Eni Plans €40 Billion Free Cash Flow, 3–4% Annual Production Growth
Eni expects to generate more than €40 billion in free cash flow between 2026 and 2030, supporting higher dividends and share buybacks. Production is forecast to grow 3–4 percent annually to 2030, while Plenitude targets 15 GW of renewables and Enilive aims for 5 million tonnes biofuel capacity.
1. Five-Year Strategic Plan
Eni’s 2026–2030 strategy centers on a dual-track model to scale its oil and gas portfolio while accelerating transition ventures. The company aims for over €40 billion in free cash flow, enabling enhanced dividends, share buybacks and lower leverage by 2030.
2. Upstream Production Growth
The exploration and production segment is backed by Eni’s strongest project pipeline, with annual output expected to rise 3–4% through 2030. Key developments span the North Kutei Basin in Indonesia, an LNG project in Argentina and expansions in Africa, Southeast Asia, the Eastern Mediterranean and Norway.
3. Energy Transition Platforms
Plenitude aims to increase installed renewable capacity to 15 GW and serve over 11 million customers by 2030, supported by a planned €1.5 billion capital raise. Enilive targets 5 million tonnes of annual biofuel production, with sustainable aviation fuel contributing to a forecasted €3 billion EBITDA.
4. Financial Framework and Cash Generation
Eni projects cash flow from operations to reach approximately €17 billion by 2030, a 14% per-share CAGR. The plan leverages two partially divested subsidiaries valued at over €23 billion to fund growth while maintaining capital efficiency.