ENI (NYSE:E) outlined plans to expand its upstream production, liquefied natural gas portfolio and energy-transition businesses while increasing shareholder returns, according to Dave Donnelly, head of North American Investor Relations.
Donnelly said the Italian integrated energy company, founded in 1953, operates in more than 60 countries, employs more than 33,000 people and holds close to 10,000 patents. He cited an approximate market capitalization of $82 billion and enterprise value of roughly $100 billion.
Upstream growth targets and exploration
Upstream operations remain Eni’s largest business, representing more than 70% of capital employed, Donnelly said. The company currently produces roughly 1.8 million barrels of oil equivalent per day and is targeting a 3% to 4% compound annual production-growth rate from 2026 through 2030. Eni recently raised its 2026 production outlook to imply 5% year-over-year growth, he said.
The company is seeking a more gas-weighted production mix, a lower carbon footprint and higher cash flow per barrel of oil equivalent. Donnelly said Eni has been named the industry’s most admired explorer five times by Wood Mackenzie. From 2015 through 2025, the company added an average of 900 million BOE of resources annually at a cost of about €1 per BOE, he said.
Eni had already discovered more than 1 billion BOE year-to-date in 2026, according to Donnelly. He attributed part of the exploration program’s performance to Eni’s HPC7 supercomputer, which is used for seismic reprocessing, subsurface imaging and reservoir simulation. The company said it can process data through proprietary algorithms at more than an exaflop per second.
Donnelly said Eni’s infrastructure-led exploration approach has made it nearly 30% faster than the peer-group average in moving from an initial discovery to production and cash flow. The company reported 2025 organic reserve replacement of 167% and expects reserve replacement above 140% during 2026 through 2030.
Indonesia, Argentina and Venezuela projects
Among the company’s major upstream developments, Donnelly highlighted the Searah joint venture with Petronas in Indonesia, which closed in June 2026. The 50-50 venture combines operations producing more than 300,000 BOE per day, compared with Eni’s roughly 90,000 BOE per day of standalone production before the transaction.
Development of the Geng North discovery is expected to lift gross joint-venture volumes above 500,000 BOE per day by 2028, while development of the Geliga discovery could bring volumes above 800,000 BOE per day by the end of the decade. Donnelly said much of the planned expansion could be considered brownfield development because of available capacity at the Bontang liquefaction facility.
In Argentina, Eni is participating in an integrated LNG project with a resource base of roughly 25 trillion cubic feet. The company’s commitment is to provide two floating LNG vessels, each with capacity of 6 million tons per year. Donnelly said the project could have gross production potential of about 500,000 BOE per day, including roughly 200,000 barrels per day of liquids, and a final investment decision is expected by year-end. Eni owns about one-third of the project alongside YPF and ADNOC.
In Venezuela, Eni’s Perla gas asset, held equally with Repsol, has plans under existing fiscal terms to double gross production to about 1.2 billion cubic feet per day. A 3.5 million-ton-per-year floating LNG export project supports the anticipated production growth, Donnelly said.
He also discussed the Junin-5 heavy-oil asset, owned 40% by Eni and 60% by PDVSA. Current output is about 12,000 barrels per day. Donnelly said Venezuela’s new hydrocarbon law allows further development, with recoverable reserves net to the license of roughly 3 billion barrels and potential plateau production near 200,000 barrels per day. He said development remains contingent on acceptable fiscal terms.
Transition businesses and fusion investment
Eni’s Plenitude business, which includes renewable power, retail energy and electric mobility, is expected to generate €1.3 billion in EBITDA in 2026 and approximately €2.6 billion by 2030, Donnelly said. The company plans to expand installed renewable capacity from about 6 gigawatts to 15 gigawatts by the end of the decade.
Eni recently sold 30% of Plenitude to Energy Infrastructure Partners and Ares Management Alternative Credit, and is selling an additional 5% to Ares. Donnelly said the transactions imply an enterprise value of about €13.1 billion, after accounting for proceeds and approximately €3 billion of Plenitude debt at the end of the second quarter of 2026.
Enilive, Eni’s renewable diesel and sustainable aviation fuel business, is also expected to produce about €1.3 billion of EBITDA in 2026. The company targets €3 billion in EBITDA by 2030, supported by plans to expand biorefining capacity from 1.65 million tons annually to 5 million tons. It also plans to grow agricultural feedstock integration to 1 million tons per year.
Through Eni Next, its private-equity operation, Eni has invested roughly €650 million in 23 startup companies. Donnelly said the portfolio’s current market value is about three times invested capital. Its largest value contributor is Commonwealth Fusion Systems, where Eni is the largest investor.
Commonwealth Fusion Systems’ SPARC pilot facility is more than 75% complete and is expected to generate plasma in 2027, Donnelly said. Its planned commercial ARC facility in Chesterfield County, Virginia, is expected to be a 400-megawatt grid-connected plant dispatching fusion-generated power early next decade. Eni and Google have signed power-purchase agreements for output from the facility, according to Donnelly.
Capital returns
Eni expects consolidated capital expenditures to decline during 2026 through 2030, aided by portfolio changes and efficiency measures. The company plans to return 35% to 45% of cash flow from operations to shareholders.
The company confirmed a 2026 base dividend of €1.10 per share and expects low-single-digit annual dividend growth. Its annual share-buyback commitment has increased to €3.4 billion from €1.5 billion at its March 2026 capital-markets update. Donnelly said Eni will review a potential special dividend during the current quarter, which, if approved, would be paid in the fourth quarter of 2026.
About ENI (NYSE:E)
ENI S.p.A. is an integrated energy company headquartered in Rome, Italy, founded in 1953 as a state-established hydrocarbon entity and later transformed into a publicly traded multinational. The firm’s activities span the full hydrocarbon value chain and extend into power generation and low?carbon energy solutions. ENI maintains a long history in exploration and production, engineering and project development, and downstream operations that include refining, petrochemicals and retail fuel distribution.
Core businesses include upstream exploration and production of oil and natural gas, midstream and liquefied natural gas (LNG) handling, and downstream refining and marketing of petroleum products and lubricants.
