According to a note from the oil major, capital expenditures are more than 20 percent lower than last year's plan due to optimized spending, improved project quality, and increased contribution from portfolio management.

Over the span of the plan, Upstream production is expected to grow at an average annual rate of 3-4 percent until 2027, extending this growth by an additional year compared to the previous plan.

As for financials, Eni expects the Global Gas & Portfolio (GGP) division to generate pro forma Ebit 800 million in 2024, reflecting lower gas price forecasts and lower volatility. In case of successful settlement of ongoing or expected negotiations, and recovery of price and market volatility, GGP could achieve pro-forma Ebit of more than 1 billion, the statement added.

Enilive's pro forma Ebitda is projected at over 1.6 billion in 2027, with an average annual growth rate of 20 percent.

Plenitude, the division active in renewable energy generation and electricity and gas sales, targets pro-forma Ebitda of 2 billion in 2027 (more than double the 2023 figure). Installed renewable energy capacity will be 4GW in 2024 and is expected to more than double to over 8 GW by 2027.

The restructuring and transformation of Versalis will bring Ebitda in 2025 to breakeven and positive Ebit in 2026 with an improvement for the group of more than 600 million.

Eni expects to realize 1.8 billion in corporate cost reductions over the plan period, in line with the evolution of its strategy and opportunities arising from the development of the satellite model.

Finally, shareholder remuneration is further enhanced, the company explains. Eni intends to distribute between 30%-35% of annual cash flow through dividends and buybacks, up from the previous 25%-30%. The proposed dividend for 2024 is €1 per share, up by more than, 6 percent, and the buyback is set at €1.1 billion.

"Our growth is based on the financial discipline that allows us to reduce our capital expenditure commitment by 2 billion over the next four years compared to the previous plan, while net investments are 20% lower thanks to the higher contribution of M&A activity of 8 billion," commented CEO Claudio Descalzi who is presenting the plan to analysts.

On the stock market, the share canceled the session's rise and gives up 0.7 percent at 2:10 p.m.

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(Giancarlo Navach, editing Francesca Piscioneri)