ENI (E)

• Eni S.p.A. acquired 1,857,882 shares (representing 0.06% of its share capital) on Euronext Milan between December 29, 2025, and January 2, 2026.
• The weighted average price for these shares was 16.1474 euro per share, for a total consideration of 29,999,992.66 euro.
• Since the start of the buyback program on May 20, 2025, Eni has acquired a total of 102,868,729 shares (representing 3.27% of the share capital) for a total consideration of 1,529,999,990.34 euro.
• As of January 2, 2026, Eni holds 189,696,743 treasury shares, which is 6.03% of its share capital.

• Eni and Repsol are struggling to recover approximately $6 billion owed by the Venezuelan state for gas and naphtha supplies, a shortfall exacerbated by tightened U.S. sanctions that revoked permits for oil-for-gas swaps, blocking traditional repayment routes.
• This dispute, centered on the Perla offshore gas field, is weighing on Eni's finances, with indicators such as an Altman Z-Score around 1.82 signaling a 'grey' area of financial stress.
• In 2024, Eni reported an operating margin of approximately 6.14%, a net margin of 3.23%, an EBITDA margin of 27.5%, and an EPS of 1.86, alongside a one-year earnings decline of about 18.8%.

• Eni acquired 1,875,245 treasury shares on Euronext Milan between December 22 and 23, 2025, representing 0.06% of its share capital.
• The weighted average price for these purchases was 16.0207 euro per share, for a total consideration of 30,042,721.20 euro.
• Since the buyback program commenced on May 20, 2025, Eni has acquired a total of 101,010,847 shares, equal to 3.21% of the share capital, for a total consideration of 1,499,999,997.68 euro.
• As of December 23, 2025, Eni holds 187,838,861 shares, which is 5.97% of its share capital.

Eni SPA reported daily transactions for the purchase of treasury shares during the period from December 1 to December 5, 2025.

The total number of shares purchased and their weighted average price for each day are detailed below:

• Tokyo Gas Co. continues to procure approximately 14% of its liquefied natural gas (LNG) from Russia's Sakhalin-2 project, with a U.S. waiver set to expire on December 19, 2025.
• Russia is increasing LNG exports to China from its sanctioned Baltic Sea Portovaya facility, indicating growing energy cooperation between Moscow and Beijing.
• The U.S. natural gas sector is projected for its largest growth cycle, with production potentially increasing by 25% by 2030, driven by surging LNG export capacity and increased electricity demand from AI technologies.
• The EU's plan to phase out Russian natural gas by 2027 poses significant challenges for highly dependent and landlocked countries like Hungary and Slovakia, which may consider legal action.

• Eni S.p.A. acquired 2,514,082 treasury shares, representing 0.08% of its share capital, between November 25 and November 28, 2025.
• The shares were purchased on Euronext Milan at a weighted average price of 15.9104 euro per share, for a total consideration of 39,999,999.45 euro.
• Since the buyback program commenced on May 20, 2025, Eni has acquired a total of 84,135,905 shares, equivalent to 2.67% of the share capital, for a total consideration of 1,230,047,827.67 euro.
• As of December 3, 2025, Eni holds 170,963,919 shares, which constitutes 5.43% of its share capital.

• On November 17, 2025, Eni S.p.A. acquired 604,654 shares on Euronext Milan at a weighted average price of 16.5384 euro per share, for a total consideration of 9,999,987.34 euro.
• These shares represent 0.02% of the share capital and are part of a buyback program approved on May 14, 2025, which commenced on May 20, 2025.
• Since the program's start on May 20, 2025, Eni has acquired a total of 81,621,823 shares, equal to 2.59% of the share capital, for a total consideration of 1,190,047,828.22 euro.
• As of November 26, 2025, Eni S.p.A. holds 171,739,182 shares, representing 5.46% of its share capital.

• Lebanon and Cyprus have signed a significant maritime demarcation agreement, ending an 18-year deadlock over their Exclusive Economic Zones (EEZ) and paving the way for offshore energy exploration.
• The Lebanese Cabinet simultaneously awarded a major offshore exploration license for Block 8 to a consortium led by TotalEnergies, Eni, and QatarEnergy.
• This maritime deal removes legal obstacles for foreign investment in Lebanon’s gas sector, facilitating the consortium's exploration efforts.
• The agreement is expected to unlock critical economic opportunities for Lebanon, which is seeking to reverse its financial crisis through energy development.

• TechnipFMC secured a contract valued between $250 million and $500 million from Eni for the deepwater Maha project offshore Indonesia.
• This project marks Eni's first use of TechnipFMC's advanced Subsea 2.0 configure-to-order technology in Indonesia.
• The deal was recognized as part of TechnipFMC's incoming orders for the second quarter of 2025.
• In 2024, Eni produced 0.8 million barrels of liquids and 4.8 billion cubic feet of natural gas per day and held reserves of 6.5 billion barrels of oil equivalent.

• Reliance Industries is selling Middle Eastern crude oil grades on the spot market, a strategic shift driven by U.S. sanctions on Russian oil firms.
• The company, previously a major importer of Russian crude, is now diversifying its supply sources by purchasing significant volumes from the Middle East, Americas, and other regions to replace Russian oil.
• Reliance has acquired millions of barrels of crude from various countries, including Abu Dhabi, Qatar, Iraq, Brazil, and the U.S., and has resold some cargoes at discounts.
• This strategic adjustment aligns with Reliance’s commitment to comply with U.S. sanctions and adapt its operations accordingly.