4
2
Summary of the
Annual Report 2024
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
Activities
Eni is an energy company, integrated along the entire value chain. It has a significant presence in the traditional activities of exploration and production of conventional oil and gas and in the marketing of gas/LNG through an extensive supply portfolio.
In the downstream oil/petrochemicals industry, a major process of transformation and reconversion is underway. Eni is engaged through innovative business models in the development of new energies and decarbonisation services: renewables from solar/wind, biofuels, biochemistry, CO2 capture/sequestration and research lines on new energy paradigms (magnetic fusion, chemical recycling of plastics). Eni has a large customer base of both industrial and end-user customers. The Group’s distinctive strategy is founded on competitive advantages, in-house expertise and proprietary technologies as reference points with the aim to grow, create value and transform the Company. In traditional activities, growth and returns leverage on successful exploration, with an option for early monetisation of discoveries, efficient resource development and the establishment of independent entities in synergy with qualified partners, in focused geographic areas, to pursue development opportunities and profitability.
In activities related to the energy transition, Eni’s satellite model involves the establishment of entities engaged in the development of products and solutions with reduced carbon footprint, capable, thanks to the entry of dedicated capital, of growing autonomously and financially independently, releasing value for the parent company, as evidenced by the successes of Enilive and Plenitude. The effective execution of the strategy is based on financial discipline in costs and investments and a robust capital structure, with the help of solid corporate governance and risk identification and management processes, allows for continued investment in the business and competitive returns to shareholders. The achievement of the Net Zero goal by 2050 involves the use of available technologies capable of immediately contributing to the reduction of emissions, such as:
- gas component as a bridge energy source in the transition, flanked by investments to reduce CO2 and methane emissions;
- traditional refining technologies applied in the production of biofuels, using raw materials of organic origin, not competing with the food chain in the context of the development of agri-business to contribute to the decarbonisation of transport without sudden changes to existing infrastructures;
- renewables through increased installed capacity and integration with the retail business, leveraging a large customer base;
- Carbon Capture Utilization and/or Storage (CCUS), able to provide a concrete contribution to the reduction of emissions, in particular in hard-to-abate sectors, thanks to the development of hubs for the storage of CO2;
- technologies for the production of bioplastics and mechanical recycling of used plastics.
The scale use of these solutions together with research and development of breakthrough technologies, such as magnetic confinement fusion, can contribute to change the energy paradigm in the long term.
Eni’s operations use a global supply chain for the procurement of capital goods, raw materials, works and services. The main assets procured were logistics support for the well area and ancillary services, offshore installations, engineering services for the oil and gas sector, professional services and well drilling services.
Eni's activities in the world
64 countries where we operate
Our value chain
Eni 2025 – Capital Markets Update
Business ModelBusiness Model
Business Model
Eni’s business model supports the company’s commitment to a socially fair energy transition and is aimed at achieving solid financial returns and creating long-term value for the stakeholders through a strong presence along the energy value chain. The company’s mission integrates the Sustainable Development Goals (SDGs) of the 2030 Agenda of the United Nations.
Eni is committed to contribute to ensuring energy security, leveraging on a global portfolio and on alliances with producing countries. At the same time, Eni implements a transition strategy based on a technologically neutral and pragmatic approach, aimed at maintaining the competitiveness of the production system and social sustainability.
These objectives leverage on a diversified geographical presence and a portfolio of solutions technologies that will create an increasingly decarbonized energy mix. Essential to achieve these objectives, the partnerships and alliances with stakeholders are used to ensure an active involvement in the definition of Eni’s activities and in the transformation of the energetic system.
Eni’s business model combines the use of technologies, largely proprietary, enhancing the value of internal skills and a strategic network of collaborations, with the development of an innovative model which provides for the creation of dedicated companies capable of autonomously finance their growth and, at the same time, to bring out the real value of each business.
Eni is present along the entire value chain – from exploration, development and extraction of resources to the marketing of energy, products and services to end customers – developing robust models of integrated business that enhance their industrial assets and customer base.
This integrated model is supported by the Corporate Governance system, based on the transparency and integrity principles, and the Integrated Risk Management process, which is functional to ensure, through the assessment and analysis of the risks and opportunities of the reference context, informed and strategic decisions and the materiality analysis that explores 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 based on the best possible use of all resources (inputs) available to the organization and their transformation into output, through the implementation of the strategy. Intangible resources are an integral part of the Eni’s value creation process and include people’s skills, innovation and relations with stakeholders, which is matter of disclosure in the sustainability reporting. Eni also organically combines its business plan with the principles of environmental and social sustainability, articulating its actions along five guidelines, each oriented towards specific results (outcomes):
- Carbon neutrality by 2050
- Environmental protection
- Value of our people
- Alliances for development
- Sustainability in the value chain
Eni’s business model is developed along these five lines by leveraging the development and application of innovative technologies and the process digitization. In implementing this model, Eni guarantees respect for human rights in the context of its activities and promotes them with its partners and stakeholders, also pursuing operations based on the values of responsibility, integrity and transparency.
Value creation for all stakeholders
Through an integrated presence across the entire energy value chain
Swipe and click on the plus icons to explore the chart below.
Intangibles
(1)100% Plenitude
(2)100% Enilive
Carbon neutrality by 2050
Eni has embarked on a path that will lead to the decarbonization of processes and products by 2050, considering the emissions generated along the entire life cycle of energy products. This path, achieved through existing and evolving technologies, will allow Eni to break down its carbon footprint, both in terms of net emissions and net carbon intensity. In this context, Eni believes that natural gas has a role as a bridge energy source in the transition, following its accessibility, reliability, versatility and reduced carbon content compared to other fossil fuels, and in a complementary way with respect to other technological and energy solutions that will gradually become more and more relevant in facing energy demand.
Environmental protection
Eni is committed to protect the environment through the search for innovative solutions aimed at reducing the impact of its operations, ensuring efficient use of natural resources, the protection of biodiversity and water resources, and the promotion of development models based on regenerative principles of the circular economy, with the aim of maximizing the recovery and valorization of waste and scraps.
Value of our people
Eni recognizes the value of its people as a fundamental element for the success of the company and for this reason guarantees a working environment free from any form of discrimination that favors the full development of everyone’s potential, promoting the development of a culture based on dissemination of knowledge. Eni also complies with the highest international standards in terms of health and safety and adopts appropriate measures aimed at protecting people and assets.
Alliances for development
Eni aims to contribute to the reduction of energy poverty in the countries in which it operates, integrating the development of industrial projects and initiatives aimed at host communities, transferring know-how and skills to local partners. According to the so-called “Dual Flag” approach, Eni’s action is based on a deep respect for the individual, on knowledge of local instances and on the willingness to engage alongside countries to promote the sustainable development, also through partnerships with nationally and internationally recognized actors. In these countries, Eni promotes initiatives to support local communities to promote, in addition to the access to energy, economic diversification, training, community health, access to water and sanitation and land protection, in collaboration with international actors and in line with National Development Plans and the 2030 Agenda.
Sustainability in the value chain
Eni promotes the sustainable development of its supply chain, recognizing its key role in the transformation path undertaken. Through a systemic and inclusive approach, Eni shares values, commitments and targets with its suppliers, supporting and involving them in the growth path. Jointly, Eni supports its customers by offering cutting-edge energy solutions to help them play a leading role in the energy transition and communicates with them in an honest and transparent way, providing quality products and services in line with their needs.
Satellite Model
Eni at a glanceEni at a glance
€ 13.6 bln
adj. CASH FLOW
effective strategy execution, new projects contribution and financial discipline
€ 14.3 bln
PROFORMA adj. EBIT
value creation by leveraging its asset portfolio and the satellite model
15 %
PROFORMA LEVERAGE
financial solidity
BRENT DATED
($/BL)
AVERAGE EUR/USD EXCHANGE RATE
STANDARD ENI REFINING MARGIN
(SERM) ($/BL)
PSV
(€/MWh)
€ 5.3 bln
adj. NET PROFIT
€ 8.8 bln
ORGANIC CAPEX
Proforma adjusted ebit (€ bln)
Cash generation (€ bln)
Shareholders remuneration (€ bln)
Leverage and debt
Performance of the yearPerformance of the year
Key data
Financial highlights
|
|
2024 |
2023 |
2022 |
|---|---|---|---|---|
Sales from operations |
(€ million) |
88,797 |
93,717 |
132,512 |
Operating profit (loss) |
|
5,238 |
8,257 |
17,510 |
Adjusted operating profit (loss)(a) |
|
10,348 |
13,805 |
20,386 |
Proforma adjusted operating profit (loss)(a) |
|
14,322 |
17,809 |
25,333 |
Exploration & Production |
|
13,022 |
13,538 |
21,062 |
Global Gas & LNG Portfolio and Power |
|
1,274 |
3,599 |
2,333 |
Enilive and Plenitude |
|
1,143 |
1,253 |
1,473 |
Refining and Chemicals |
|
(713) |
46 |
1,161 |
|
5,257 |
8,322 |
13,301 |
|
Net profit (loss)(b) |
|
2,624 |
4,771 |
13,887 |
Adjusted net cash before changes in working capital |
|
13,590 |
16,498 |
20,380 |
Capital expenditure |
|
8,485 |
9,215 |
8,056 |
of which: exploration |
|
433 |
784 |
708 |
development of hydrocarbon reserves |
|
5,564 |
6,293 |
5,238 |
Dividend to Eni’s shareholders pertaining to the year(c) |
|
3,167 |
3,034 |
2,972 |
Cash dividend to Eni’s shareholders |
|
3,068 |
3,046 |
3,009 |
Total assets at year end |
|
146,939 |
142,606 |
152,130 |
Shareholders’ equity including non-controlling interests |
|
55,648 |
53,644 |
55,230 |
Net borrowings at year end before IFRS 16 |
|
12,175 |
10,899 |
7,026 |
Net borrowings at year end after IFRS 16 |
|
18,628 |
16,235 |
11,977 |
Net capital employed at year end |
|
74,276 |
69,879 |
67,207 |
of which: Exploration & Production |
|
56,132 |
51,687 |
50,905 |
Global Gas & LNG Portfolio and Power |
|
(1,322) |
1,876 |
859 |
Enilive and Plenitude |
|
10,396 |
8,688 |
8,832 |
Refining and Chemicals |
|
7,760 |
7,868 |
7,683 |
Share price at year end |
(€) |
13.1 |
15.4 |
13.3 |
Weighted average number of shares outstanding |
(million) |
3,167.0 |
3,303.8 |
3,483.6 |
Market capitalization(d) |
(€ billion) |
40 |
50 |
48 |
(a) Non-GAAP measures.
(b) Attributable to Eni’s shareholders.
(c)The amount of dividend for the year 2024 is based on the Board’s proposal.
(d) Number of outstanding shares by reference price at year end.
Summary financial data
|
|
2024 |
2023 |
2022 |
|---|---|---|---|---|
Net profit (loss) |
|
|
|
|
per share(a) |
(€) |
0.78 |
1.40 |
3.95 |
($) |
1.69 |
3.03 |
8.32 |
|
Adjusted net profit (loss) |
|
|
|
|
per share(a) |
(€) |
1.60 |
2.47 |
3.78 |
($) |
3.46 |
5.34 |
7.96 |
|
Cash flow |
|
|
|
|
per share(a) |
(€) |
4.13 |
4.58 |
5.01 |
($) |
8.94 |
9.90 |
10.55 |
|
Adjusted return on average capital employed (ROACE) |
(%) |
7.6 |
12.3 |
22.0 |
Leverage before IFRS 16 |
|
22 |
20 |
13 |
Gearing |
|
25 |
23 |
18 |
Coverage |
|
8.7 |
17.5 |
18.9 |
Current ratio |
|
1.2 |
1.3 |
1.3 |
Debt coverage |
|
70.3 |
93.1 |
145.8 |
Net Debt/EBITDA adjusted |
|
100.5 |
74.4 |
43.0 |
Dividend pertaining to the year |
(€ per share) |
1.00 |
0.94 |
0.88 |
Total Share Return (TSR) |
(%) |
(9) |
23 |
16 |
(a) Fully diluted. Ratio of net profit/cash flow and average number of shares outstanding in the period. Dollar amounts are converted on the basis of the average EUR/USD exchange rate quoted by Reuters (WMR) for the period presented.
(b) One American Depositary Receipt (ADR) is equal to two Eni ordinary shares.
Employees
|
|
2024 |
2023 |
2022 |
|---|---|---|---|---|
Exploration & Production |
(number) |
9,188 |
9,840 |
9,733 |
Global Gas & LNG Portfolio and Power |
|
1,151 |
1,130 |
1,317 |
Enilive and Plenitude |
|
5,899 |
5,759 |
5,303 |
Refining and Chemicals |
|
10,060 |
10,449 |
9,770 |
Corporate and other activities |
|
6,194 |
5,964 |
6,065 |
Group |
|
32,492 |
33,142 |
32,188 |
Innovation
|
|
2024 |
2023 |
2022 |
|---|---|---|---|---|
R&D expenditure |
(€ million) |
178 |
166 |
164 |
First patent filing application |
(number) |
39 |
28 |
23 |
Climate(a)
|
|
2024 |
2023 |
2022 |
|---|---|---|---|---|
Net carbon footprint upstream (Scope 1+2)(a) |
(mmtonnes CO2eq.) |
6.8 |
9.0 |
10.0 |
Net carbon footprint Eni (Scope 1+2)(a) |
|
23.6 |
26.2 |
30.0 |
Indirect GHG emissions (Scope 3) – use of sold products(b) |
|
181.0 |
173.7 |
164.3 |
Net GHG Lifecycle Emissions (Scope 1+2+3)(a) |
|
395 |
398 |
419 |
Net Carbon Intensity (Scope 1+2+3)(a) |
(gCO2eq./MJ) |
65.2 |
65.6 |
66.3 |
Direct GHG emissions (Scope 1)(c) |
(mmtonnes CO2eq.) |
21.2 |
22.7 |
25.0 |
Indirect GHG emissions (Scope 2)(c) |
|
0.6 |
0.6 |
0.6 |
Direct methane emissions (Scope 1)(c) |
(ktonnes CH4) |
16.0 |
16.6 |
26.4 |
(a) KPIs are calculated on an equity bases. Considering the update of the Global Warming Potential coefficients by the IPCC in 2024, the 2023 and 2022 data are reported accordingly.
(b) GHG Protocol Category 11 – Corporate Value Chain (Scope 3) Standard. Estimated on the basis of the upstream production (Eni’s share) in line with IPIECA methodologies.
(c) KPIs refer to 100% of the operated assets, consolidated and unconsolidated, with reference to the operatorship criteria expressed in the standards of the Sustainability Statement. The 2023 and 2022 data are reported accordingly.
Health, safety and environment(a)
|
|
2024 |
2023 |
2022 |
|---|---|---|---|---|
TRIR (Total Recordable Injury Rate) |
(total recordable |
0.67 |
0.57 |
0.51 |
employees |
|
0.69 |
0.66 |
0.41 |
contractors |
|
0.66 |
0.52 |
0.56 |
Total volume of oil spills (> 1 barrel) |
(barrels) |
2,815 |
12,719 |
5,628 |
of which: due to sabotage |
|
2,140 |
5,094 |
5,253 |
operational |
|
675 |
7,625 |
375 |
Freshwater withdrawals |
(mmcm) |
127 |
109 |
101 |
Re-injected production water |
(%) |
51 |
42 |
43 |
(a) KPIs refer to 100% of the operated assets, consolidated and unconsolidated, with reference to the operatorship criteria expressed in the standards of the Sustainability Statement. The 2023 and 2022 data are reported accordingly.
Exploration & Production
Exploration & Production
|
|
2024 |
2023 |
2022 |
|---|---|---|---|---|
Hydrocarbon production |
(kboe/d) |
1,707 |
1,655 |
1,610 |
Net proved reserves of hydrocarbons |
(mmboe) |
6,497 |
6,614 |
6,628 |
Reserve life index |
(years) |
10.4 |
10.6 |
11.3 |
Organic reserve replacement ratio |
(%) |
124 |
69 |
47 |
($/boe) |
11.3 |
14.5 |
9.8 |
|
Opex per boe(b) |
|
9.2 |
8.6 |
8.4 |
|
22.7 |
26.3 |
24.3 |
(a) Related to consolidated subsidiaries.
(b) Includes Eni’s share in joint ventures and equity-accounted entities.
(c) Three-year average.
1.7 mmboe/d + +3 % vs. 2023
driven by organic projects start-ups and the integration of Neptune
1.2 bboe of new resources
with discoveries in Mexico, Cote d'Ivoire and Cyprus
Start-up of Baleine Phase 2
in Cote d'Ivoireand Argo-Cassiopeain Italy
Portfolio high-grading
with Neptune and Ithaca Energy
closing and disposals in Nigeria, Alaska and Congo
Key performance indicators
|
|
2024 |
2023 |
2022 |
|---|---|---|---|---|
Total recordable incident rate (TRIR)(a) |
(total recordable injuries/worked hours) x 1,000,000 |
0.46 |
0.43 |
0.43 |
of which: employees |
|
0.18 |
0.48 |
0.16 |
contractors |
|
0.52 |
0.41 |
0.49 |
($/boe) |
11.3 |
14.5 |
9.8 |
|
Opex per boe(d) |
|
9.2 |
8.6 |
8.4 |
Cash flow per boe |
|
17.3 |
19.4 |
29.6 |
|
22.7 |
26.3 |
24.3 |
|
Average hydrocarbon realization |
|
57.56 |
59.35 |
73.98 |
Production of hydrocarbons(d) |
(kboe/d) |
1,707 |
1,655 |
1,610 |
Net proved reserves of hydrocarbons(d) |
(mmboe) |
6,497 |
6,614 |
6,628 |
Reserves life index |
(years) |
10.4 |
10.6 |
11.3 |
Organic reserves replacement ratio |
(%) |
124 |
69 |
47 |
Employees at year end |
(number) |
9,188 |
9,840 |
9,733 |
of which: outside Italy |
|
5,171 |
5,927 |
5,831 |
Direct GHG emissions (Scope 1)(a) |
(mmtonnes CO2eq.) |
6.7 |
7.6 |
8.4 |
Volumes of hydrocarbon sent to routine flaring(a) |
(billion Sm3) |
0.1 |
0.2 |
0.3 |
Total volume of oil spills (>1 barrel)(a) |
(barrels) |
2,163 |
5,132 |
5,587 |
Re-injected production water(a) |
(%) |
51 |
42 |
43 |
(a) KPIs refer to 100% of the operated assets, consolidated and unconsolidated, with reference to the operatorship criteria expressed in the standards for Sustainability Statement. The 2023 and 2022 data are reported accordingly.
(b) Related to consolidated subsidiaries.
(c) Three-year average.
(d) Includes Eni’s share of equity-accounted entities.
Download the full chapter as a pdf
Global Gas & LNG Portfolio and Power
Global Gas & LNG Portfolio and Power
|
|
2024 |
2023 |
2022 |
|---|---|---|---|---|
Natural gas sales |
(bcm) |
50.88 |
50.51 |
60.52 |
of which: Italy |
|
24.40 |
24.40 |
30.67 |
outside Italy |
|
26.48 |
26.11 |
29.85 |
LNG sales |
|
9.8 |
9.6 |
9.4 |
Thermoelectric production |
(TWh) |
20.16 |
20.66 |
21.37 |
Power sales in the open market |
|
26.55 |
27.30 |
30.86 |
€ 1.3 bln
Proforma adjusted EBIT
50.88 bcm
natural gas sales (+1% vs.2023)
9.8 bcm
LNG sales (+2% vs. 2023)
Launched the floating
LNG production unit
Nguya FLNG
Key performance indicators
|
|
2024 |
2023 |
2022 |
|---|---|---|---|---|
TRIR (Total Recordable Injury Rate)(a) |
(total recordable |
0.51 |
0.00 |
0.28 |
of which: employees |
|
0.84 |
0.00 |
0.70 |
contractors |
|
0.00 |
0.00 |
0.00 |
Employees at year end |
(number) |
1,151 |
1,130 |
1,317 |
of which outside Italy |
|
386 |
390 |
588 |
Direct GHG emissions (Scope 1)(a) |
(mmtonnes CO2eq.) |
9.3 |
9.4 |
10.6 |
Global Gas & LNG Portfolio |
|
|
|
|
Natural gas sales(b) |
(bcm) |
50.88 |
50.51 |
60.52 |
Italy |
|
24.40 |
24.40 |
30.67 |
Rest of Europe |
|
23.40 |
23.84 |
27.41 |
of which: Importers in Italy |
|
1.26 |
2.29 |
2.43 |
European markets |
|
22.14 |
21.55 |
24.98 |
Rest of world |
|
3.08 |
2.27 |
2.44 |
LNG sales(c) |
|
9.8 |
9.6 |
9.4 |
Power |
|
|
|
|
Power sales in the open market(b) |
(TWh) |
26.55 |
27.30 |
30.86 |
Thermoelectric production |
|
20.16 |
20.66 |
21.37 |
(a) KPIs refer to 100% of the operated assets, consolidated and unconsolidated, with reference to the operatorship criteria expressed in the standards for Sustainability Statement. The 2023 and 2022 data are reported accordingly.
(b) Data include intercompany sales.
(c) Refers to LNG sales of the GGP segment (included in worldwide gas sales).
Download the full chapter as a pdf
CCS and Agri
Eni recognizes and supports the transition to a lower carbon model and, on this basis, has developed a decarbonization strategy of the Group’s products and industrial processes to target net zero Scope 1+2+3 emissions by 2050. Eni’s decarbonization path leverages on the skills and knowledge, matured within our traditional businesses and is implemented through the development of innovative and distinctive models related to CCUS projects, agri-business and carbon offset initiatives.
CCS projects
Within the CO2 capture and storage solutions, Eni has developed a distinctive model based on the expertise matured in the traditional businesses, on the knowledge of the exhausted gas reservoir which in synergy with the existing infrastructures will be reused for the CO2 storage and on the expertise gained in the past storage activities.
Agri-feedstock initiatives
Eni’s development model for the agri-feedstock initiatives is targeted to provide vegetable oil to feed Eni’s supply chains, starting from the feedstock produced by the cultivation of degraded land, rotational crops and the valorization of waste and residues from the agro-industrial and forestry supply chains. This distinctive model of vertical integration, with end-to-end approach aims at ensuring volumes of vegetable oil at competitive cost, supporting the expansion of Eni’s biorefining activities, while enabling significant positive impacts on local development and employment.
Carbon offset initiatives
As part of Natural Climate Solutions (NCS), since 2019 Eni has launched initiatives focused on the protection, conservation and sustainable management of forests, mainly in developing Countries, which are considered among the most relevant internationally as part of climate change mitigation strategies. These initiatives are framed within the so-called REDD+ (Reducing Emissions from Deforestation and forest Degradation) scheme, defined and promoted by the United Nations, which involves forest conservation activities with the goals of reducing emissions and improving the natural storage capacity of CO2. At the same time, the projects promote an alternative development model for local communities through the promotion of socio-economic activities in line with sustainable management, forest enhancement and biodiversity conservation.
Distinctive model
based on
technical expertise,
operational capabilities,
and high-quality assets
Start-up of the
Ravenna CCS project
Phase 1
first in Italy for
CO2, capture, transport and storage
HyNet North West
selected by the
British Government as a priority project
new agri-feedstock
production
a three-fold increase vs. 2023
Download the full chapter as a pdf
Enilive and Plentitude
Enilive and Plentitude
|
|
2024 |
2023 |
2022 |
|---|---|---|---|---|
Capacity of biorefineries |
(mmtonnes/year) |
1.65 |
1.65 |
1.10 |
Sold production of biofuels |
(ktonnes) |
982 |
635 |
428 |
Average biorefineries utilization rate |
(%) |
74 |
71 |
58 |
Retail market share in Italy |
|
21.2 |
21.4 |
21.7 |
Retail sales of petroleum products in Europe |
(mmtonnes) |
7.70 |
7.52 |
7.50 |
Service stations in Europe at year end |
(number) |
5,254 |
5,267 |
5,243 |
Average throughput of service stations in Europe |
(kliters) |
1,638 |
1,645 |
1,587 |
Installed capacity from renewables at period end |
(GW) |
4.1 |
3.0 |
2.2 |
Energy production from renewable sources |
(TWh) |
4.7 |
4.0 |
2.6 |
Retail and business gas sales to end customers |
(bcm) |
5.51 |
6.06 |
6.84 |
Retail and business power sales to end customers |
(TWh) |
18.28 |
17.98 |
18.77 |
Retail and business customers at period end |
(mln pod) |
10.0 |
10.1 |
10.1 |
EV charging points |
(thousand) |
21.3 |
19.0 |
13.1 |
4.1 GW
Installed capacity from renewables
+37% vs.2023
3 new FIDs
to develop biorefineries in
Malaysia, South Korea and Italy
Started the first
SAF production plant
at Gela biorefinery
10 mln of customers
(42% Power)
Valorization of transition
related satellites
Plenitude €0.8 bln from EIP
Enilive €3.0 bln from KKR
Key performance indicators
|
|
2024 |
2023 |
2022 |
|---|---|---|---|---|
Total recordable incident rate (TRIR)(a) |
(total recordable |
0.63 |
1.34 |
1.01 |
of which: employees |
|
0.73 |
1.36 |
0.53 |
contractors |
|
0.47 |
1.30 |
1.73 |
Employees at year end |
(number) |
5,899 |
5,759 |
5,303 |
of which: outside Italy |
|
2,072 |
2,103 |
1,961 |
Direct GHG emissions (Scope 1)(a) |
(mmtonnes CO2eq.) |
0.5 |
0.5 |
0.5 |
Enilive |
|
|
|
|
Bio throughputs |
(ktonnes) |
1,115 |
866 |
543 |
Biorefining capacity |
(mmtonnes/year) |
1.65 |
1.65 |
1.10 |
Average biorefineries utilization rate |
(%) |
74 |
71 |
58 |
Retail sales of petroleum products |
(mmtonnes) |
7.70 |
7.52 |
7.50 |
Service stations in Europe at year end |
(number) |
5,254 |
5,267 |
5,243 |
Average throughput per service station |
(kliters) |
1,638 |
1,645 |
1,587 |
Retail efficiency index |
(%) |
1.22 |
1.19 |
1.20 |
Plenitude |
|
|
|
|
Gas sales to end customers |
(bcm) |
5.51 |
6.06 |
6.84 |
Power sales to end customers |
(TWh) |
18.28 |
17.98 |
18.77 |
Retail and business customers |
(million of pod) |
10.03 |
10.11 |
10.07 |
EV charging points |
(thousand) |
21.3 |
19.0 |
13.1 |
Energy production from renewable sources |
(TWh) |
4.7 |
4.0 |
2.6 |
Installed capacity from renewables |
(GW) |
4.1 |
3.0 |
2.2 |
(a) KPIs refer to 100% of the operated assets, consolidated and unconsolidated, with reference to the operatorship criteria expressed in the standards for Sustainability Statement. The 2023 and 2022 data are reported accordingly.
Download the full chapter as a pdf
Refining and Chemicals
Refining and Chemicals
|
|
2024 |
2023 |
2022 |
|---|---|---|---|---|
Refinery throughputs on own account |
(mmtonnes) |
24.21 |
27.39 |
27.12 |
Average oil refineries utilization rate |
(%) |
78 |
77 |
79 |
Production of chemical products |
(ktonnes) |
5,685 |
5,663 |
6,856 |
Average chemical plant utilization rate |
(%) |
50 |
51 |
59 |
24.21 mln tons
Refining throughputs
Obtained FID
to convert Livorno hub into biorefinery
3.17 mln tons
Sales of chemical products (+2% vs. 2023)
Launched transformation plan
of the Chemical business
Key performance indicators
|
|
2024 |
2023 |
2022 |
|---|---|---|---|---|
TRIR (Total Recordable Injury Rate)(a) |
(total recordable |
1.32 |
0.49 |
0.66 |
of which: employees |
|
1.25 |
0.55 |
1.05 |
contractors |
|
1.39 |
0.42 |
0.35 |
Employees at year end |
(number) |
10,060 |
10,449 |
9,770 |
of which: outside Italy |
|
2,501 |
2,747 |
2,693 |
Direct GHG emissions (Scope 1)(a) |
(mmtonnes CO2eq.) |
4.7 |
5.2 |
5.5 |
Refining |
|
|
|
|
Refinery throughputs on own account |
(mmtonnes) |
24.21 |
27.39 |
27.12 |
Conversion index of oil refineries |
(%) |
52 |
47 |
42 |
Average oil refineries utilization rate |
|
78 |
77 |
79 |
Chemicals |
|
|
|
|
Production of chemical products |
(ktonnes) |
5,685 |
5,663 |
6,856 |
Sales of chemical products |
|
3,169 |
3,117 |
3,752 |
Average chemical plant utilization rate |
(%) |
50 |
51 |
59 |
(a) KPIs refer to 100% of the operated assets, consolidated and unconsolidated, with reference to the operatorship criteria expressed in the standards for Sustainability Statement. The 2023 and 2022 data are reported accordingly.
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.
Reclamation activities
Based on the expertise acquired and in collaboration with the relevant Authorities and stakeholders, Eni Rewind identifies projects aimed at enhancing and reusing remediated areas, allowing the environmental recovery of former industrial sites and the revitalization of the local economy.
Water & Waste Management
Eni Rewind manages water treatment for the purpose of remediation activities at Eni sites and owned by Eni Rewind, through an integrated system for intercepting the aquifer and conveying groundwater to treatment plants for its purification. The automation and digitalization project of the treatment plants continued in 2024 as part of a broader optimization initiative, with the aim of increasing the competitiveness and sustainability of the business, the quality of work and process safety. The main drivers of the project consist in the adoption of optimized operating models for the management of the plants, already operational in some sites, leveraging the enhancement of the Control Room in San Donato Milanese and the digitization of the sites connected to it. A further area of digitization is that of the maintenance process, which has seen the adoption of special maintenance management software.
Certifications
Eni Rewind pursues high quality standards as demonstrated by the maintenance of an HSEQ Integrated Management System certified for the requirements of ISO 14001:2015 (Environmental Management System), IS0 45001:2018 (Occupational Health and Safety Management System) and ISO 9001:2015 (Quality Management System). The certification is also extended to the services provided by Eni Rewind at the sites of Eni and Eni’s companies.
Non-captive initiatives
During 2024, Eni Rewind continued its commitment to consolidate and expand its non-captive portfolio. In particular progressed the implementation of the agreements signed with an Italian operator.
around 1.9 mln/ton
total waste managed
Eni Rewind,
Eni global contractor,
operating in over
100
sites
of regional and national priority
9.3 mln mc
reused water for industrial
and environmental use
over 36 mln mc
treated water
around 77 %
recovered waste vs. total recoverable waste
SustainabilitySustainability
Eni’s 2024 Consolidated Sustainability Statement (hereafter Sustainability Statement) is prepared in accordance with Legislative Decree 125/2024 and the European Sustainability Reporting Standards (ESRS), including the disclosure obligations provided for by Article 8 of EU Regulation 852/2020 (European Taxonomy). The document follows the structure of the topical standards and it is divided into three areas: environmental, social and governance. The Sustainability Statement, prepared on a consolidated basis, is approved by the Board of Directors and is subject to limited assurance. Eni’s mission, which shape the entire report, confirms its commitment to a Just Transition as the main challenge for the energy sector by balancing the need to ensure universal access to energy for a continuously growing world population with the urgency of tackling climate change through a more sustainable energy mix and a socially just transition. In addition, Eni is committed to act responsibly, prevent and minimize potential negative social and environmental impacts on workers, communities, consumers and suppliers that may be associated with the company’s traditional activities and the energy transition, promoting a culture of health and safety, enhancing the human capital, protecting the environment and respecting human rights.
Environmental
Climate Change
Commitments and target*
GHG Scope 1 and 2 Emissions
- Net Zero Carbon Footprint for upstream activities by 2030 and Eni by 2035
GHG Scope 1, 2 and 3 Emissions
- Net Zero GHG Lifecycle Emissions by 2050
- Net zero Carbon Intensity by 2050
Methane emissions and flaring UPS
- Zero routine flaring by 2026
- Reducing fugitive methane emissions by 80% by 2025 compared to 2014 (target already achieved in 2019)
- Maintain methane emission intensity within the threshold of 0.2% by 2025 compared to 2014
- Methane emissions to be close to zero (near-zero methane emissions) by 2030
*GHG emission reduction targets are defined on an equity scope.
2024
Main results
- -55% Net Carbon Footprint UPS and -37% Net Carbon Footprint Eni vs. 2018
- -22% Net GHG Lifecycle Emissions vs. 2018
- -4% Net Carbon Intensity vs. 2018
- -56% routine flaring UPS vs. 2014
- -96% fugitive methane emissions UPS vs. 2014
- -84% methane emission intensity UPS vs. 2014
Environmental Topic
Commitments and target
Eni is committed to implementing actions aimed at safeguarding water resources, air quality and soils, biodiversity and ecosystem services, through an approach aimed at preventing and minimizing environmental risks and impacts, promoting production and consumption models based on the regenerative principles of the circular economy.
In relation to water management, in 2024, Eni has declared the ambition to achieve water positivity by 2035 in at least 30% of its sites with withdrawals greater than 0.5 Mm3/year of fresh water in water-stressed areas (as of 2023) and water positivity by 2050 in its operated sites, through an approach that also takes into account actions at the river basin level, inspired by the principles of the Net Positive Water Impact proposed by the CEO Water Mandate
2024 Main results
Pollution
Reduction of emissions of pollutants into the atmosphere compared to 2023:
- -21% SOx emissions
- -4% NOx emissions
- -14% PM emissions
- -6% NMVOC emissions
Oil spills
- recorded a significant decrease of operating oil spills
- recovered 92% of the 2024 operating oil spill volumes
- -58% oil spills from sabotage compared to 2023
Water Resources
- 38% of water consumption in water-stressed areas on total Eni's water consumption
- +6% volumes of recycled fresh water
- 90% of reuse of Eni's fresh water, overall in line with the 2023 figure
- 51% Re-injected produced water di produzione (42% in 2023)
Biodiversity
- 32 concessions of the upstream O&G portfolio and 28 operational sites related to the other business lines107 (including 18 sites for renewable energy production) overlap with priority biodiversity conservation areas
- 41 concessions and 62 sites, including 40 sites for renewable energy production, are adjacent to these areas
- For sites where there is overlap, impact assessment studies are conducted, prioritized based on risk and, where necessary, Biodiversity Action Plan (BAP) are implemented aiming to mitigate negative impacts and, where possible, enhance positive impacts. In 2024 the main action focused on the restoration of natural habitats that have been modified or degraded, and monitoring the conservation status of endangered species
RESOURCE USE AND CIRCULAR ECONOMY
- Related to the transformation of traditional refineries into biorefineries, in 2024 has started the conversion of the refinery in Livorno for HVO production, with completion and start-up expected by 2026
- In the chemical sector, also through the recent acquisition of Novamont, it is strengthening its commitment to feedstock diversification by using renewable raw materials, developing products containing recycled materials alongside complementary recycling technologies, both mechanical and chemical, for plastics and rubbers
Waste
- -25%waste from production activities generated
- More than 300 thousand tons of waste from production activities were sent for recovery and recycling
- 3.2 million tonnes of waste from remediation activities
Social
Eni’s own workforce
Commitments and target
- +15% hours of training by 2028 compared to 2024
- +4 percentage points of female population by 2030 compared to 2020
- +3.8 percentage points of female staff in positions of responsibility (Managers and Executives) by 2030 compared to 2020
- +6.5 percentage points population under 30 by 2030 compared to 2020
- +2 percentage points presence of non-Italian employees in positions of responsibility by 2030 compared to 2020
2024 Main results
- +3.8 percentage points of female population
- +3.4 percentage points of female staff in positions of responsibility (Managers and Executives)
- +3.5 percentage points population under 30
- 17.4% non-Italian employees in positions of responsibility
- 1,027,822 training hours
Health & Safety
Commitments and target
- Confirmed of the TRIR ≤0.40 over the 2025-2028 four-year period
- 85% employees with access to psychological support service by 2028 compared to 2022
- 150 sensors tested, including Italian off-shore sites and abroad for digital monitoring of indoor healthy working environment by 2028 compared to 2022
2024 Main results
- 0.48 TRIR
- 74% employees with access to psychological support service
- 99 sensors tested in site
Workers in Eni’s value chain
Commitments and target
Eni’s commitment to involve the entire production system in a sustainable path is translated into tangible solutions and in a strategy characterized by market openness, by a collaborative approach and by interest in people and innovation
2024 Main results
- Carried out workshops, trainings and awareness-raising moments on ESG topics, such as human rights and health and safety
- More than 1,000 human rights audits were carried out, both on documents and on contractors and subcontractor’s sites, more than double the number of audits performed in 2023
Local communities
Commitments and target
By 2030 (baseline 2023):
- 19.5M People supported in access to sustainable energy through the distribution of improved cooking systems (clean cooking)
- 315,000 New students supported in access to education (primary, secondary and tertiary)
- 85,600 People who have access to sustainable energy (electricity)
- 21,000 Farmers and entrepreneurs supported in access to economic development
- 790,000 People supported in access to drinking water (including awareness campaigns)
- 2.3M People supported in access to health services
- 85,000 people involved in environmental and biodiversity protection activities
Principali risultati 2024
People supported
- about 1.2M in access to clean cooking
- 100K in access to education
- 7k in access to electricity
- 4.8K in access to economic development
- 113K in access to drinking water
- 820K in access to health services
- 6.1K involved in environmental and biodiversity protection activities
Clients and consumers
Commitments and target
- 33,000 installed proprietary EV Charging Points by 2028 compared to 2022
- 3.5 times Net Promoter Score (Retail Italy) of 2018 by 2025
- 90% new contracts signed digitally in Europe by 2025 compared to 2023
2024 Main results
- +21,000 installed proprietary EV Charging Points
- 2.71 times Net Promoter Score
- 85% new contracts signed digitally in Europe
Governance
Clients and consumers
Commitments and target
- Maintenance of ESG assessments in proceedings for more than 90% of the Italian procurement by 2025 compared to 2023
- Proceedings with ESG assessments for 90% of foreign procurement by 2026 compared to 2023
- 100% of strategic worldwide suppliers assessed on the path to sustainable development by 2025
- 90% of active contracts are awarded to suppliers registered on Open-es, maintaining over 65% in the intermediate years by 2027 compared to 2024
- 3,000 foreign local suppliers involved in Open-es by 2026 compared to 2023
- Maintenance of ISO 37001:2016 and 37301:2021 certifications, the continuous improvement of the Anti-corruption Compliance Program
2024 Main results
- 94% of the Italian procurement with ESG assessments in proceedings
- 65% of foreign procurement with ESG assessments in proceedings
- 80% of strategic worldwide suppliers assessed on the path to sustainable development
- 2,600 foreign local suppliers involved in Open-es
- Ongoing training for Eni staff, in Italy and abroad, on the “Code of Ethics, Anti-corruption and Corporate Administrative Responsibility” course
- New course on the Anti-corruption Compliance Program for medium and high-risk personnel