrial processes to target Net Zero Scope 1+2+3 emissions by 2050. Proprietary technologies matured within our traditional businesses are one of the drivers of our decarbonization Path and are being used to CCUS projects and the development of innovative and distinctive models related to agri-business and carbon offset initiatives.
CCUS PROJECTS
Within the CO2 capture and storage solutions, Eni's distinctive model is based on technologies and expertise of the gas reservoir and storage matured in the past, in synergy with depleted or near to depletion gas fields and partial use of existing infrastructures. Eni targets to achieve before 2030 a CO2 gross storage capacity of over 15 mmtonnes/year and increase to approximately 40 mmtonnes/year after 2030. Eni's portfolio CCUS project is large and in different Countries.
AGRI-FEEDSTOCK INITIATIVES
Eni’s development model for the agri-feedstock initiatives represents a distinctive feature on vertical integration of the biofuels supply chain and is based on the vegetable oil, to be used as feedstock, from raw materials produced by the cultivation of marginal areas and the valorization of waste and residues from the agro-industrial and forestry supply chain. This model with end-to-end approach targets to ensure volumes of vegetable oil at competitive cost to support the expansion of Eni’s biorefining activities with significant positive impacts on local development and employment.
CARBON OFFSET INITIATIVES
These initiatives are expected to achieve a carbon credits portfolio to offset residual emissions for less than 25 million tons of CO2 in 2050.
agreement
in principle
with the UK government on the
economic model of the HyNet CCS project
awarded a
carbon storage
licence for the depleted Hewett field
operated by Eni
hub CCS Ravenna
- the Callisto's project
has been included in the European
list of Projects of Common Interest
new agri-feedstock
initiatives
in Kenya, Congo, Côte d'Ivoire,
Italy and Mozambique
Download the full chapter as a pdf
Enilive, Refining and Chemicals
Enilive, Refining and Chemicals
|
|
2023 |
2022 |
2021 |
||
|---|---|---|---|---|---|---|
Capacity of biorefineries |
(mmtonnes/year) |
1.65 |
1.10 |
1.10 |
||
Sold production of biofuels |
(ktonnes) |
635 |
428 |
585 |
||
Average bio refineries utilization rate(a) |
(%) |
72 |
58 |
65 |
||
Retail market share in Italy |
|
21.4 |
21.7 |
22.2 |
||
Retail sales of petroleum products in Europe |
(mmtonnes) |
7.51 |
7.50 |
7.23 |
||
Service stations in Europe at year end |
(number) |
5,267 |
5,243 |
5,314 |
||
Average throughput of service stations in Europe |
(kliters) |
1,645 |
1,587 |
1,521 |
||
Average oil refineries utilization rate |
(%) |
77 |
79 |
76 |
||
Production of chemical products |
(ktonnes) |
5,663 |
6,856 |
8,496 |
||
Average chemical plant utilization rate |
(%) |
51 |
59 |
66 |
||
|
||||||
€ 1.0 bln
proforma adjusted EBIT of
Enilive, Refining and Chemicals segment
1.65 mln ton/y
biorefining capacity
Enilive second HVO producer
in Europe
€ 1 bln
Enilive proforma adjusted EBITDA
finalized Novamont acquisition
by Versalis
Key performance indicators
|
|
2023 |
2022 |
2021 |
||||
|---|---|---|---|---|---|---|---|---|
TRIR (Total Recordable Injury Rate)(a) |
(total recordable |
0.75 |
0.81 |
0.80 |
||||
of which: employees |
|
0.96 |
0.95 |
1.13 |
||||
contractors |
|
0.50 |
0.69 |
0.49 |
||||
Bio throughputs |
(ktonnes) |
866 |
543 |
665 |
||||
Biorefining capacity |
(mmtonnes/year) |
1.65 |
1.10 |
1.10 |
||||
Average biorefineries utilization rate(b) |
(%) |
72 |
58 |
65 |
||||
Conversion index of oil refineries |
|
47 |
42 |
49 |
||||
Average oil refineries utilization rate |
|
77 |
79 |
76 |
||||
Retail sales of petroleum products in Europe |
(mmtonnes) |
7.51 |
7.50 |
7.23 |
||||
Service stations in Europe at year end |
(number) |
5,267 |
5,243 |
5,314 |
||||
Average throughput per service station in Europe |
(kliters) |
1,645 |
1,587 |
1,521 |
||||
Retail efficiency index |
(%) |
1.19 |
1.20 |
1.19 |
||||
Production of chemical products |
(ktonnes) |
5,663 |
6,856 |
8,496 |
||||
Sale of chemical products |
|
3,117 |
3,752 |
4,471 |
||||
Average chemical plant utilization rate |
(%) |
51 |
59 |
66 |
||||
Employees at year end |
(number) |
14,092 |
13,132 |
13,072 |
||||
of which: outside Italy |
|
4,257 |
4,146 |
4,044 |
||||
Direct GHG emissions (Scope 1)(a) |
(mmtonnes CO2 eq.) |
5.69 |
6.00 |
6.72 |
||||
Direct GHG emissions |
(tonnes CO2 eq./ktonnes) |
232 |
233 |
228 |
||||
|
||||||||
Download the full chapter as a pdf
Plenitude & Power
Plenitude & Power
|
|
2023 |
2022 |
2021 |
|---|---|---|---|---|
Renewable installed capacity at period end |
(GW) |
3.0 |
2.2 |
1.1 |
Energy production from renewable sources |
(TWh) |
3.98 |
2.55 |
0.99 |
Retail and business gas sales |
(bcm) |
6.06 |
6.84 |
7.85 |
Retail and business power sales to end customers |
(TWh) |
17.98 |
18.77 |
16.49 |
Retail and business customers at period end |
(mln pod) |
10.11 |
10.07 |
10.04 |
EV charging points |
(thousand) |
19.0 |
13.1 |
6.2 |
Thermoelectric production |
(TWh) |
20.66 |
21.37 |
22.31 |
Power sales in the open market |
|
19.88 |
22.37 |
28.54 |
3 GW
installed capacity from renewables
>35% vs. 2022
10.11 mln
retail and business customers for gas and electricity
~ 19,000
installed EV charging points
entry of EIP
into the share capital of Plenitude
Key performance indicators
|
|
2023 |
2022 |
2021 |
||
|---|---|---|---|---|---|---|
Total recordable incident rate (TRIR) |
(total recordable |
0.83 |
0.31 |
0.29 |
||
of which: employees |
|
0.21 |
0.26 |
0.49 |
||
contractors |
|
1.96 |
0.39 |
0.00 |
||
Plenitude |
|
|
|
|
||
Retail gas sales |
(bcm) |
6.06 |
6.84 |
7.85 |
||
Retail power sales to end customers |
(TWh) |
17.98 |
18.77 |
16.49 |
||
Retail/business customers |
(milion of POD) |
10.11 |
10.07 |
10.04 |
||
EV charging points |
(thousand) |
19.0 |
13.1 |
6.2 |
||
Energy production from renewable sources |
(TWh) |
3.98 |
2.55 |
0.99 |
||
Installed capacity from renewables at period end |
(GW) |
3.0 |
2.2 |
1.1 |
||
Power |
|
|
|
|
||
Power sales in the open market |
(TWh) |
19.88 |
22.37 |
28.54 |
||
Thermoelectric production |
|
20.66 |
21.37 |
22.31 |
||
Employees at year end |
|
3,018 |
2,794 |
2,464 |
||
of which: outside Italy |
|
788 |
698 |
600 |
||
Direct GHG emissions (Scope 1)(a) |
(mmtonnes CO2eq.) |
9.36 |
9.76 |
10.03 |
||
Direct GHG emissions |
(gCO2eq./kWh eq.) |
389.0 |
392.9 |
379.6 |
||
|
||||||
Download the full chapter as a pdf
Environmental activities
The Group’s environmental activities are managed by Eni Rewind, Eni’s subsidiary engaged in the valorization of land, water and waste resources, industrial or deriving from reclamation activities, to give them new life leveraging on the circular economy principles, through sustainable reclamation and revaluation projects, both in Italy and abroad. Eni Rewind, through its integrated end-to-end model, guarantees the supervision of every phase of the process reclamation and waste management, planning projects from the early stages to enhance and reuse resources (soils, water, waste), making them available for new development opportunities.
Strategically relevant initiatives
On June 30, 2023, Eni Rewind acquired 30% of the share capital of Labanalysis Environmental Science, a leading company in the field of environmental analysis, with the aim of strengthening the integrated offering of environmental services to be proposed in the foreign market and consolidating its presence in a fundamental sector for the correct direction of environmental remediation solutions and waste management.
In July 2023, Eni and Edison signed an agreement establishing collaboration between the two companies for the management of environmental remediation projects at all industrial sites transferred in 1989 from Montedison to Enimont. The agreement will regulate the equal economic contribution for remediation interventions, already initiated by Eni Rewind and Versalis, in execution of the projects decreed by the Ministry of the Environment. The implementation of the agreement on a site-by-site basis, along with the related planning activities, cost sharing, and relations with institutions, will be coordinated by a joint technical-legal committee between the two companies.
around 1.5 mln/ton
total waste managed
Eni Rewind,
Eni global contractor,
operating in over
100
sites
of regional and national priority
9.0 mln cm
reused water for industrial
and environmental use
over 35 mln cm
treated water
around 75 %
recovered waste vs. total recoverable waste
Consolidated Disclosure of Non-Financial InformationNFI
Eni’s 2023 Consolidated Disclosure of Non-Financial Information (NFI) has been drafted in accordance with Legislative Decree 254/2016 and the “Sustainability Reporting Standards” published by the Global Reporting Initiative (GRI) included in the GRI dedicated to the Oil & Gas sector. The NFI includes the disclosure requirements for listed companies as stipulated in Article 8 of EU Regulation 852/2020. In continuity with previous editions, the document is structured according to the three levers of the integrated business model, Carbon Neutrality by 2050, Operational Excellence and Alliances for Development, which aim to create long-term value for all stakeholders The contents of the “Carbon neutrality by 2050” chapter have been organized according to the voluntary recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) of the Financial Stability Board.
Carbon neutrality by 2050
Combating climate change
Commitments
Eni has defined a medium/long-term plan to take advantage of the opportunities offered by the energy transition and progressively reduce the carbon footprint of its activities, committing to reach net zero GHG emissions for all its products and processes by 2050.
Main results 2023
- -40% Net Carbon Footprint UPS and -30% Net Carbon Footprint Eni vs. 2018
- -21% Net GHG Lifecycle Emissions vs. 2018
- -4% Net Carbon Intensity vs. 2018
Main targets
- Net Zero Carbon Footprint Upstream in 2030 and Eni in 2035
- Net Zero GHG Lifecycle Emissions and Carbon Intensity in 2050
Operational excellence
People
Commitments
Eni is committed to supporting the Just Transition process by consolidating and developing skills, enhancing every dimension (professional and otherwise) of its people and recognizing the values of diversity and inclusion.
Main results 2023
- +0.5 p.p. female population vs. 2022
- Women’s turnover rate is higher than men’s
- +0.7 p.p. female personnel in positions of responsibility vs. 2022
- +1.2 p.p. population under 30 vs. 2022
- +23% training hours vs. 2022
Main targets
- +4 p.p. vs. 2020 of the female population by 2030
- +3.8 p.p. female personnel in positions of responsibility vs. 2020
- +6.5 p.p. population under 30 by 2030 vs. 2020
- +2 p.p. in 2030 presence of non-Italian employees in positions of responsibility vs. 2020
- +20% training hours by 2027 vs. 2023
Health
Commitments
Eni considers protecting the health of its people, workers, families and communities in the Countries where it operates a fundamental human right and promotes their psycho-physical and social well-being by placing Health at the centre of its operating models.
Main results 2023
- €57.9 million for Health activities, including expenditure on Community Health initiatives
- 70% employees with access to psychological support service
- 49 sensors tested at Italian on-shore sites for digital monitoring of indoor healthy working environment
Main targets
- ~€279 million for Health activities 2024-2027
- 85% of employees with access to psychological support service by 2027
- 100 sensors tested by 2027, including Italian off-shore sites and abroadfor digital monitoring of indoor healthy working environment
Safety
Commitments
Eni believes that safety at work is a basic right and an essential value shared by employees, contractors and local stakeholders to prevent accidents and protect the integrity of assets.
Main results 2023
- Total Recordable Injury Rate = 0.40
- Five applications of the THEME model on-site
- Digitalization of HSE processes
- >2K resources trained on the “Process Safety in Eni” course
Main targets
- Maintenance of the TRIR ≤0.40 in the four-year period 2024-2027
- Extension of the Smart Safety initiative to 60 contractors
- Implementation of technical behavioural safety coaching initiatives
Respect for the environment
Commitments
Eni promotes the protection of the environment and biodiversity through the identification, prevention and mitigation of potential impact, as well as through efficient management of resources with actions aimed at improving energy efficiency and adopting the principles of a circular economy.
Main results 2023
- 90% reuse of freshwater
- +25% waste generated from production activities vs. 2022
- 60% re-injection of produced water from the E&P sector
Main targets
- Commitment to minimise freshwater withdrawals in water-stressed areas
- Reuse of freshwater in line with the trend of the past 5 years
- Re-injected produced water in line with the trend of the last 5 years, considering the same area of consolidation
- Development of new technologies for waste recovery and implementation on an industrial scale
- Commitment, in remediation works, to implement sustainable technological solutions inspired by the principles of a circular economy
Human rights
Commitments
Eni is committed to respecting human rights in its activities and to promoting such respect with partners and stakeholders. This commitment is based on the dignity of every human being and on companies’ responsibility to contribute to the well-being of individuals and of local communities.
Main results 2023
- 100% of new projects with human rights risk assessed with specific analysis
- 170 participants from Security Forces in the Security & Human Rights workshop in Iraq
Main targets
- 100% of new projects with human rights risk assessed with specific analysis
- 100% on-time completion of the actions outlined in the Action Plans
- Maintain position in the 10th decile of the Corporate Human Rights Benchmark
- Update of Eni’s salient issues
Suppliers
Commitments
Eni is committed to sustainably develop its supply chain, involving and supporting companies with concrete tools to facilitate growth and improvement on ESG dimensions.
Main results 2023
- 100% of new suppliers assessed according to social criteria
- 100% of strategic suppliers’ headquarters assessed on sustainable development path
- Procurement processes with ESG assessment for 85% of Italian awarded contracts and 20% of foreign awarded contracts value
- 1,600 foreign local suppliers on Open-es platform
Main targets
- Keep 100% of new suppliers assessed according to social criteria
- 100% of worldwide strategic suppliers assessed on the sustainable development path by 2025
- Procurement processes with ESG assessment for over 90% of Italian awarded contracts and 50% of foreign awarded contracts value by 2024
- 65% of the total value of active contracts awarded to suppliers registered on Open-es by 2025
- 2,000 foreign local suppliers involved on Open-es by 2024
Transparency, anti-corruption and tax strategy
Commitments
Eni carries out its business activities with loyalty, fairness, transparency, honesty, integrity and in compliance with the laws.
Main results 2023
- Passing the ISO 37001:2016 recertification audit
- Obtaining ISO 37301:2021 certification of Eni SpA’s Compliance Management System
- Start delivery of the new e-learning course on the Anti-Corruption Compliance Programme to medium and high-risk employees
Main targets
- Delivery of the Anti-Corruption Compliance Programme course to the entire medium-high risk population
- Maintain ISO 37001:2016 and ISO 37301:2021 certification
Alliances for development
Alliances for development
Commitments
The Alliances for Development represent Eni’s commitment to an equitable transition with a broad portfolio of community-based initiatives.
Main results 2023
- 35.5K new students supported with access to education; 19K people supported with professional development for economic empowerment(a); 62K people supported with access to drinking water; and 330K people supported with access to health services
(a)The beneficiaries include only those trained and/or supported for the start-up or strengthening of specific economic activities, not beneficiaries of the construction of infrastructure (roads, civil buildings, etc.) or new agri-business activities being started. In some cases, beneficiaries are not trained but receive input, funding or other support to start businesses.
Main targets
- 2030 beneficiaries by sector: 103K access to education; 15.9M access to clean cooking; 86K access to electricity(b); 21K economic development; 590K access to drinking water; 1M access to health services; 85K environmental and biodiversity protection activities
(b)Access to electricity provided through local development initiatives is considered, not through Eni’s energy supply to the local market.
Transversal themes
Technological innovation
Commitments
For Eni, research, development and rapid implementation of new technologies are an important strategic lever to drive business transformation.
Main results 2023
- 70% of R&D expenditure is dedicated to decarbonization activities
Main targets
- Maintaining 70% of R&D expenditure on decarbonization issues each year for the four-year period 2024-2027