Slide 1: 1Q 2022 Results
DISTRIBUTION POLICY ENI XXX 1Q 2022 RESULTS APRIL 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: 2022 | Significant Strategic Progress
2022 | SIGNIFICANT STRATEGIC PROGRESS NEW BUSINESS MODELS AND VALUE CREATION VAR ENERGI AND NEOA SPAC SUCCESFULLY LISTED FINALIZED AGREEMENT FOR ANGOLA BUSINESS COMBINATION WITH BP PLENITUDE IPO CONFIRMED FOR 2022 SUBJECT TO MARKET CONDITIONS ANNOUNCED SUSTAINABLE MOBILITY COMPANY SET-UP E
Slide 4: 1Q 2022 | Highlights
1Q 2022 | HIGHLIGHTS NATURAL RESOURCES PRODUCTION: 1.65 MBOED, NDUNGU START-UP IN BLOCK 15/06 ANGOLA, MIAMTE FPSO START-UP IN MEXICO DISCOVERED RESOURCES: 170 MBOE FROM INFRASTRACTURE LED EXP MAINLY IN ANGOLA, ALGERIA AND EGYPT EARNINGS: E&P CAPTURES SCENARIO; GGP STRONG LNG AND SUPPLY PORTFOL
Slide 5: Natural Resources € 0.9 bln Adj. EBIT
NATURAL RESOURCES UPSTREAM ADJ EBIT| € BLN GGP 4.4 € 0.9 BLN ADJ. EBIT ACHIEVED VIA LNG AND PORTFOLIO OPTIMIZATION 3x € 1.2 BLN NEW YEARLY GUIDANCE INCREMENTAL VOLUMES | Bcm 1.4 12 8 4 1Q 2021 1Q 2022 Brent 61 $/b Brent 101 $/b 0 Pipe LNG Pipe LNG Pipe LNG 2022 2023 2024-2025 DELIVERED OIL PRICE LEV
Slide 6: Energy Evolution
ENERGY EVOLUTION DOWNSTREAM EBITDA* | € BLN R&M EBIT* | € BLN INTEGRATED MODEL RESILIENCE 0.07 1Q 2021 1Q 2022 0.22 0.21 -0.20 1Q 2021 1Q 2022 REFINING BENEFITTING FROM DIESEL TIGHT MARKET INCREASED SALES OF RENEWABLE ELECTRICITY POSITIVE MARKETING FROM RESILIENT DEMAND PARTIALLY OFFSET BY NEGATIVE
Slide 7: Cash Results
CASH RESULTS 1Q 2022 CASH FLOWS | € BLN 2022 OUTLOOK CFFO 1.6 € 16 BLN (AT $90 BRENT) ~3x INCREASED GUIDANCE 5.6 4.0 CAPEX € 8.0 BLN 2.0 GUIDANCE UNCHANGED (AT CONSTANT FX) 1Q 2021 CFFO CAPEX FCF CFFO Brent 61 $/b Brent 101 $/b CASH NEUTRALITY LEVERAGE AT 18% $ 46/BBL CFFO = CAPEX + FLOOR DIV. STRON
Slide 8: Annex
ANNEX 8
Slide 9: 2022 Guidance
2022 GUIDANCE PRODUCTION 1.7 MBOED GGP EBIT € 1.2 BLN PLENITUDE EBITDA € >0.6 BLN DOWNSTREAM EBIT POSITIVE CFFO € 16 BLN AT $90 BRENT CAPEX € 8.0 BLN at constant FX CASH NEUTRALITY $ 46/BBL LEVERAGE well below 20% Plenitude: EBITDA is pro-forma; Downstream: EBIT is pro-forma. Cash Flows are adjusted
Slide 10: 2022 Sensitivities
2022 SENSITIVITIES (€ BLN) BRENT EBIT ADJ: 0.21 (+1 $/BBL) NET ADJ: 0.14 FCF: 0.14 (€ BLN) GAS HUB EBIT ADJ: 0.09 (+1 $/MMBTU) FCF: 0.06 (€ BLN) STD. ENI REFINING MARGIN EBIT ADJ: 0.12 (+1 $/BBL) NET ADJ: 0.08 FCF: 0.12 (€ BLN) EXCHANGE RATE $/€ EBIT ADJ: 0.59 (-0,005 $/€) NET ADJ: 0.37 FCF: 0.60 “B
Slide 11: ESG Leadership Confirmed
ESG LEADERSHIP CONFIRMED ESG STRATEGY DELIVERING SOUND RESULTS EMISSIONS TARGETS FURTHER UPGRADED MSCI ESG SUSTAINALYTICS -80% CONFIRMED A CONFIRMED LEADER UPSTREAM FUGITIVE METHANE EMISSIONS IN 2025 VS 2014** MOODY’S ISS ESG ESG SOLUTIONS ZERO ROUTINE FLARING PRIME STATUS IN 2025 CONFIRMED ADVANCED
Slide 12: 1Q Market Scenario
1Q MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 101.4 1.205 60.9 1.122 1Q 2021 1Q 2022 1Q 2021 1Q 2022 PSV| €/kcm STANDARD ENI REFINING MARGIN| $/bbl 1Q 2021 1Q 2022 1,043 -0.6 -0.9 198 1Q 2021 1Q 2022 12