ENI has changed a lot during the last three years in order to face the challenges of the market and to better address the three major shocks that have affected the energy sector: the collapse of gas consumption in Europe; the decline of oil demand in Europe and refining margins and the dramatic fall in oil prices. Prior to this tsunami there were two different paths: either cut the investments, business activities and jobs, or start a process for the transformation and restructuring of the company. ENI opted for the second option, and did so even before the collapse of oil prices, anticipating the crisis by 6 months. The company was transformed into an integrated oil and gas company; it has restructured the mid-downstream in order to recover profitability and, above all, it has strengthened the upstream business by focusing on exploration, ENI’s key sector, in order to make it competitive even in a low price scenario. Unlike other majors which have chosen to “buy” oilfields instead of finding them through exploration. This interactive long-form article tells the story of the great transformation of ENI over the last three years. A structural change that, as the result of a process of transformation of the business model, has allowed the company to reduce the cash neutrality (the level at which the cash flow allows to repay the invested) from 127$ per barrel in 2013 to the actual 46$ per barrel.
Bon voyage, with #EniRecord
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