Slide 1: Eni 1H 2022 Results
ENI 1H 2022 RESULTS Strategic Delivery, Security of Supply and Financial Performance JULY 29, 2022 1
Slide 2: Disclaimer
DISCLAIMER IMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by Eni S.p.A., Eni Plenitude S.p.A. società benefit, and their affiliates (collectively, the “Company”) or any person on behalf of th
Slide 3: 1H 2022 Significant Strategic Progress
1H 2022 | SIGNIFICANT STRATEGIC PROGRESS Commonwealth Fusion Systems, Devens Massachusetts TECHNOLOGY AND KNOW HOW NEW BUSINESS MODELS STAKEHOLDER ALLIANCES CORAL FLNG FIRST GAS VAR ENERGY AND SPAC IPO ENI-SONATRACH AGREEMENT BALEINE FID IN IVORY COAST AZULE ENERGY QATAR NFE LNG PARTNERSHIP CFS SITE
Slide 4: Gas Supply Diversification Opportunities
GAS SUPPLY DIVERSIFICATION OPPORTUNITIES UPDATE ON DELIVERING ENERGY SECURITY A GLOBAL SCALE OF SHORT, MEDIUM & LONG-TERM OPTIONS INITIATIVES FROM KEY PRODUCING COUNTRIES EARLY APRIL MID APRIL END OF APRIL MID JUNE ALGERIA EGYPT CONGO QATAR TRANSMED LNG OPTIMIZATION MARINE XII MODULAR LNG STRENGHTEN
Slide 5: 1H 2022 Group Results
1H 2022 GROUP RESULTS REINFORCING FINANCIAL STRENGHT IN THE CYCLE STRONG CONTRIBUTIONS ROBUST CASH GENERATION STRENGHTENING BALANCE SHEET EBIT € 11.0 BLN FROM EACH BUSINESS LINE AND OFFERING STRATEGIC FLEXIBILITY ORGANIC FCF | € BLN PROFIT FROM GROWING CONTRIBUTION € 1.0 BLN AT ASSOCIATE LEVEL % ENE
Slide 6: Natural Resources
NATURAL RESOURCES CAPTURING SCENARIO UPSTREAM GGP ADJ EBIT | € BLN 4.9 2Q 2022 ADJ EBIT ~3x BREAKEVEN IN LINE WITH 2Q 2021 1.8 2022 GUIDANCE CONFIRMED AT € 1.2 BLN 2Q 2021 2Q 2022 GROWING LNG CONTRIBUTION Brent 69 $/b Brent 114 $/b KEY TO PERFORMANCE AND RISK MITIGATION, Prod: 1.60 Mboed Prod: 1.58
Slide 7: Energy Evolution – R&M and Versalis
ENERGY EVOLUTION – R&M AND VERSALIS RESILIENT TRANSFORMATION REFINING AND MARKETING VERSALIS ADJ EBIT* | € BLN 2Q 2022 ADJ EBIT 1.1 € 0.13 BLN VS € 0.2 BLN IN 2Q 2021 HIGH ENERGY COST OFFSET BY HIGHER POLYMER MARGINS AND MITIGATION ACTIONS VERSALIS TRANSITION STRATEGY PILLARS 2Q 2021 2Q 2022 SPECIAL
Slide 8: Energy Evolution
ENERGY EVOLUTION EBITDA BLN € STRATEGIC PLAN ON TRACK OPERATIONS PROGRESSING TOWARDS 2022 TARGETS ~50% 1H 2022 YE 2022E 0.19 RENEWABLES – Installed Capacity GW 1.5 >2 0.13 RETAIL - clients Mpod ~10 ~10 E-MOBILITY - EV Charging Points ‘000 8.5 >12.0 2Q 2021 2Q 2022 RESILIENT PERFORMANCE IN RETAIL & I
Slide 9: 1H 2022 Distribution Update € 2.4 bln
1H 2022 DISTRIBUTION UPDATE STEPPING UP SHAREHOLDER REMUNERATION BRENT REFERENCE 2022 UPDATED BUYBACK SHARING THE UPSIDE JULY BUYBACK BRENT RAISING 2022 BUYBACK CONSISTENT WITH STRATEGY BY € 1.3 BLN TO OF SHARING UPSIDE REFERENCE PRICE FROM STRONG SCENARIO 105 $/BBL € 2.4 BLN AND PERFORMANCE 9
Slide 10: 2022 Guidance
2022 GUIDANCE in line with 1.7 Mboed guidance PRODUCTION 1.67 MBOED adj. for FM and price effects DISCOVERED RESOURCES 700 MBOE GGP EBIT € 1.2 BLN PLENITUDE EBITDA € >0.6 BLN DOWNSTREAM EBIT € 1.8-2.0 BLN CFFO € 20 BLN AT $105 BRENT CAPEX € 8.3 BLN at constant FX CASH NEUTRALITY $40/BBL LEVERAGE 13%
Slide 11: Concluding Remarks
CONCLUDING REMARKS DELIVERED STRATEGIC PROGRESS AMID VOLATILITY AND CHALLENGES WORKING ON CRITICAL GAS SUPPLIES AND RENEWABLE GENERATION TO SECURE AND DECARBONISE ENERGY SYSTEM TRACK-RECORD OF STRONG OPERATIONAL AND FINANCIAL PERFORMANCE ENHANCED SHAREHOLDER REMUNERATION REWARDING CRITICAL INVESTOR
Slide 12: Annex
ANNEX 12
Slide 13: Managing Risk Across Eni Gas Value Chain
MANAGING RISK ACROSS ENI GAS VALUE CHAIN INCREASING RE-ROUTING INCREASING CAREFUL MANAGEMENT OF EQUITY CONTRIBUTION FLOWS HUB EXPOSURE NEW CUSTOMER ADDITIONS 6.4 SPOT/UNCOMMITTED MARKET UPS GAS & LNG B2B ITALY Russia ~100% PLENITUDE ex Turkey ~30% RUSSIAN GAS REPLACED in 2021 BY 2024-2025 EUROPEAN M
Slide 14: Investors Support Eni Strategy
INVESTORS SUPPORT ENI STRATEGY ESG RESULTS FURTHER DELIVERED CA100+ NZ BENCHMARK ENI HAS HIGHEST # FULLY ALIGNED INDICATORS AND IS ABOVE AVERAGE SUSTAINABILITY-LINKED FINANCING FRAMEWORK 7 UPDATED IN MAY 2022 6 JUST SIGNED A NEW € 6 BLN SUSTAINABILITY-LINKED CREDIT LINE # ALIGNED INDICATORS 5 SAY-ON
Slide 15: 2022 Sensitivities
2022 SENSITIVITIES (€ BLN) BRENT EBIT ADJ: 0.21 (+1 $/BBL) NET ADJ: 0.15 FCF: 0.13 (€ BLN) STD. ENI REFINING MARGIN EBIT ADJ: 0.14 (+1 $/BBL) NET ADJ: 0.10 FCF: 0.14 (€ BLN) EXCHANGE RATE $/€ EBIT ADJ: 1.00 (-0.05 $/€) NET ADJ: 0.70 FCF: 0.70 “Brent” standard sensitivity assumes oil and gas price ch
Slide 16: 1H Market Scenario
1H MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 107.6 1.205 64.9 1.093 1H 2021 1H 2022 1H 2021 1H 2022 PSV| €/kcm STANDARD ENI REFINING MARGIN| $/bbl 1'037 8.2 231 -0.5 1H 2021 1H 2022 1H 2021 1H 2022 16
Slide 17: Key Projects Start Ups Over 2022-25 [1/2]
KEY PROJECTS START UPS OVER 2022-25 [1/2] NORWAY Balder X 58% WI LIQ MEXICO Area 1 Full Field 100% WI LIQ Start up: 2023 Start up: February 2022 Prod. (kboed): 71 (100%) – 41 (equity) @2024 2022 Equity: 35 kboed FF Progress: 69% Prod. (kboed): 98 (100%) @ 2025 - 35 (eq.) @2022 Breidablikk 27% WI LIQ
Slide 18: Key Projects Start Ups Over 2022-25 [2/2]
KEY PROJECTS START UPS OVER 2022-25 [2/2] ANGOLA Agogo EP ph.2 37% WI LIQ CONGO Marine XII LNG 65% WI GAS Start up: H2 2022 (Ph.1: Dec ‘19) Start up: 2023 2022 Equity: 1 kboed Prod. (kboed): 72 (100%) – 51 (equity) @2025 Progress: 64% Prod. (kboed): 29 (100%) – 5 (equity) @2023 MOZAMBIQUE Coral FLNG