Slide 1: 2019 9M Results
2019 9M Results October 25, 2019 Norway
Slide 2: Eni's New Mission
ENI’S NEW MISSION We are an energy company. 9M 2019 RESULTS We concretely support a just energy transition, with the objective of preserving our planet and promoting an efficient and sustainable access to energy for all. Our work is based on passion and innovation, on our unique strengths and skills
Slide 3: 9M Highlights
9M HIGHLIGHTS 9M 2019 RESULTS CFFO: € 9.4 bln, +5% vs 9M 2018 Capex: € 5.6 bln FINANCIALS Leverage: 25% post acquisition of 20% ADNOC Refining & FY dividend 2019 Buyback: ~70% complete YTD Production: 1.85 Mboed, +2% vs 9M 2018. Q3 2019: 1.89 Mboed, +6% vs Q3 2018 Projects: 4 planned start-ups in pr
Slide 4: Angola Block 15/06: Material Discoveries and Fast Track Production
ANGOLA BLOCK 15/06: MATERIAL DISCOVERIES AND FAST TRACK PRODUCTION 9M 2019 RESULTS EXPLORATION: A SUCCESSFUL CAMPAIGN DEVELOPMENT: AGOGO FAST TRACK OIL IN PLACE: ~ 2 BLN BBL FIRST OIL: Q4 2019; 8 MONTHS FROM DISCOVERY DISCOVERED IN THE LAST 18 MONTHS Early Prod. ph.1: 20 kboed (100%) AGOGO: OIL IN P
Slide 5: Norway: Accelerating Growth and FCF Generation
NORWAY: ACCELERATING GROWTH AND FCF GENERATION 9M 2019 RESULTS NEW VÅR ENERGI BREAKEVEN VÅR ENERGI PRODUCTION $27/ boe Kboed >350 VÅR ENERGI ∼300 New assets 170 2018 2019 2023 MAIN OPERATING IMPACTS OF THE DEAL FCF ACCRETIVE DEAL Opex - $1/boe NEW VAR AVG OPEX: ~ $9/boe UNDERPINS + 700 Mln boe A GRO
Slide 6: Abu Dhabi: Increasing Focus and Presence
ABU DHABI: INCREASING FOCUS AND PRESENCE 9M 2019 RESULTS ADNOC REFINING: DEAL COMPLETED DALMA GAS PROJECT IN EXECUTION REFINERY CAPACITY | Kbpd 25% ENI SHARE >1,100 OP: ADNOC SEPTEMBER 922 2022 CAPACITY 2019 CONVERSION CRUDE FLEXIBILITY EFFICIENCY FID EXPECTED TAKEN START UP Today 2024 ACQUIRE
Slide 7: Upstream: EBIT Improvement in a Lower Scenario
UPSTREAM: EBIT IMPROVEMENT IN A LOWER SCENARIO 9M 2019 RESULTS 3Q OIL & GAS PRODUCTION| KBOED 9M UPSTREAM EBIT ADJ| € BLN +6% 107 adj for price & portfolio -22 7.9 Excluding Norway, Scenario +7% 6.6 and IFRS16 effects 1,888 1,803 9M 2018 9M 2019 3Q 2018 Price & Ramp ups + 3Q 2019 Brent ($/bbl) 72.1
Slide 8: Improved G&P & R&M Results, Versalis Impacted by Scenario and Downtime
IMPROVED G&P & R&M RESULTS, VERSALIS IMPACTED BY SCENARIO AND DOWNTIME 9M 2019 RESULTS G&P EBIT Adj | € mln R&M EBIT Adj | € mln Versalis EBIT Adj | € mln Priolo upset in H1 impact: - €70 mln 501 511 219 282 18 9M 2018 9M 2019 9M 2018 9M 2019 9M 2018 9M 2019 -144 (€/kcm) ($/bbl) (€/ton) Spread vs V.
Slide 9: Robust Results: Cash Flow
ROBUST RESULTS 9M 2019 RESULTS CASH FLOW | € bln 9M 2019 FCF 5.6 covered 9.4 FY Dividend 8.9 3.4 0.4 & Buyback 9M18 9M 19 Capex Dividend & Discretionary Buy back Cash Flow FY 2019 9M ADJ NET PROFIT: € 2.3 BLN 9 * CFFO & FCF are pre working capital at replacement cost post IFRS 16
Slide 10: 2019 Guidance
2019 GUIDANCE 9M 2019 RESULTS Production 1.87 - 1.88 mboed EXP discoveries 700 mln boe G&P EBIT € 0.6 bln R&M EBIT € 0.4 bln CFFO ~ € 12.8 bln CAPEX < € 8 bln CFFO (pre working capital & IFRS 16 and at replacement cost) at 2019 scenario: Brent $ 62 /bl, Italian gas price (PSV) € 266 /kcm, $/€ exchan
Slide 11: Back up
9M 2019 RESULTS Back up 11
Slide 12: Market Scenario
MARKET SCENARIO 9M 2019 RESULTS Brent| $/bbl Exchange Rate| €/$ 72.1 1.194 64.7 1.124 9M 2018 9M 2019 9M 2018 9M 2019 European Gas Prices| €/kcm Standard Eni Refining Margin| $/bbl TTF PSV 255 237 175 146 9M 2018 9M 2019 12