Eni S.p.a. · MIL:ENI

Eni — 9M 2017 Earnings Presentation

10 slides from Eni's earnings presentation, Oct 27, 2017

  1. Slide 1: 9M 2017 results

    9M 2017 results 27 October 2017

  2. Slide 2: 2017 Highlights

    2017 Highlights • Production: +4% vs 9M 2016 at 1.8 mln boe; +6% adj • Exploration: Mexico area 1 OHIP raised to 1.4 billion boe Upstream • Zohr on track for December start up • 9M EBIT: €3.3 bln, 3x YoY • G&P 9M EBIT at breakeven; FY EBIT positive Mid-downstream • R&M 9M EBIT € 0.5 bln, 2.2x YoY; F

  3. Slide 3: 2017 production at record levels

    Upstream Oil & Gas Production | Mboed EBIT Adj | € bln +5% vs 2016 adj OPEC/PSA Start-ups & Ramp-ups 3x 3.3 1.8 1.7 1.1 9M 2016 9M 2017 2017 FY 9M 2016 9M 2017 $42 /bbl $52 /bbl 2017 production at record levels 3

  4. Slide 4: Upstream CFFO above target

    An accretive growth Cash flow per barrel| $/boe $15.5/boe 9M 2017 Upstream CFFO above target 4 CFFO pre working capital at $57.5/bbl Brent adjusted for one-offs (fiscal claim, OPEC and Val d’Agri)

  5. Slide 5: 9M CFFO € 1.2 billion

    Mid-Downstream G&P EBIT | € mln R&M EBIT | € mln Versalis EBIT | € mln -1 455 423 9M 2016 9M 2017 210 298 -318 9M 2016 9M 2017 9M 2016 9M 2017 9M CFFO € 1.2 billion 5

  6. Slide 6: 9M adjusted net profit: € 1.4 bln

    Group economic results Group EBIT adj | € bln -0.2 +0.5 +2.5 3.8 1.0 9M 2016 scenario OPEC + growth + 9M 2017 oneoffs efficiency 9M adjusted net profit: € 1.4 bln 6

  7. Slide 7: $60/bbl 9M cash neutrality

    Cash Balance 9M cash balance| € bln One off Val d’Agri -0.2 $60/bbl 6.8 5.7 9M cash neutrality CFFO = capex + prorated cash dividend CFFO CAPEX Brent $52/bbl FY cash neutrality @ $60/bbl CFFO pre working capital at replacement cost and adjusted for one-off fiscal claim 7 Capex adjusted for disposal

  8. Slide 8: Key messages

    Key messages  Record production level  G&P positive structural result  Chemicals record performance and resilient R&M  Upstream CFFO per barrel ahead of guidance  Best in class full cash dividend neutrality < $ 45/bbl  Gearing @ 20% 8

  9. Slide 9: BACK UP

    BACK UP 9

  10. Slide 10: Market scenario

    Market scenario Brent ($/bbl) Exchange rate ($/€) 51.9 41.8 1.12 1.11 9M 2016 9M 2017 9M 2016 9M 2017 European gas prices (€/kcm) SERM ($/bbl) Cracker margin (€/ton) 201 177 5.3 156 397 408 137 4.0 9M 2016 9M 2017 9M 2016 9M 2017 9M 2016 9M 2017 10

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