Management Feedback - Upstream value differentiators increasingly durable; Stay OW

Research evidence excerpt

Management Feedback - Upstream value differentiators increasingly durable; Stay OW

J P M O R G A N Europe Equity Research

18 June 2026

ENI Overweight

ENI.MI, ENI IM

Management Feedback - Upstream value differentiators Price (17 Jun 26):€21.83

increasingly durable; Stay OW Price Target (Jun-27):€28.00

We met Eni upstream management in Milan last week during JPM’s Italy European Oil & Gas

ACEnergy Tour. Discussions reinforced our OW conviction by underlining Matthew Lofting, CFA

durability to positively trending upstream O&G metrics. We took away that (44-20) 7134-6301

exploration expertise and superior speed to market of a deepened O&G resource matthew.lofting@jpmorgan.com

base (proven reserve life 11 years, 3Y organic RRR >100%) are supported by: 1) Tianyu Wu

Integration. Of the exploration and development functions, which helps mobilise (44-20) 3493-1281

key workstreams earlier (eg: engineering) and reduce investment lead-times; 2) tianyu.wu@jpmorgan.com

J.P. Morgan Securities plc

Insourcing. Of critical path exploration and engineering capabilities. This is

arguably in contrast to broader EU industry trends and acts as an integration enabler Specialist Sales contact details:

by facilitating a dynamic approach to development solutions (as E&A learnings

Ian Mitchell - Specialist Sales -

evolve); 3) Technology leadership. Including but not limited to supercomputing European Energy

capacity (HPC-6) which ranks sixth globally and first for industrial use. High- (44-20) 7134-1356

graded portfolio, growth and execution metrics mean Eni’s historical discount to ian.e.mitchell@jpmorgan.com

EU Oils is no longer representative of the future. We view a competitive 10.3%

2027e FCF yield ($75/bbl) as attractive, particularly set against sustained top-line