Africa- and Mediterranean-focused integrated: E&P dominates earnings with Egypt's Zohr gas, Libyan production, Algeria, Angola/Congo, the fast-ramping Ivory Coast Baleine development, Mozambique/Congo LNG and Indonesian gas; runs a 'satellite' model housing upstream (Var Energi, Azule with bp) and transition units (Plenitude, Enilive) in separately capitalized vehicles.
Solid investment-grade balance sheet (net debt/EBITDA <1x); trades at a low ~4x EV/EBITDA typical of European majors, ~6-7% dividend yield plus buybacks; led by long-tenured CEO Claudio Descalzi (since 2014). Note the Italian state holds effectively ~30% via MEF and CDP.
Its EV/EBITDA of 4.1x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 6.6% is higher than the 6.5% median, and at $13.51/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Eni scores 39/100, strongest on valuation (45/100). Sub-scores: value 45, quality 34, growth 38, risk 62 (higher = riskier).
Eni holds approximately 6.88 billion boe of proved (1P) reserves with FY2025 production of about 1,730 thousand boe/d (44% liquids), a reserve life of roughly 10.9 years. Break-even: ~$30/bbl (organic cash/FCF breakeven (Brent)) — Brent price at which operating cash flow covers organic capex plus the cash dividend; guided to a low-$30s/bbl level supported by satellite dividends and disposals.
Using Eni's SEC-disclosed after-tax standardized measure of proved reserves ($46.0bn) less net debt ($16.3bn) gives an equity-NAV floor of about $29.7bn — the current market capitalisation sits +159% versus that floor. Disclosed pre-tax PV-10: —. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines. Standardized measure covers proved E&P reserves only; omits Global Gas & LNG and Refining & Chemicals and the Plenitude/Enilive satellites.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Egypt | 15% | 84 | FX shortages, arrears to IOCs, gas payment delays. |
| Libya | 15% | 98 | Civil conflict, blockades, split governance, force-majeure risk. |
| Norway | 12% | 3 | Stable, predictable; high but transparent 78% tax. |
| Angola | 12% | 76 | High debt, FX/repatriation risk, mature declining fields. |
| Other | 9% | 50 | diversified/unspecified exposure — universe-average proxy |
| Algeria | 8% | 71 | State-dominated Sonatrach; nationalist fiscal terms, contract renegotiation risk. |
| Congo | 8% | 86 | High debt, opaque governance, PSC arrears, mature fields. |
| Nigeria | 6% | 89 | Theft/sabotage, subsidy reform, PIA transition, security. |
| Ivory Coast | 5% | 69 | Emerging producer; improving terms, regional security spillover. |
| Indonesia | 5% | 51 | Gross-split PSCs, resource nationalism, declining oil output. |
| Kazakhstan | 5% | 64 | Export-route (CPC) dependence on Russia, contract disputes. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Zohr | Egypt | Gas | Giant offshore Mediterranean gas field, in natural decline |
| Baleine | Ivory Coast | Oil/Gas | Major recent discovery ramping in phases; low carbon intensity |
| Coral South FLNG | Mozambique | LNG | Floating LNG on Area 4; Coral North sanctioned to expand |
| Congo LNG | Congo | LNG | Fast-track FLNG monetizing associated gas |
| Var Energi | Norway | Oil/Gas | Listed satellite (~63%) anchoring North Sea/Barents production |
| Azule Energy | Angola | Oil/Gas | 50/50 JV with bp, largest producer in Angola |
| Plenitude | Italy/Europe | Retail/Renewables | Integrated retail, EV charging & renewables satellite |
| Enilive | Global | Biorefining | Biorefineries, SAF and mobility satellite |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 1680 | 1610 | 1660 | 1710 | 1730 |
| Proved reserves (bnboe) | 6.60 | 6.40 | 6.30 | 6.80 | 6.88 |
| Revenue ($bn) | 82.0 | 143.0 | 101.0 | 88.0 | 88.7 |
| EBITDA ($bn) | 18.0 | 26.0 | 20.0 | 17.0 | 22.7 |
| Net income ($bn) | 6.3 | 15.0 | 5.2 | 3.0 | 2.8 |
| Free cash flow ($bn) | 5.0 | 13.0 | 8.0 | 6.0 | 5.1 |
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✓ FY2025 figures verified against primary sources: