To estimate the S&P-adjusted debt-to-EBITDA ratio for ENI S.P.A. for fiscal year 2022, we follow the prescribed workflow.

### 1. Identify Industry
ENI S.P.A. is an integrated oil and gas company. The "Oil And Gas Exploration And Production" methodology applies to its upstream activities, though integrated companies also have downstream/retail operations. We use the corporate baseline adjustments consistent with integrated oil major practices.

### 2. Estimate Adjusted_Debt
*   **Reported Debt:**
    *   Short-term borrowings (2022): 2,299M + 1,781M (current portion) = 4,080M
    *   Long-term borrowings (2022): 23,714M
    *   Total Reported Debt = 27,794M
*   **Leases (2022):** Current lease liabilities (948M) + Non-current lease liabilities (4,389M) = 5,337M
*   **Eligible Cash:** Cash (8,254M) + Current Financial Assets (6,301M) = 14,555M
*   **Adjusted_Debt:** (27,794M + 5,337M) - 14,555M = 18,576M

### 3. Estimate Adjusted_EBITDA
*   **Reported EBITDA Calculation:**
    *   Profit Loss From Operating Activities: 17,510M
    *   (+) Depreciation and Amortization: 7,205M
    *   (+) Impairment losses: 1,140M
    *   (+) Write-offs: 599M
    *   Reported EBITDA = 17,510 + 7,205 + 1,140 + 599 = 26,454M
*   **Adjustments:**
    *   S&P methodology for integrated oil majors often adjusts for lease expenses that are removed from EBITDA (as they are capitalized in debt). Reported EBITDA includes the impact of lease accounting. We treat the lease payment (994M - *Payments Of Lease Liabilities* from financing) as the operating expense adjustment.
    *   Adjusted_EBITDA = 26,454M + 994M = 27,448M

### 4. Calculation
*   Adjusted_Debt / Adjusted_EBITDA = 18,576 / 27,448 = 0.6767...

Rounding to two decimal places, we get 0.68.

<answer>0.68</answer>