Eni outlines cautious 2024 guidance and buyback ambitions, shares track European energy peers

By Thomas Klein, Operations & Strategy desk. Reviewed prior to publication on 2026-06-30, 13:03.

Eni S.p.A. (IT0003128367) continues to execute on a strategy that blends cautious volume growth with disciplined investment and a clear capital returns framework. The stock trades in Milan alongside peers such as Shell and BP and remains part of the Stoxx Europe 600 Oil & Gas cohort.

What Eni communicated for 2024

At its latest Capital Markets Update in March 2024, Eni set out a plan to grow upstream production by around 3 percent per year on average to 2027, while keeping annual organic capex roughly in the 14 to 15 billion euro range according to its investor materialsEni investor presentations on the 2024-2027 plan. Management expects this spending to support both traditional oil and gas projects and the expansion of low-carbon activities, including biofuels and renewables.

For 2024, Eni guided to adjusted EBIT in its core exploration and production segment that reflects a conservative working assumption for the Brent oil price and European gas benchmarks, resulting in a focus on cost efficiency and portfolio optimization as outlined in the March strategy updateReuters coverage of the 2024-2027 strategic plan. The group reiterated that its break-even level for covering the announced dividend and base buyback remains below 40 dollars per barrel, a figure designed to offer resilience through commodity cycles.

Shareholder returns and analyst views

Eni combined its strategic plan with a clear capital returns policy that links buybacks to the prevailing oil price environment and free cash flow generation, with an ordinary dividend and a variable share repurchase component described in detail in its March plan communicationEni strategy and shareholder returns framework. In that framework the company indicated that total distributions could reach a high-single-digit yield in supportive commodity conditions, while keeping leverage within its target range.

Several banks, including Goldman Sachs and Barclays, have highlighted Eni's cash generation profile and exposure to global gas markets in recent notes, with a generally neutral to constructive stance on the shares relative to European integrated peers such as TotalEnergies and EquinorMarket commentary summarizing recent analyst opinions on Eni. Some analysts underline that execution on low-carbon projects and the progress of refinery conversions for biofuels remain important drivers for the market's longer-term assessment.

How Eni earns its money

Eni generates the bulk of its earnings from exploration and production of oil and gas in regions including Africa, the Middle East and the North Sea, complemented by LNG activities and gas marketing, while also expanding newer businesses such as biofuels production at its converted Italian refineries.

Where the stock trades today

Eni shares trade on Borsa Italiana in Milan, where the latest available quote before midday on 2026-06-30 indicated a price in the mid-single-digit euro range, alongside its membership in sector indices such as the Stoxx Europe 600 Oil & Gas.

This article was produced with AI assistance and editorially reviewed. Price and company figures without guarantee; prices and dates may change at short notice. No investment advice, no buy or sell recommendation. Stock-market transactions carry risks up to and including total loss.