Eni is an Italian integrated energy company whose core business is oil and natural gas exploration, development, and production (E&P). Eni produces roughly 1,600 KBOE/d across 33 countries, with key production hubs in North Africa, Sub-Saharan Africa, Norway, Kazakhstan, and Indonesia. Eni sells crude oil and LNG to oil traders, refiners, and utilities on a mix of long-term contracts and spot markets. A key feature of Eni's E&P model is its emphasis on near-field, fast-track development close to existing infrastructure, which reduces development cost and time-to-market. Beyond E&P, Eni operates three other meaningful businesses: Global Gas & LNG Portfolio (GGP), which manages wholesale gas and LNG trading primarily in Italy and Europe; Enilive, which produces biofuels at biorefineries in Italy and the U.S. and markets fuels through ~5,300 service stations; and Plenitude, which supplies retail gas and electricity to ~10 million customers in Europe and operates 5.8 GW of renewable generation. A distinctive element of Eni's strategy is its "satellite model," where Eni creates independently financed, partially owned entities — such as Vår Energi (Norway E&P), Azule Energy (Angola E&P), Enilive, and Plenitude — and brings in external investors to reduce net capex and surface embedded value. Eni's medium-term growth is anchored in ~3-4% annual E&P production growth, with major LNG projects underway in Mozambique and Congo, and a longer-term target to shift the portfolio toward natural gas as a transition fuel.