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Eni Unveils Renewable Spin-Off Details; Provides Test Case for Peers

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

Eni plans to spin off its renewable generation, retail and electric vehicle charging business as a separate entity, called Plentitude, in 2022, while retaining a majority stake. By unburdening the low-carbon power businesses from the legacy hydrocarbon business, management hopes to accelerate its growth and decarbonization and achieve a lower cost of capital. Whether this is achievable remains uncertain, as there are no real precedents, so it will provide a test case for other integrated oils.

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Company Profile

Business Description

Eni is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2020, the company produced 0.8 million barrels of liquids and 4.7 billion cubic feet of natural gas per day. At year-end 2020, Eni held reserves of 6.9 billion barrels of oil equivalent, 51% of which are liquids. The Italian government owns a 30.1% stake in the company.

1, Piazzale Enrico Mattei
Rome, 00144, Italy
T +39 659821
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 31,436