Massimo Bonisoli

Massimo Bonisoli from Equita requested an update on the status of Eni's gas projects in Libya, specifically asking about the expected timing for first gas from the A and E structures.

Answer

Guido Brusco, COO of Global Natural Resources, provided an update on three Libyan projects. He stated that for the A and E structures, main contracts are being executed and first production is expected by the end of 2027. Other projects include gas monetization coming in Q3 of next year and a compression project by year-end.

Massimo Bonisoli of Equita requested the time frame for realizing the EUR 2 billion in mitigating initiatives and any associated one-off costs. He also asked what market conditions are needed to unlock the guided upside for the GGP (Gas & LNG) business.

Answer

Executive Francesco Gattei stated the EUR 2 billion is a free cash flow impact to be fully realized within the year. For GGP, Executive Cristian Signoretto explained that the upside depends on successful contract renegotiations, which could see progress by summer, and favorable market conditions like higher prices, wider spreads, and volatility, which the business is positioned to capture.

Massimo Bonisoli of Equita noted Plenitude's strong Q1 performance and asked about the assumptions behind the full-year guidance, which seems to imply a slowdown. He also inquired about the expected execution speed of the new share buyback program.

Answer

Stefano Goberti, Head of Plenitude, confirmed the €1 billion EBITDA guidance, acknowledging strong progress but did not raise the target. Executive Francesco Gattei explained the share buyback will start after AGM approval and be executed over a reference period of about 10 months, with the pace dependent on business performance and market conditions.