“In the most difficult year in the history of the energy industry, Eni has shown great strength and flexibility, responding promptly to the extraordinary context of crisis and progressing in the irreversible process of energy transition”. This is what the CEO of Eni, Claudio Descalzi, commenting on the group results for 2020. The company that saw 2020 slowing down (it closed 2020 with a net loss of 8 billion) returned to making profits in the fourth half of 2020.
Strong acceleration in the decarbonization plan and Ebitda doubled to almost 1 billion. These are some of the objectives of the 2021-2024 strategic plan just presented. In particular, the zero net emissions target of all our products and processes by 2050 remains confirmed and new targets are added to reduce absolute emissions by 25% by 2030 compared to 2018, and by 65% by 2040. A plan ” concrete, detailed, economically sustainable and technologically feasible “described Descalzi during the presentation. Last year, the scope 1,2 and 3 emissions target based on a rigorous methodology for the comprehensive measurement of greenhouse gas emissions, which includes all activities and products marketed by Eni, was aimed at achieving the 80% reduction of absolute emissions by 2050.
In the new plan, Eni combines its retail and renewables businesses which will lead to an accelerated growth of the retail base to 15 million customers, as well as an increase in installed capacity from renewables to 15 GW by 2030. “The combination of our bio-businesses furthermore, refining and marketing will give a strong boost to sustainable mobility. These initiatives will significantly contribute to the decarbonisation of our products and will have a positive impact for our customers – added Descalzi -. Finally, thanks to strong financial discipline and resilient cash generation, we are able to increase our remuneration policy, in line with the strategic development of our plan “: a” dividend floor “of 0.36 euros per share with a Brent price equal to $ 43 per barrel (two dollars lower than in July), to then increase with an increasing percentage between 30 and 45 percent of the incremental free cash flow generated by a scenario between 43 and 65 dollars.
Eni’s hydrocarbon production will grow at an average of around 4% per year over the 2021-2024 plan, mainly organically. Investments in the natural sources sector will amount to 4 billion in 2021, approximately 18 billion over the plan. For 2021, a transition year before the full recovery from Covid-19, production is confirmed at around 1.7 million barrels of oil equivalent / day. During the four-year period, 14 major projects will be completed, representing over 70% of new production.