ENI SPA

Eni operates in the Exploration & Production segment, focusing on oil and natural gas exploration, field development, and production, as well as Liquefied Natural Gas (LNG) operations. The company competes with international and state-owned oil companies for exploration and development rights and in applying new technologies to maximize hydrocarbon recovery. Eni's Exploration & Production activities span 33 countries, including Italy, Libya, Egypt, Norway, the United Kingdom, Angola, Congo, Mexico, the United States, Kazakhstan, Algeria, Iraq, Indonesia, Ghana, Mozambique, Qatar, Côte d'Ivoire, and the United Arab Emirates. In 2025, Eni's average daily production was 1,594 KBOE/d on an available-for-sale basis. The profit per barrel of oil equivalent was 7.80 $/bbl in 2025, an increase from 3.69 $/bbl in 2024, but lower than 8.58 $/bbl in 2023. This 2025 increase compared to 2024 was due to an improved production mix from more valuable barrels, divestments, and lower impairment losses and exploration well write-offs. As of December 31, 2025, Eni's total proved reserves were 6,885 mmBOE, with subsidiaries holding 4,830 mmBOE and Eni's share of equity-accounted entities' reserves at 2,055 mmBOE.