Italian integrated energy group Eni told investors at the EnerCom Denver conference on Wednesday that its upstream business remains the core of its growth strategy, underpinning a 5% year-over-year increase in production for 2026 and a compound annual growth rate of 3% to 4% through 2030.
The company, which trades under the ticker E on the NYSE and ENI on the Milan bourse, reported daily output of about 1.8 million barrels of oil equivalent in the latest period. Eni’s upstream segment accounts for more than 70% of its capital employed, with organic reserve replacement reaching 167% in 2025 and guidance for 2026–2030 maintained above 140%. Year-to-date discoveries have exceeded 1 billion BOE, while the average annual addition from 2015 to 2025 stood at roughly 900 million BOE at about €1 per BOE.
Dave Donnelly, head of North American investor relations, highlighted Eni’s supercomputer HPC7, ranked as the world’s sixth most powerful across all industries, which enables faster seismic processing and reduces cycle time from initial discovery to first cash flow by about 30% compared with peers. The company also holds a record-tying five industry awards for most admired explorer from Wood Mackenzie.
Eni outlined progress on several key assets. In Indonesia, the 50/50 Searah joint venture with Petronas closed in June 2026, lifting combined output above 300,000 BOE/day from a pre-close level of roughly 90,000 BOE/day. The Geng North discovery is expected to push volumes past 500,000 BOE/day by 2028, while the Geliga discovery could drive combined output above 800,000 BOE/day by the end of the decade, leveraging spare capacity at the Bontang liquefaction facility.
In Argentina, Eni and partners YPF and ADNOC are advancing an LNG project with a resource base of about 25 trillion cubic feet. The venture plans to deploy two floating LNG vessels, each with a 6 million ton/year capacity, targeting gross output of around 500,000 BOE/day, including roughly 200,000 barrels/day of liquids. A final investment decision is expected by year-end 2026. In Venezuela, the Perla joint venture with Repsol is set to double domestic output to about 1.2 billion cubic feet/day, supported by a 3.5 million ton/year floating LNG export project. The Junin 5 heavy-oil project, 40% owned by Eni, holds recoverable net reserves of about 3 billion barrels, with potential plateau production of 200,000 barrels/day dependent on fiscal terms.
On capital allocation, Eni confirmed a 2026 base dividend of €1.1 per share, marking the sixth consecutive annual increase, and raised its annual share buyback program to €3.4 billion from €1.5 billion set earlier in 2026. Management is also reviewing a potential special dividend for the fourth quarter. The company targets returning 35% to 45% of cash flow from operations to shareholders and expects deconsolidation of its energy transition unit Plenitude to reduce consolidated gearing by about 3.5 percentage points.
Eni’s energy transition businesses reported expected 2026 EBITDA of €1.3 billion each for Plenitude and Enilive. Plenitude aims for €2.6 billion in EBITDA by 2030, supported by a rise in renewable capacity from 6 GW to 15 GW, while Enilive targets €3 billion in EBITDA by 2030 with biorefining capacity expanding from 1.65 million tons/year to 5 million tons/year. The company’s venture arm Eni Next has deployed roughly €650 million across 23 startups, achieving a market value about three times invested capital.
Eni also highlighted its investment in Commonwealth Fusion Systems, an MIT spinout where it is the largest backer. The 100-megawatt SPARC pilot facility is more than 75% complete, with plasma generation expected next year and positive energy generation to follow. A 400-megawatt commercial facility, ARC, is under development in Chesterfield County, Virginia, with ground clearing underway and commercial operation expected early next decade. Eni and Google have signed power purchase agreements for ARC.
