Annual Report 2022
Explore the 2022 HighlightsMission
We are an energy company.
We concretely support a just energy transition,
with the objective of preserving our planet
and promoting an efficient and sustainable access to energy for all.
Our work is based on passion and innovation,
on our unique strengths and skills,
on the equal dignity of each person,
recognizing diversity as a key value for human development,
on the responsibility, integrity and transparency of our actions.
We believe in the value of long-term partnerships with the Countries and communities where we operate, bringing long-lasting prosperity for all.
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.
Activities
Eni activities: the value chain
Eni is a global energy company with a high technological content, engaged in the entire value chain: from the exploration, development and extraction of oil and natural gas, to the generation of electricity from cogeneration and renewable sources, traditional and biorefining and chemical, 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, geographical and technological diversification of energy sources, alliances for development, as well as new business and financial model are Eni levers to meet each of the essential pillars of the energy trilemma, achieving environmental sustainability side-by-side with energy security and affordability, 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 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 such as:
-
Progressive growth of the gas component as a bridge energy source in the transition, flanked by investments to reduce emissions;
-
Bioenergy through the development of biomethane and biofuels, by increasing feedstocks of bio and renewable raw materials, waste and residues and of an integrated agribio-feedstock production chain not in competition with food production;
-
Renewables through increased capacity and integration with the retail business;
-
Carbon Capture Storage (CCS) through the development of hubs for the storage of the CO2 from hard-to-abate emissions generated by Eni’s and third parties’ industrial plants;
-
Progressive increase in the production of new energy carriers, including hydrogen.
The scale use of these solutions together with research into 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, mainly deriving from Natural Climate Solutions.
Eni's activities in the world
Our value chain
Business Model
Our business model is aimed at creating long-term value for all stakeholders through a strong presence along the entire energy value chain. The core is represented by our mission, inspired by the United Nations 2030 Agenda, whose foundations are embodied in our distinctive approach, which permeates all activities.
Eni is committed to fulfilling the essential pillars of the energy system trilemma, pursuing environmental sustainability together with energy security and affordability.
These goals leverage the diversified geographical presence and a diversified mix of energy sources, which, together with a portfolio of new technologies and their fast-track development, will create a diversified energy mix for energy transition and to support energy security, progressing in the value creation and breakthrough opportunities, while recognising the essential role of partnerships and alliances with stakeholders to ensure active involvement in the transformation of energy system.
Our agile and innovative business model leverages proprietary technologies at the base of traditional businesses for the development of a satellite model of creating dedicated entities capable of independently accessing capital markets to fund their growth and to reveal 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)of the group and on their transformation into outcomes, through the implementation of its strategy, while contributing to the achievement of the Sustainable Development Goals (SDGs) of the 2030 Agenda.
Eni also organically integrates its business plan with the principles of environmental and social sustainability, deploying its actions along three levers:
- Operational excellence
- Carbon neutrality by 2050
- Alliances for the promotion of development
-
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.
-
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 technologies, will allow Eni to totally reduce its carbon footprint, both in terms of net emissions and in terms of net carbon intensity. In this context gas figure as a bridge energy source in transition.
-
Alliances for 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.
(*) In 2022, unless stated otherwise.
Strategy
“The Plan presented confirms the strength and effectiveness of our strategy. In 2014 we undertook an industrial and financial transformation path which progressively enabled us to create value even in difficult scenarios, delivering security of supplies and environmental sustainability. We have been focussing our exploration and production strategy mainly on gas, leveraging our own production and diversifying our investments across different countries.”
Claudio Descalzi, Eni’s CEO
2023-2026 strategic plan
The 2023-2026 strategic plan builds on Eni’s track-record of operating and financial performance and focusses on:
-
energy security and affordability through geographical and technological diversification;
-
emissions reduction;
-
leveraging technology for today and for breakthrough opportunities;
-
advancing satellite model, focused on the capability of independently accessing capital markets to fund the growth and to reveal the real value of each businesses;
-
delivering value for our shareholders.
GROUP STRATEGY
Eni’s financial strength enables the execution of its business strategy, provides flexibility across the cycle and delivers return to its investors.
The 2023-2026 plan foresees:
-
2023 CFFO before working capital at replacement cost of over €17 billion, and over €69 billion along the plan period. At a constant scenario, 2026 CFFO will be over 25% above 2023, driven by E&P, positive contributions from all the business segments and growth from the main transition businesses of Plenitude and Sustainable Mobility;
-
Average ROACE at 13% over 2023-2026 at a constant 2023 scenario, +7 percentage points vs. 2010-2019 average, confirming the profitability of Eni’s capital;
-
2023 Capex will be around €9.5 billion and €37 billion over the plan period. This represents +15% in USD terms versus the outlook provided last year adjusted for inflation, reflecting new, high-quality opportunities and acceleration or increase in scale of existing projects in the Upstream. These projects deliver significant value and continue to do so well after the end of the Plan. Low and zero carbon spending will be around 25% of the total capex;
-
Over the 4-year plan, based on our scenario, Eni will generate organic FCF before working capital of more than €32 billion;
-
Leverage in the range of 10-20% over the plan period, confirming Eni capital and cost discipline, as well as the quality of the Company’s portfolio.
NATURAL RESOURCES: GROWING VOLUMES AND VALUE WHILE REDUCING BREAKEVEN AND EMISSIONS
Natural Resources Division will deliver accretive growth with falling emissions, driven by our leading Exploration and integrated, fast-track projects.
The close attention to our value growth will also deliver a decrease in our Scope 1 & 2 net carbon footprint by 65% by 2025 versus 2018. We confirm Upstream to be Scope 1 & 2 net zero by 2030.
Our mid-stream gas has proved its resilience and will increasingly benefit from equity gas supply.
Gas is and will be a critical component in the European energy mix.
ENERGY EVOLUTION: GROWING PROFITABLE NEW ENERGY BUSINESSES
Evolution division, which includes traditional and green refining and marketing, Versalis and Plenitude, represents a portfolio of solutions to meet decarbonised energy needs and to achieve our Scope 3 emissions targets.
We incorporated Eni Sustainable Mobility, combining bio-refining, bio-methane and the sale of mobility products and services. Our ambitious plan is to evolve this entity into a multiservice, multienergy company, generating and unlocking new value.
Plenitude is maturing and executing on its pipeline of Renewable projects, with over 7 GW of capacity by the end of 2026. We will also more than double our network of EV charging points to over 30,000 by the end of the Plan.
FINANCIAL STRATEGY AND CAPITAL RETURNS
Our financial strength enables the execution of our business strategy, provides flexibility across the cycle, and deliver returns to our investors.
In a constant 2023 Scenario, we calculate underlying growth in CFFO to 2026 of over 25% or around € 5 billion versus 2023.
At constant conditions we foresee to generate over 13% average ROACE over 2023-2026, 7 percentage points higher than in 2010-2019. We are delivering top-line growth and improving our capital productivity.
FINANCIAL STRENGTHS
We exited 2022 with the strongest balance sheet in our history. During 2022 we reduced debt including lease liabilities by €2.3bn and by €2bn ex-leases cutting leverage by 700 basis points.
We keep on aligning our financial tools to the strategic milestones designed in our decarbonization plan. Our new credit lines have been completely sustainable-linked since 2021 and all our new senior bond issuance is entirely sustainable.
Over the next 4 years, we strive to strength our Balance Sheet, with an average leverage pre IFRS of around 10-20%.
SHAREHOLDER DISTRIBUTION
Our excellent financial and strategic progress provides scope to enhance and simplify our remuneration policy. Going forward Eni intends to distribute between 25-30% of expected annual CFFO by way of a combination of dividend and share buyback.
For 2023 Eni announced:
- an annual dividend of €0.94/share, a 7% increase versus 2022
- a share buyback programme of €2.2 bln (up to a maximum of €3.5 bln.), reflecting the expectations on scenario and the performance of the business.
Moreover, in conditions that exceed our scenario, we expect to apply 35% of incremental cashflow to additional buybacks, while in outcomes that don’t meet our scenario expectations in the first instance we would use balance sheet, timing and capex flexibility to meet our commitment.
Eni at a glance
“In 2022, Eni was not only engaged in progressing its sustainable energy transition goals, but also in ensuring the security and stability of energy supplies to Italy and Europe, building up a diversified geographic mix of energy sources. The Company delivered excellent financial and operating results while contributing to the stability of energy supplies to Italy and Europe and progressing its decarbonization plans. During the year, we were able to finalize agreements and activities to fully replace Russian gas by 2025, leveraging our strong relationships with producing states and fast-track development approach to ramp-up volumes from Algeria, Egypt, Mozambique, Congo and Qatar. The recently signed deal with Libya’s NOC on the A&E Structures development and exploration successes off Cyprus, Egypt and Norway will further strengthen our integrated supply diversification. This prompt reaction to the gas crisis and the integration with the E&P activities were important driver of the performance of our GGP business, which was able to ensure its supply commitments through different sources.”
Claudio Descalzi, Eni's CEO
Further reading:
Adjusted net profit (€ BLN)
Leverage and net borrowings
Robust cash generation (€ BLN)
Shareholders remuneration (€ BLN)
|
|
2022 |
2021 |
2020 |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales from operations |
(€ million) |
132,512 |
76,575 |
43,987 |
||||||||||
Operating profit (loss) |
|
17,510 |
12,341 |
(3,275) |
||||||||||
Adjusted operating profit (loss)(a) |
|
20,386 |
9,664 |
1,898 |
||||||||||
Exploration & Production |
|
16,411 |
9,293 |
1,547 |
||||||||||
Global Gas & LNG Portfolio |
|
2,063 |
580 |
326 |
||||||||||
Refining & Marketing and Chemicals |
|
1,929 |
152 |
6 |
||||||||||
Plenitude & Power |
|
615 |
476 |
465 |
||||||||||
Adjusted net profit (loss)(a)(b) |
|
13,301 |
4,330 |
(758) |
||||||||||
Net profit (loss)(b) |
|
13,887 |
5,821 |
(8,635) |
||||||||||
Net cash flow from operating activities |
|
17,460 |
12,861 |
4,822 |
||||||||||
Capital expenditure(c) |
|
8,056 |
5,234 |
4,644 |
||||||||||
of which: exploration |
|
708 |
391 |
283 |
||||||||||
development of hydrocarbon reserves |
|
5,238 |
3,364 |
3,077 |
||||||||||
Dividend to Eni’s shareholders pertaining to the year(d) |
|
3,077 |
3,055 |
1,286 |
||||||||||
Cash dividend to Eni’s shareholders |
|
3,009 |
2,358 |
1,965 |
||||||||||
Total assets at year end |
|
152,130 |
137,765 |
109,648 |
||||||||||
Shareholders’ equity including non-controlling interests at year end |
|
55,230 |
44,519 |
37,493 |
||||||||||
Net borrowings at year end before IFRS 16 |
|
7,026 |
8,987 |
11,568 |
||||||||||
Net borrowings at year end after IFRS 16 |
|
11,977 |
14,324 |
16,586 |
||||||||||
Net capital employed at year end |
|
67,207 |
58,843 |
54,079 |
||||||||||
of which: Exploration & Production |
|
50,910 |
48,014 |
45,252 |
||||||||||
Global Gas & LNG Portfolio (GGP) |
|
672 |
(823) |
796 |
||||||||||
Refining & Marketing and Chemicals |
|
9,302 |
9,815 |
8,786 |
||||||||||
Plenitude & Power |
|
7,486 |
5,474 |
2,284 |
||||||||||
Share price at year end |
(€) |
13.3 |
12.2 |
8.6 |
||||||||||
Weighted average number of shares outstanding |
(million) |
3,483.6 |
3,566.0 |
3,572.5 |
||||||||||
Market capitalization(e) |
(€ billion) |
48 |
44 |
31 |
||||||||||
|
||||||||||||||
Performance
for the year
Exploration & Production
|
|
2022 |
2021 |
2020 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
Hydrocarbon production |
(kboe/d) |
1,610 |
1,682 |
1,733 |
||||||
Net proved reserves of hydrocarbons |
(mmboe) |
6,614 |
6,628 |
6,905 |
||||||
Reserve life index |
(years) |
11.3 |
10.8 |
10.9 |
||||||
Organic reserve replacement ratio |
(%) |
47 |
55 |
43 |
||||||
Profit per boe(a)(c) |
($/boe) |
9.8 |
4.8 |
3.8 |
||||||
Opex per boe(b) |
|
8.4 |
7.5 |
6.5 |
||||||
Finding & Development cost per boe(c) |
|
24.3 |
20.4 |
17.6 |
||||||
|
||||||||||
Refining & Marketing and Chemicals
|
|
2022 |
2021 |
2020 |
|---|---|---|---|---|
Biorefineries capacity |
(mmtonnes/year) |
1.1 |
1.1 |
1.1 |
Sold production of biofuels |
(ktonnes) |
428 |
585 |
622 |
Average biorefineries utilization rate |
(%) |
53 |
65 |
63 |
Retail market share in Italy |
|
21.7 |
22.2 |
23.2 |
Retail sales of petroleum products in Europe |
(mmtonnes) |
7.50 |
7.23 |
6.61 |
Service stations in Europe at year end |
(number) |
5,243 |
5,314 |
5,369 |
Average throughput of service stations in Europe |
(kliters) |
1,587 |
1,521 |
1,390 |
Average oil refineries utilization rate |
(%) |
79 |
76 |
69 |
Production of petrochemical products |
(ktonnes) |
6,775 |
8,476 |
8,073 |
Average petrochemical plant utilization rate |
(%) |
59 |
66 |
65 |
Plenitude & Power
|
|
2022 |
2021 |
2020 |
|---|---|---|---|---|
Renewable installed capacity |
(MW) |
2,198 |
1,137 |
335 |
Energy production from renewable sources |
(GWh) |
2,553 |
986 |
340 |
Retail and business gas sales |
(bcm) |
6.84 |
7.85 |
7.68 |
Retail and business power sales |
(TWh) |
18.77 |
16.49 |
12.49 |
EV charging points |
(thousand) |
13.1 |
6.2 |
3.4 |
Thermoelectric production |
(TWh) |
21.37 |
22.31 |
20.95 |
Power sales in the open market |
|
22.37 |
28.54 |
25.34 |
Consolidated Disclosure of Non-Financial Information
Eni’s 2022 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). The new GRI standards came into force for the NFI 2022, both the Universal Standards (i.e. those required of all companies regardless of the results of the materiality analysis and those specific to the Oil & Gas sector). 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
Eni has defined a medium/long-term plan to take full advantage of the opportunities offered by the energy transition and progressively reduce the carbon footprint of its activities, committing to achieving total decarbonization of all products and processes by 2050.
MAIN RESULTS 2022
- 33% Net Carbon Footprint UPS and -19% Net Carbon Footprint Eni vs. 2018
- -17% Net GHG Lifecycle Emissions vs. 2018
- -3% Net Carbon Intensity vs. 2018
MAIN
COMMITMENTS
AND 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
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 2022
-
+0.6 p.p. female population vs. 2021
-
Women’s turnover rate is higher than men’s
-
+1.2 p.p female personnel in positions of responsibility vs. 2021
-
+0.7 p.p. population under 30 vs. 2021
MAIN
COMMITMENTS
AND TARGETS
- +3 p.p. vs. 2020 of the female population by 2030
- >1 women replacement rate to 2025
- +5 p.p. population under 30 to 2026 vs. 2021
- +7 p.p. in 2030 for the presence of non-Italian employees in positions of responsibility vs. 2021
- +20% training hours by 2026 vs. 2022
HEALTH
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 it at the centre of its operating models.
MAIN RESULTS 2022
- 72 million for Health activities, including expenditure on Community Health initiatives
- 82,700 health promotion activities registrations
- 68% employees with access to psychological support service
MAIN
COMMITMENTS
AND TARGETS
- ~€267 million for Health activities 2023-26
- 80% of employees with access to psychological support service by 2026
- Digital initiatives for monitoring and improving the healthiness of indoor workplaces
SAFETY
Eni believes that safety at work is an essential value shared by employees, contractors and local stakeholders to prevent accidents and protect the integrity of assets.
MAIN RESULTS 2022
- TRIR(a) = 0.41; 4 fatal accidents
- 7 applications of THEME methodology on site
- >6K resources trained in Operational Safety Management
- (a) Total Recordable Injury Rate.
MAIN
COMMITMENTS
AND TARGETS
- Maintenance of the TRIR <0.40 in the four-year period 2023-26; 0 fatal accidents
- Extension of digital safety initiatives to contracting companies and digitalization of HSE processes
- Application of the Human Factor analysis model to Eni sites, both in Italy and abroad
RESPECT FOR THE ENVIRONMENT
Commitments
Eni promotes protection of the environment and biodiversity, the efficient management of resources with actions aimed at improving energy efficiency and transitioning to a circular economy, identifying potential impact and mitigation actions.
MAIN RESULTS 2022
- 90% fresh water reuse
- +29% waste generated by production activities vs. 2021
- -35% operational oil spill vs. 2021
MAIN
COMMITMENTS
AND TARGETS
- Commitment to minimising freshwater withdrawals from water-stressed areas
- Reuse of fresh water in line with the trend of the past 5 years
- Re-injected produced water in line with the trend of the last 5 years within the same perimeter
- Development of new technologies for waste recovery and implementation on an industrial scale
HUMAN RIGHTS
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 2022
- 2,622 people trained for the three-year Human Rights programme
- 100% of the procurement professional area trained on human rights
- 100% new suppliers assessed according to social criteria
- 409 participants in the Security & Human Rights workshop in Nigeria
MAIN
COMMITMENTS
AND TARGETS
- 100% of new projects with human rights risk assessed with specific analysis
- 100% new suppliers assessed according to social criteria
- Update the three-year training programme modules on business and human rights
SUPPLIERS
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 2022
- 52% of strategic suppliers assessed on sustainable development path
- ~€4.5 billion awarded contracts value in Italy related to procurements with ESG assessment
- Adhesion of 15 partners and >10K companies at the Open-es initiative
- €23 million mini-bonds financed by the Sustainable Energy - Basket Bond programme
MAIN
COMMITMENTS
AND TARGETS
- 100% of strategic suppliers assessed on the sustainable development path by 2025
- Procurement processes with ESG assessment for 75% of Italian awarded contracts value by 2023 and 50% of foreign awarded contracts value by 2024
- 1,000 foreign local suppliers involved on Open-es by 2023
TRANSPARENCY, ANTI-CORRUPTION AND TAX STRATEGY
Eni carries out its business activities with fairness, correctness, transparency, honesty, integrity and in compliance with the law.
MAIN RESULTS 2022
- Passing the ISO 37001:2016 recertification audit
- Delivery of the new “Code of Ethics, Anti-Corruption and Corporate Administrative Liability” course to about 28K employees
MAIN
COMMITMENTS
AND TARGETS
- Delivery of the new course “Code of Ethics, Anti-Corruption and Corporate Administrative Liability” to all employees
- Delivery of the new e-learning course on the Anti-Corruption Compliance Programme to medium and high-risk employees
- Maintenance of ISO 37001:2016 certification
ALLIANCES FOR DEVELOPMENT
COOPERATION MODEL
The alliances for Development represent Eni’s commitment to an equitable transition with a broad portfolio of community-based initiatives.
MAIN RESULTS 2022
- 63K new students supported with access to education; 128K people supported with access to clean cooking technology; 7.8K people supported with access to vocational training and supported with economic empowerment(b); 71K people supported with access to clean water; and 120K people supported with access to health services
MAIN
COMMITMENTS
AND TARGETS
- By 2026 ensure access to: 62.9K students to education; 26.1K people to vocational training and economic empowerment support(b); 97.3K people to drinking water; and 480K people to health services
- (b) 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.
TRANSVERSAL THEMES
TECHNOLOGICAL INNOVATION
For Eni, research, development and rapid implementation of new technologies are an important strategic lever to drive business transformation.
MAIN RESULTS 2022
- 70% of R&D expenditure is dedicated to decarbonization activities
MAIN
COMMITMENTS
AND TARGETS
- Maintaining 70% of R&D expenditure on decarbonization issues each year for the four-year period 2023-26
Exploration & Production
|
|
2022 |
2021 |
2020 |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total recordable injury rate (TRIR)(a) |
(total recordable injuries/ |
0.35 |
0.25 |
0.28 |
||||||||||||
of which: employees |
|
0.12 |
0.09 |
0.18 |
||||||||||||
contractors |
|
0.42 |
0.30 |
0.31 |
||||||||||||
Profit per boe(b)(c) |
($/boe) |
9.8 |
4.8 |
3.8 |
||||||||||||
Opex per boe(d) |
|
8.4 |
7.5 |
6.5 |
||||||||||||
Cash flow per boe |
|
29.6 |
20.6 |
9.8 |
||||||||||||
Finding & Development cost per boe(c)(d) |
|
24.3 |
20.4 |
17.6 |
||||||||||||
Average hydrocarbon realization |
|
73.98 |
51.49 |
28.92 |
||||||||||||
Production of hydrocarbons(d) |
(kboe/d) |
1,610 |
1,682 |
1,733 |
||||||||||||
Net proved reserves of hydrocarbons |
(mmboe) |
6,614 |
6,628 |
6,905 |
||||||||||||
Reserves life index |
(years) |
11.3 |
10.8 |
10.9 |
||||||||||||
Organic reserves replacement ratio |
(%) |
47 |
55 |
43 |
||||||||||||
Employees at year end |
(number) |
8,689 |
9,409 |
9,815 |
||||||||||||
of which: outside Italy |
|
5,497 |
6,045 |
6,123 |
||||||||||||
Direct GHG emissions (Scope 1)(e) |
(mmtonnes CO2eq.) |
21.5 |
22.3 |
21.1 |
||||||||||||
GHG emissions (Scope 1)/operated hydrocarbon gross production(a)(e) |
(tonnes CO2eq./kboe) |
20.6 |
20.2 |
20.0 |
||||||||||||
Methane emission intensity(a) (m3CH4/m3 gas sold) |
(%) |
0.08 |
0.09 |
0.09 |
||||||||||||
Volumes of hydrocarbon sent to routine flaring(a) |
(billion Sm3) |
1.1 |
1.2 |
1.0 |
||||||||||||
Net carbon footprint upstream (Scope 1+2)(f) |
(mmtonnes CO2eq.) |
9.9 |
11.0 |
11.4 |
||||||||||||
Operational oil spills (>1 barrel)(f) |
(barrels) |
845 |
436 |
882 |
||||||||||||
Re-injected production water(a) |
(%) |
59 |
58 |
53 |
||||||||||||
|
||||||||||||||||
Global Gas & LNG Portfolio
|
|
2022 |
2021 |
2020 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
TRIR (Total Recordable Injury Rate)(a) |
(total recordable injuries/worked hours) x 1,000,000 |
0.00 |
0.00 |
1.15 |
||||||
of which: employees |
|
0.00 |
0.00 |
0.99 |
||||||
contractors |
|
0.00 |
0.00 |
1.37 |
||||||
Natural gas sales(b) |
(bcm) |
60.52 |
70.45 |
64.99 |
||||||
Italy |
|
30.67 |
36.88 |
37.30 |
||||||
Rest of Europe |
|
27.41 |
28.01 |
23.00 |
||||||
of which: Importers in Italy |
|
2.43 |
2.89 |
3.67 |
||||||
European markets |
|
24.98 |
25.12 |
19.33 |
||||||
Rest of world |
|
2.44 |
5.56 |
4.69 |
||||||
LNG sales(c) |
|
9.4 |
10.9 |
9.5 |
||||||
Employees at year end |
(number) |
870 |
847 |
700 |
||||||
of which: outside Italy |
|
588 |
571 |
410 |
||||||
Direct GHG emissions (Scope 1)(a) |
(mmtonnes CO2eq.) |
2.09 |
1.01 |
0.36 |
||||||
|
||||||||||
Refining & Marketing and Chemicals
|
|
2022 |
2021 |
2020 |
||
|---|---|---|---|---|---|---|
TRIR (Total Recordable Injury Rate)(a) |
(total recordable injuries/worked hours) x 1,000,000 |
0.81 |
0.80 |
0.80 |
||
of which: employees |
|
0.95 |
1.13 |
1.17 |
||
contractors |
|
0.69 |
0.49 |
0.48 |
||
Bio throughputs |
(ktonnes) |
543 |
665 |
710 |
||
Biorefinery capacity |
(mmtonnes/year) |
1.1 |
1.1 |
1.1 |
||
Average biorefineries utilization rate |
(%) |
53 |
65 |
63 |
||
Conversion index of oil refineries |
|
42 |
49 |
54 |
||
Average oil refineries utilization rate |
|
79 |
76 |
69 |
||
Retail sales of petroleum products in Europe |
(mmtonnes) |
7.50 |
7.23 |
6.61 |
||
Service stations in Europe at year end |
(number) |
5,243 |
5,314 |
5,369 |
||
Average throughput per service station in Europe |
(kliters) |
1,587 |
1,521 |
1,390 |
||
Retail efficiency index |
(%) |
1.20 |
1.19 |
1.22 |
||
Production of petrochemical products |
(ktonnes) |
6,775 |
8,476 |
8,073 |
||
Sale of petrochemical products |
|
3,676 |
4,451 |
4,339 |
||
Average petrochemical plant utilization rate |
(%) |
59 |
66 |
65 |
||
Employees at year end |
(number) |
13,132 |
13,072 |
11,471 |
||
of which: outside Italy |
|
4,146 |
4,044 |
2,556 |
||
Direct GHG emissions (Scope 1)(a) |
(mmtonnes CO2eq.) |
6.00 |
6.72 |
6.65 |
||
Direc GHG emissions (Scope 1)/Refinery throughputs (raw and semi-finished materials) |
(tonnes CO2eq./ktonnes) |
233 |
228 |
248 |
||
|
||||||
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.
Reclamation activities
Coherently with the expertise gained and in agreement with institutions and stakeholders, Eni Rewind assesses the projects for enhancement and reuse of reclaimed areas, allowing the environmental recovery of former industrial area and the resumption of the local economy.
Eni Rewind operates in 13 sites of national priority and over 100 sites of regional priority, consolidating in recent years its role as a global contractor for all Eni businesses. Main activities on remediation, water and waste management, valorization of restorated sites are progressing mainly in Ravenna, Porto Torres, Gela, Cengio and Porto Marghera.
The Ponticelle Project in Ravenna, where Eni Rewind is committed to enhance the abandoned industrial area through Permanent Safety Measures of the site and the design of targeted improvements for the industrial requalification, is particularly relevant.
Planned activities relate to the construction of a multifunctional platform for the pre-processing of waste in partnership with Herambiente and a biorecovery platform (biopile) for land to be reused in service stations after remediation, reducing landfilling disposal and consumption of vergin resources. Ponticelle area will become a hub for sustainable reclamation, waste enhancement and green energy production also leveraging on the collaboration with Eni New Energy, Plenitude’ subsidiary, engaged in the realization of a photovoltaic plant and a storage lab.
Water & Waste Management
Eni Rewind manages water treatment, aimed at reclamation activities, through an integrated aquifer interception system and the conveyance of water for purification to treatment plants. During 2022, the project of automation and digitalization of groundwater treatment plants progressed as a part of a larger optimization initiative, in order to increase business competitiveness and sustainability, quality of work and process security. The main drivers of the optimization project are represented by the implementation of optimized operational model for plant management, leveraging on the technological enhancement of San Donato Milanese Control Room and the digitalization of its related sites.
Currently, there are 43 treatment plants fully in operation and managed in Italy, with over 35 million cubic meters of treated water in 2022. The recovery and reuse of treated water for the production of demineralized water for industrial use and as part of the operational plans for the remediation of contaminated sites is undergoing.
In 2022 about 9.9 million cubic meters of water have been reused after treatment, with an increase of 10% compared to 2021.
At the end of 2022, completed the installation of 57 devices using the proprietary technology E-Hyrec® for the selective removal of hydrocarbons from groundwater to improve the effectiveness and efficiency of groundwater reclamation, with significant reductions in extraction times and avoiding the disposal of more than 1,200 tons of waste equivalent.
Eni Rewind also operates as Eni’s competence center for management of waste deriving from Eni’s environmental remediation activities and production activities in Italy, thanks to its model allowing to minimize costs and environmental impacts, by adopting the best technological solutions available on the market.
In 2022, Eni Rewind managed a total of approximately 2 million tonnes1 of waste by sending for recovery or disposal at external plants.
In particular, the recovery index (ratio of recovered/recoverable waste) in 2022 was 74%: the slight increase compared to 2021 (73%) is due to the qualitative and particle size characteristics of the reclamation waste, detected during characterization, notwithstanding the consistency of used equipped plants with technologies available for recovery did not increase.
(1) The volume includes waste deriving from the management of the environmental activities of the points of sale network (about 112 ktonnes), whose “producer” is the same environmental company in charge of the execution out the work.
Certification
Eni Rewind holds SOA Certification, the mandatory certification for participation in tenders to execute public works contracts with a basic auction amount exceeding €150,000.00, for its core activities in the OG 12 – Reclamation and protection works and plants environmental and in the specialized categories OS 22 – Drinking water and purification plants and OS 14 – Waste disposal and recovery plants.
During 2022, Eni Rewind achieved the highest certification, with unlimited amount, relative to the categories OS14 and OG12.
Not-captive initiatives
In line with the path started in 2020, Eni Rewind expanded the scope of its activities, by offering services outside Eni group. In particular, in 2022, Eni Rewind progressed in the implementation of activities for the qualification process of leading national and international operators as suppliers. Finalized also the registration to the MEPA portal (Electronic Market of the Public Administration).
In addition, Eni Rewind was awarded the Raggruppamento Temporaneo d’Impresa (RTI) of the reclamation of the former Q8 plant in Naples, and will carry out the design, environmental analysis, supply, installation and management of a thermal desorber.
Under the public regime, the post-assignment due diligence process by ANAS of requirements of the RTI in which Eni Rewind is principal, was completed, in order to start activities for investigation services and characterization in the Adriatic lot (Emilia-Romagna, Marche, Abruzzo, Molise, Puglia), where Eni Rewind, through its environmental laboratories, will provide specific chemical analysis services.
In September 2022, Eni Rewind signed the relevant act setting up the RTI to subscribe the contract with Anas.
Relating to the private sector, Eni Rewind was awarded a three-year framework agreement (renewable for a further 2 years) for the transport and disposal service of about 50 ktonnes of waste generated by the Refinery of Milazzo (RAM).
Eni Rewind outside Italy
Since 2018, Eni Rewind has been making its expertise available to Eni’s subsidiaries, located outside Italy, to manage environmental issues, in particular for management and enhancement activities of the water resource, soil, as well as training and knowledge sharing.
In order to implement the Memorandum of Understanding (MoU) signed in 2021 with the National Authority for oil and gas of the Kingdom of Bahrain (NOGA), the Bahrain Petroleum Company refinery (BAPCO) requested in 2022 to Eni Rewind a large-scale implementation of the E-Hyrec treatment system, including services such as engineering, supply, installation and technical assistance.
Eni Rewind is progressing in the collaboration with Eni on “water management & valorization” projects. In June 2022, completed the feasibility studies for the optimization of waste water management and process water through its reuse for plants located in Algeria and Libya.
In 2022, carried out the environmental engineering activities for the remediation of company service stations in France and Germany.
In the new mandate for the reclamations of the service stations’ areas signed with Eni Sustainable Mobility effective from January 1st, 2023, Eni Rewind will support the company in the feasibility of environmental activities also for the remediation of service stations of the European network.
Plenitude & Power
|
|
2022 |
2021 |
2020 |
||||
|---|---|---|---|---|---|---|---|---|
TRIR (Total Recordable Injury Rate)(a) |
(total recordable injuries/worked hours) x 1,000,000) |
0.31 |
0.29 |
0.32 |
||||
of which: employees |
|
0.26 |
0.49 |
0.00 |
||||
contractors |
|
0.39 |
0.00 |
0.73 |
||||
Plenitude |
|
|
|
|
||||
Retail gas sales |
(bcm) |
6.84 |
7.85 |
7.68 |
||||
Retail power sales |
(TWh) |
18.77 |
16.49 |
12.49 |
||||
Retail/business customers |
(milion of POD) |
10.07 |
10.04 |
9.7 |
||||
EV charging points(a) |
(thousand) |
13.1 |
6.2 |
3.4 |
||||
Energy production from renewable sources |
(GWh) |
2,553 |
986 |
340 |
||||
Installed capacity from renewables at period end |
(MW) |
2,198 |
1,137 |
335 |
||||
Power |
|
|
|
|
||||
Power sales in the open market |
(TWh) |
22.37 |
28.54 |
25.34 |
||||
Thermoelectric production |
|
21.37 |
22.31 |
20.95 |
||||
Employees at year end |
|
2,794 |
2,464 |
2,092 |
||||
of which: outside Italy |
|
698 |
600 |
413 |
||||
Direct GHG emissions (Scope 1)(b) |
(mmtonnes CO2eq.) |
9.76 |
10.03 |
9.63 |
||||
Direct GHG emissions (Scope 1)/equivalent produced electricity (Eni Power)(b) |
(gCO2eq./kWh eq.) |
393 |
380 |
391 |
||||
|
||||||||
Key data
|
|
2022 |
2021 |
2020 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
Net profit (loss) |
|
|
|
|
||||||
- per share(a) |
(€) |
3.95 |
1.60 |
(2.42) |
||||||
- per ADR(a)(b) |
($) |
8.32 |
3.78 |
(5.53) |
||||||
Adjusted net profit (loss) |
|
|
|
|
||||||
- per share(a) |
(€) |
3.78 |
1.19 |
(0.21) |
||||||
- per ADR(a)(b) |
($) |
7.96 |
2.81 |
(0.48) |
||||||
Cash flow |
|
|
|
|
||||||
- per share(a) |
(€) |
5.01 |
3.61 |
1.35 |
||||||
- per ADR(a)(b) |
($) |
10.55 |
8.54 |
3.08 |
||||||
Adjusted Return on average capital employed (ROACE) |
(%) |
22.0 |
8.4 |
(0.6) |
||||||
Leverage before IFRS 16 |
|
13 |
20 |
31 |
||||||
Leverage after IFRS 16 |
|
22 |
32 |
44 |
||||||
Gearing |
|
18 |
24 |
31 |
||||||
Coverage |
|
18.9 |
15.7 |
(3.1) |
||||||
Current ratio |
|
1.3 |
1.3 |
1.4 |
||||||
Debt coverage |
|
145.8 |
89.8 |
29.1 |
||||||
Net Debt/EBITDA adjusted |
|
43.0 |
83.7 |
174.1 |
||||||
Dividend pertaining to the year |
(€ per share) |
0.88 |
0.86 |
0.36 |
||||||
Total Share Return (TSR) |
(%) |
16.2 |
52.4 |
(34.1) |
||||||
Dividend yield(c) |
|
6.5 |
7.1 |
4.2 |
||||||
|
||||||||||
|
|
2022 |
2021 |
2020 |
|---|---|---|---|---|
Exploration & Production |
(number) |
8,689 |
9,409 |
9,815 |
Global Gas & LNG Portfolio |
|
870 |
847 |
700 |
Refining & Marketing and Chemicals |
|
13,132 |
13,072 |
11,471 |
Plenitude & Power |
|
2,794 |
2,464 |
2,092 |
Corporate and other activities |
|
6,703 |
6,897 |
7,417 |
Group |
|
32,188 |
32,689 |
31,495 |
|
|
2022 |
2021 |
2020 |
|---|---|---|---|---|
R&D expenditure |
(€ million) |
164 |
177 |
157 |
First patent filing application |
(number) |
23 |
30 |
25 |
|
|
2022 |
2021 |
2020 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
TRIR (Total Recordable Injury Rate) |
(total recordable injuries/ |
0.41 |
0.34 |
0.36 |
||||||
employees |
|
0.29 |
0.40 |
0.37 |
||||||
contractors |
|
0.47 |
0.32 |
0.35 |
||||||
Direct GHG emissions (Scope 1) |
(mmtonnes CO2eq.) |
39.39 |
40.08 |
37.76 |
||||||
Indirect GHG emissions (Scope 2) |
|
0.79 |
0.81 |
0.73 |
||||||
Indirect GHG emissions (Scope 3) other than those due to purchases from other companies(b) |
|
164 |
176 |
185 |
||||||
Net GHG Lifecycle Emissions (Scope 1+2+3)(c) |
|
419 |
456 |
439 |
||||||
Net Carbon Intensity (Scope 1+2+3)(c) |
(gCO2eq./MJ) |
66 |
67 |
68 |
||||||
Net carbon footprint upstream (Scope 1+2)(c) |
(mmtonnes CO2eq.) |
9.9 |
11.0 |
11.4 |
||||||
Net carbon footprint Eni (Scope 1+2)(c) |
|
29.9 |
33.6 |
33.0 |
||||||
Direct GHG emissions (Scope 1)/operated hydrocarbon gross production (upstream) |
(tonnes CO2eq./kboe) |
20.64 |
20.19 |
19.98 |
||||||
Carbon efficiency index Group |
|
32.67 |
31.95 |
31.64 |
||||||
Direct methane emissions (Scope 1) |
(ktonnes CH4) |
49.6 |
54.5 |
55.9 |
||||||
Volumes of hydrocarbon sent to routine flaring (upstream) |
(billion Sm3) |
1.1 |
1.2 |
1.0 |
||||||
Total volume of oil spills (> 1 barrel) |
(barrels) |
6,139 |
4,408 |
6,824 |
||||||
of which: due to sabotage |
|
5,253 |
3,053 |
5,866 |
||||||
operational |
|
886 |
1,355 |
958 |
||||||
Freshwater withdrawals |
(million m3) |
131 |
125 |
113 |
||||||
Re-injected production water |
(%) |
59 |
58 |
53 |
||||||
|
||||||||||
