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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, the 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 the throughout 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, which has allowed the company to reduce the cash neutrality (the level in 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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