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We are an integrated energy company committed to the energy transition with solid actions for carbon neutrality by 2050
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Business and financial outlook 2024
The Company is providing the following updated operational and financial guidance for 2024:
- E&P: full-year hydrocarbon production is confirmed in a range of 1.69 - 1.71 mln boe/d at the revised Brent price of 86 $/bbl.
- GGP: €0.8 bln of proforma adjusted EBIT for the full year confirmed.
- Enilive and Plenitude:
- proforma adjusted EBITDA of €1 bln for each business for the full year is confirmed;
- installed capacity from renewable sources is projected at 4 GW at 2024 year-end, with additional 2 GW of organic projects under construction.
- Group financials: at the revised scenario[1] the Group expected proforma adjusted EBIT and CFFO before working capital are both raised above €14 bln for the full year.
- Organic Capex: projected at about €9 bln for the full year as planned. Including the expected developments in the disposition plan, capex net of proceeds from disposal are confirmed in a range of €7 - 8 bln.
- Shareholder’s Remuneration: the 2024 share buy-back is now expected to be €1.6 bln, a 45% increase versus the €1.1 bln guidance provided at the latest Capital Markets Update in March. This is in line with our distribution policy of returning shareholders between 30%-35% of CFFO[2] through dividends and share repurchases and up to 60% of incremental CFFO above management plan to share repurchases. This remains subject to shareholder approval at the Annual General Meeting convened on May 15, 2024 for a proposed buy-back of up to €3.5 bln. The Annual General Meeting is also due to approve a dividend of €1 per share for fiscal year 2024, representing a 6% increase over 2023, to be paid in four instalments, starting in September 2024.
- Next quarterly dividend: as resolved by the Board of Directors on April 4, 2024, the last quarterly instalment of the 2023 dividend of €0.23 per share is due to be paid on May 22, 2024, being May 20, 2024, the ex-dividend date.
The above-described outlook is a forward-looking statement based on information to date and management’s judgement and is subject to the potential risks and uncertainties of the scenario (see our disclaimer on page 19).
[1] Updated 2024 Scenario is: Brent 86 $/bbl (previously $80/bbl); SERM 6.8 $/bbl from 6.6 $/bbl; PSV 33 €/MWh (vs 31 €/MWh) and average EUR/USD exchange rate at 1.075 (vs 1.08).
[2] On an adjusted basis, before working capital changes.
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