CEO Feedback – More growth, diversification and value; Stay OW

研报英文原文证据摘录

CEO Feedback – More growth, diversification and value; Stay OW

J P M O R G A N Europe Equity Research

17 July 2026

ENI Overweight

ENI.MI, ENI IM

CEO Feedback – More growth, diversification and Price (16 Jul 26):€21.11

value; Stay OW Price Target (Jun-27):€25.50

We hosted CEO Claudio Descalzi in Europe last week. Discussions reinforced European Oil & Gas

ACour OW conviction by underlining that superior topline growth capacity and Matthew Lofting, CFA

positively trending execution (strategic and operational) are enhancing the quality (44-20) 7134-6301

of Eni’s cashflows. This built on constructive meetings with upstream matthew.lofting@jpmorgan.com

management during last month’s JPM Italy Energy Tour (here). YTD progress has Tianyu Wu

further bolstered management’s confidence in the extension of organic O&G (44-20) 3493-1281

growth into the 2030s and the merits of an increasingly distinctive ‘satellite’ tianyu.wu@jpmorgan.com

J.P. Morgan Securities plc

organisational model. In parallel, industry leadership in exploration and floating

LNG (FLNG) create a potential ‘snowball’ effect through preferred partner access Specialist Sales contact details:

to future resources and assets. This suggests durability to an arguably hard-to-

Ian Mitchell - Specialist Sales -

achieve direction of travel (in this industry) on key metrics – O&G European Energy

production/reserve life up, capex down, TSR up, leverage down. (44-20) 7134-1356

ian.e.mitchell@jpmorgan.com

Upstream O&G calling cards – exploration, speed to market...and FLNG.

Discussions indicated that Eni’s proficiency in these areas is becoming accretive

to future resource opportunities. The exploration business has discovered another

~1bn boe O&G resources YTD at a 90% success rate. Importantly, this represents