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Segment information and information by geographical area | 12 Months Ended
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Dec. 31, 2023
Segment information and information by geographical area |
Segment information and information by geographical area | 3 5 Segment information and information by geographic area Segment information Eni’s segmental reporting reflects the Group’s operating segments, whose results are regularly reviewed by the Chief Operating Decision Maker (the CEO) to assess segment performance and to make decisions about resources to be allocated to each segment. The organization is based on two General Departments: Natural Resources, aimed to build up the value of Eni’s Oil & Gas upstream portfolio, reducing its carbon footprint by scaling up energy efficiency and expanding production in the natural gas business, and its position in the wholesale market. Furthermore, the Department focuses its actions on the development of carbon capture/ transportation/storage/reuse and CO2 compensation projects, as well as the Agri business line focused on developing renewable feedstock supply chains for Eni’s biorefining. The Department incorporates the Company’s Oil & Gas exploration, development and production activities, natural gas wholesale via pipeline and LNG, the above mentioned CCUS (and transport) projects, CO2 offset projects (forests conservation (REDD+)) and agribusiness. Energy Evolution, focus ed on the evolution of the businesses of power generation, transformation and marketing of products from fossil to bio and blue. The responsibility of this Department include s the grow th of power generation from renewable energy and biomethane, the coordinat ion of the bio and circular evolution of the Company’s traditional and bio refining system and chemical business, and the develop ment of Eni’s retail portfolio, providing increasingly more decarbonized products for mobility, household consumption and small enterprises. The Department incorporate s the activities of power generation from natural gas and renewables, the R efining and C hemicals businesses, Retail Gas & Power and mobility Marketing. The companies Versalis (chemical products), Enilive (biorefining and sustainable mobility), Eni Plenitude, EniPower and Eni Rewind are consolidated in this Department. In relation to financial reporting purposes, consistently with the provisions of the applicable accounting principles, management evaluated that the components of the Company whose operating results are regularly reviewed by the CEO to make decisions about the allocation of resources and to assess performances would continue being the single business units which are comprised in the two General Departments, rather than the two groups themselves. Therefore, in order to comply with the provisions of the international reporting standard that regulates the segment reporting (IFRS 8), the reportable segments of Eni as of December 31, 2023, are identified as follows: Exploration & Production: research, development and production of crude oil, condensates and natural gas. Global Gas & LNG Portfolio (GGP): supply and sale of wholesale natural gas via pipeline, international transport and purchase and marketing of LNG. It includes gas trading activities finalized to hedging and stabilizing the trade margins, as well as optimising the gas asset portfolio. Enilive, Refining and Chemicals: supply and processing of crude oil to manufacture refined products (fuels, bitumens, lubricants etcetera) performed by the Refining operating segment. Enilive is the Eni new subsidiary of sustainable mobility and biorefining, which is operational as of January 1, 2023 following the in-kind contibution of certain Group activities, engages in the manufacturing of biofules and the retail marketing of traditional and bio fuels, including the distribution of several energy carriers for mobility, including fossil and biological fuels and electric charging at service stations, as well as the offer of services connected to mobility such as the Enjoy car sharing, catering and in general the services at outlets. It also engages in the wholesale supplies of fuels, bitumen and lubricants. The operating segment Refining and Enilive have been aggregated because the Chief Operating Decision Maker assesses the integrated margins on the refining and sales of fuels. Furthermore, the results of the Chemicals business operating segment were aggregated in this reporting segment because this operating segment presents similar economic returns and similarities in the industrial processes as the refining activity. Finally, this reportable segment also comprises activities of trading oil and products aimed to execute transactions on the market in order to balance supply and stabilize and cover commercial margins. Plenitude & Power: r etail sales of gas, electricity and related services, production and wholesale sales of electricity from thermoelectric and renewable plants, services for E-mobility (installation of charging stations). It includes trading activities of CO2 emission certificates and forward sale of electricity with a view to hedging/optimising the margins of the electricity. C orporate and Other activities: includes the main business support functions, in particular holding, central treasury, IT, human resources, real estate services, captive insurance activities, research and development, new technologies, business digitalization and the environmental remediation activity developed by the subsidiary Eni Rewind. The segment also includes CCUS projects, agribusiness and forestry conservation (REDD+), under development, which were previously reported in the Exploration & Production segment. This resegmentation: (i) reflects the circumstance that the 2023 economics of the businesses involved (CCUS, agri-business and forest conservation) are currently not significant, without, among all, revenues generation; (ii) is functional to allow greater comparability of the E&P segment data with those of peers and take into account the presence of risk factors and returns as well as different production processes between the Exploration & Production activities and those associated with CCUS, Agri and forest conservation. The comparative periods have been restated in line with this reclassification. Segment information presented to the CEO (the Chief Operating Decision Maker, ex IFRS 8) includes: revenues, operating profit and directly attributable assets and liabilities.
(€ million) | Exploration & Production |  |  | Global Gas & LNG Portfolio |  |  | Enilive, Refining and Chemicals |  |  | Plenitude & Power |  |  | Corporate and Other activities |  |  | Adjustments of intragroup profits |  |  | Total |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales from operations including intersegment sales | 23,903 |  |  | 20,139 |  |  | 52,558 |  |  | 14,256 |  |  | 1,972 |  |  |  |  |  |  |
Less: intersegment sales | (13,060 | ) |  | (3,229 | ) |  | (393 | ) |  | (658 | ) |  | (1,771 | ) |  |  |  |  |  |
Sales from operations | 10,843 |  |  | 16,910 |  |  | 52,165 |  |  | 13,598 |  |  | 201 |  |  |  |  |  | 93,717 |
Operating profit | 8,549 |  |  | 2,431 |  |  | (1,397 | ) |  | (464 | ) |  | (943 | ) |  | 81 |  |  | 8,257 |
Net provisions for contingencies | (347 | ) |  | (205 | ) |  | (392 | ) |  | (74 | ) |  | (339 | ) |  | (12 | ) |  | (1,369 | )
Depreciation and amortization | (6,148 | ) |  | (233 | ) |  | (524) |  |  | (466 | ) |  | (142 | ) |  | 34 |  |  | (7,479 | )
Impairments of tangible and intangible assets and right-of-use assets | (1,413 | ) |  | (3 | ) |  | (770 | ) |  | (18 | ) |  | (58 | ) |  |  |  |  | (2,262 | )
Reversals of tangible and intangible assets and right-of-use assets | 376 |  |  | 4 |  |  | 6 |  |  | 48 |  |  | 26 |  |  |  |  |  | 460 |
Write-off of tangible and intangible assets | (531 | ) |  |  |  |  |  |  |  | (5 | ) |  | 1 |  |  |  |  |  | (535 | )
Share of profit (loss) of equity-accounted investments | 1,009 |  |  | 49 |  |  | 343 |  |  | (55 | ) |  | (10 | ) |  |  |  |  | 1,336 |
Identifiable assets (a) | 62,180 |  |  | 6,381 |  |  | 15,530 |  |  | 13,999 |  |  | 1,952 |  |  | (378 | ) |  | 99,664 |
Unallocated assets (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 42,942 |
Equity-accounted investments | 6,773 |  |  | 531 |  |  | 3,582 |  |  | 667 |  |  | 1,077 |  |  |  |  |  | 12,630 |
Identifiable liabilities (a) | 18,020 |  |  | 5,997 |  |  | 10,200 |  |  | 6,076 |  |  | 4,629 |  |  | (56 | ) |  | 44,866 |
Unallocated liabilities (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 44,096 |
Capital expenditure in tangible and intangible assets | 7,133 |  |  | 16 |  |  | 982 |  |  | 740 |  |  | 363 |  |  | (19 | ) |  | 9,215 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales from operations including intersegment sales | 31,194 |  |  | 48,586 |  |  | 59,178 |  |  | 20,883 |  |  | 1,886 |  |  |  |  |  |  |
Less: intersegment sales | (18,305 | ) |  | (7,356 | ) |  | (708 | ) |  | (1,157 | ) |  | (1,689 | ) |  |  |  |  |  |
Sales from operations | 12,889 |  |  | 41,230 |  |  | 58,470 |  |  | 19,726 |  |  | 197 |  |  |  |  |  | 132,512 |
Operating profit | 15,963 |  |  | 3,730 |  |  | 460 |  |  | (825 | ) |  | (1,956 | ) |  | 138 |  |  | 17,510 |
Net provisions for contingencies | (147 | ) |  | (393 | ) |  | (1,110 | ) |  | (14 | ) |  | (1,340 | ) |  | 19 |  |  | (2,985 | )
Depreciation and amortization | (6,017 | ) |  | (217 | ) |  | (506 | ) |  | (358 | ) |  | (140 | ) |  | 33 |  |  | (7,205 | )
Impairments of tangible and intangible assets and right-of-use assets | (613 | ) |  | (6 | ) |  | (752 | ) |  | (125 | ) |  | (71 | ) |  |  |  |  | (1,567 | )
Reversals of tangible and intangible assets and right-of-use assets | 181 |  |  | 18 |  |  | 35 |  |  | 162 |  |  | 31 |  |  |  |  |  | 427 |
Write-off of tangible and intangible assets | (596 | ) |  | (1 | ) |  | (2 | ) |  |  |  |  |  |  |  |  |  |  | (599 | )
Share of profit (loss) of equity-accounted investments | 1,526 |  |  | 4 |  |  | 446 |  |  | (20 | ) |  | (115 | ) |  |  |  |  | 1,841 |
Identifiable assets (a) | 60,298 |  |  | 12,282 |  |  | 14,925 |  |  | 11,987 |  |  | 1,666 |  |  | (472 | ) |  | 100,686 |
Unallocated assets (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 51,444 |
Equity-accounted investments | 7,314 |  |  | 1 |  |  | 3,084 |  |  | 663 |  |  | 1,030 |  |  |  |  |  | 12,092 |
Identifiable liabilities (a) | 17,339 |  |  | 12,572 |  |  | 9,011 |  |  | 4,787 |  |  | 4,462 |  |  | (68 | ) |  | 48,103 |
Unallocated liabilities (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48,797 |
Capital expenditure in tangible and intangible assets | 6,252 |  |  | 23 |  |  | 878 |  |  | 631 |  |  | 276 |  |  | (4 | ) |  | 8,056 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales from operations including intersegment sales | 21,742 |  |  | 20,843 |  |  | 40,374 |  |  | 11,187 |  |  | 1,698 |  |  |  |  |  |  |
Less: intersegment sales | (12,896 | ) |  | (3,870 | ) |  | (323 | ) |  | (670 | ) |  | (1,510 | ) |  |  |  |  |  |
Sales from operations | 8,846 |  |  | 16,973 |  |  | 40,051 |  |  | 10,517 |  |  | 188 |  |  |  |  |  | 76,575 |
Operating profit | 10,113 |  |  | 899 |  |  | 45 |  |  | 2,355 |  |  | (863 | ) |  | (208 | ) |  | 12,341 |
Net provisions for contingencies | (221 | ) |  | (139 | ) |  | (137 | ) |  | (1 | ) |  | (186 | ) |  | (23 | ) |  | (707 | )
Depreciation and amortization | (5,976 | ) |  | (174 | ) |  | (512 | ) |  | (286 | ) |  | (148 | ) |  | 33 |  |  | (7,063 | )
Impairments of tangible and intangible assets and right-of-use assets | (194 | ) |  | (28 | ) |  | (1,342 | ) |  | (132 | ) |  | (27 | ) |  |  |  |  | (1,723 | )
Reversals of tangible and intangible assets | 1,438 |  |  | 2 |  |  |  |  |  | 112 |  |  | 4 |  |  |  |  |  | 1,556 |
Write-off of tangible and intangible assets | (375 | ) |  |  |  |  | (2 | ) |  | (1 | ) |  | (9 | ) |  |  |  |  | (387) |
Share of profit (loss) of equity-accounted investments | 8 |  |  |  |  |  | (333 | ) |  |  |  |  | (766 | ) |  |  |  |  | (1,091) |
Identifiable assets (a) | 61,699 |  |  | 10,022 |  |  | 13,326 |  |  | 8,343 |  |  | 1,493 |  |  | (591 | ) |  | 94,292 |
Unallocated assets (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 43,473 |
Equity-accounted investments | 2,639 |  |  | 17 |  |  | 2,366 |  |  | 667 |  |  | 198 |  |  |  |  |  | 5,887 |
Identifiable liabilities (a) | 17,024 |  |  | 10,072 |  |  | 6,796 |  |  | 3,786 |  |  | 3,360 |  |  | (49 | ) |  | 40,989 |
Unallocated liabilities (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 52,257 |
Capital expenditure in tangible and intangible assets | 3,824 |  |  | 19 |  |  | 728 |  |  | 443 |  |  | 224 |  |  | (4 | ) |  | 5,234 |
(a) Include assets/liabilities directly associated with the generation of operating profit. (b) Include assets/liabilities not directly associated with the generation of operating profit. Information by geographical area Identifiable assets and investments by geographical area of origin
(€ million) | Italy |  |  | Other European Union |  |  | Rest of Europe |  |  | Americas |  |  | Asia |  |  | Africa |  |  | Other areas |  |  | Total |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Identifiable assets (a) | 30,026 |  |  | 6,962 |  |  | 5,124 |  |  | 7,658 |  |  | 17,855 |  |  | 30,928 |  |  | 1,111 |  |  | 99,664 |
Capital expenditure in tangible and intangible assets | 2,006 |  |  | 485 |  |  | 235 |  |  | 609 |  |  | 1,471 |  |  | 4,105 |  |  | 304 |  |  | 9,215 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Identifiable assets (a) | 29,195 |  |  | 7,689 |  |  | 6,564 |  |  | 8,892 |  |  | 18,653 |  |  | 28,167 |  |  | 1,526 |  |  | 100,686 |
Capital expenditure in tangible and intangible assets | 1,475 |  |  | 415 |  |  | 205 |  |  | 1,266 |  |  | 1,390 |  |  | 3,163 |  |  | 142 |  |  | 8,056 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Identifiable assets (a) | 23,718 |  |  | 6,902 |  |  | 6,114 |  |  | 5,718 |  |  | 17,483 |  |  | 33,499 |  |  | 858 |  |  | 94,292 |
Capital expenditure in tangible and intangible assets | 1,333 |  |  | 199 |  |  | 202 |  |  | 659 |  |  | 1,203 |  |  | 1,604 |  |  | 34 |  |  | 5,234 |
(a) Include assets directly associated with the generation of operating profit.
Sales from operations by geographical area of destination
(€ million) | 2023 |  |  | 2022 |  |  | 2021 |
Italy | 33,450 |  |  | 60,090 |  |  | 29,968 |
Other European Union | 18,271 |  |  | 25,413 |  |  | 14,671 |
Rest of Europe | 18,476 |  |  | 21,748 |  |  | 12,470 |
Americas | 7,004 |  |  | 6,929 |  |  | 4,420 |
Asia | 7,404 |  |  | 9,062 |  |  | 7,891 |
Africa | 9,057 |  |  | 9,191 |  |  | 7,040 |
Other areas | 55 |  |  | 79 |  |  | 115 |
| 93,717 |  |  | 132,512 |  |  | 76,575 |

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