Eni S.p.a. · MIL:ENI

Eni — Investor Day (April 2018)

38 slides from Eni's investor day presentation, Apr 10, 2018

1. Slide 1: Eni Investor Day New York, 10 April 2018

   10 April 2018

2. Slide 2: Disclaimer

   Disclaimer This document contains forward-looking statements regarding future events and the future results of Eni that are based on current expectations, estimates, forecasts, and projections about the industries in which Eni operates and the beliefs and assumptions of the management of Eni. In add

3. Slide 3: Eni Investor day New York

   Eni Investor day New York 1 2014-17 COMPANY POSITIONED FOR A LOWER SCENARIO 2 2018-21 VALUE EXPANSION IN ALL BUSINESSES 3 FINANCIAL PLAN AND DISTRIBUTION POLICY

4. Slide 4: Fit to Grow: Eni 2014-17 strategy

   Eni 2014-17 strategy 4YP 2014-17 2018-2021 COMPANY POSITIONED FOR A LOWER SCENARIO TRANSFORMATION into a fully integrated O&G FIT to GROW UPSTREAM enhancement MID-DOWNSTREAM restructuring FINANCIAL resilience 4

5. Slide 5: Upstream enhancement

   UPSTREAM enhancement F&D Costs| $/boe Dual Cash in from disposal $ 10.3 bln since 2013 EXPLORATION 35 30 25 20 Integrated $/boe MODEL 15 NPV of Projects 10 from exploration since 2014 $ 8.8 bln 5 kboed 0 1816 2013-15 2014-16 2015-17 Production Eni Peers average RECORD 1598 2014 2017 5 Peers:, BP, RD

6. Slide 6: Mid-downstream restructuring

   MID-DOWNSTREAM restructuring  Structurally underlying positive Cumulative CFFO| € bln  Long-term contracts alignment to market level  Take or Pay recovery 1.8 2017  Cost reduction G&P 6.1  Production efficiency  Logistics rationalization  2 sites converted to bio- plants  Halved refining bre

7. Slide 7: Financial discipline

   FINANCIAL discipline GEARING DIVIDEND CASH NEUTRALITY* | $/bbl Peers adopting scrip dividend WHILE PRESERVING BUSINESS GROWTH 18% 114 Change since 2013 % points) 14% 39 10% Dual including Exploration dual 6% 57 effect exploration model 2% -2% 0% 10% 20% 30% 40% 1 2 3 4 5 Gearing % 2014 2017 2017 7 P

8. Slide 8: 2018-21 Value Expansion in All Businesses

   2018-21 2 VALUE EXPANSION IN ALL BUSINESSES

9. Slide 9: Eni strategic evolution: business integration along the value chain

   Eni strategic evolution BUSINESS INTEGRATION along the value chain UPSTREAM enhancement UPSTREAM-MIDSTREAM VALUE GROWTH UPSTREAM - DOWNSTREAM UPSTREAM - RENEWABLES EFFICIENCY FINANCIAL DISCIPLINE DECARBONIZATION PATH DIGITALIZATION & & GREEN ENERGIES INNOVATION 9

10. Slide 10: Upstream key targets in the 4YP

    Upstream key targets in the 4YP 3.5% 2 bln CAGR 2017-21 organic boe 4YP expl. resources ~40 22 Upstream CAPEX $/bbl € bln 4YP upstream FCF COVERAGE 10

11. Slide 11: A global range of exploration opportunities

    A global range of exploration opportunities Barents Sea North Slope Net Acreage 100 Mln acres at YE 2017 Porcupine Equity Basin Risked Potential 10 acreage| Eni net sq km Morocco Egypt & Oman offshore Levantine offshore Vietnam Mexico offshore bln boe Transform Myanmar Margin Lamu Basin 4YP Spending

12. Slide 12: Mexico: the power of exploration

    Mexico: the power of exploration A rapidly-growing / high-quality portfolio, coupled with a fast track development of material resources Block 24 Area 1 Eni Mexico (65%) Qatar Petroleum (35%) Zona Sur  Eni Operator with 100% working interest  Fields: Amoca, Miztón, Tecoalli Block 10  Shallow wate

13. Slide 13: Ramp-ups and start-ups driving growth

    Ramp-ups and start-ups driving growth MAIN ONSTREAM PROJECTS OIL & GAS PRODUCTION | kboed 15 MAJOR START-UPS  Zohr 2018  OCTP Gas CAGR 2021-2025  West Hub - Ochigufu  Jangkrik Complex CAGR 2017-2021 3%  Bahr Essalam Ph.2 3.5%  Wafa Compression  Nidoco Ph. 2/3 2018 4%  East Hub  Area 1 Mexic

14. Slide 14: Production trends

    Production trends GEOGRAPHICAL SPLIT % New producing Countries 2017 2021 Caspian Europe Abu Dhabi America Mexico North Africa Asia Pacific & Middle East 14 Africa Sub-Saharan

15. Slide 15: Asia Pacific & Middle East: an expanding high-potential area

    Asia Pacific & Middle East: an expanding high-potential area Asia Pacific and Middle East Production contribution @ 2021 >250 kboed Exploration activity JANGKRIK Oman offshore Vietnam MERAKES Myanmar NASR ABU DHABI UMM SHAIF East LOWER ZAKUM Kalimantan 15

16. Slide 16: Zohr is ramping up

    Zohr is ramping up RAMP UP BCF/D 2.7 2.0 Accelerated start-up 0.4 Ramp-up to plateau 01/2018 01/2019 01/2020 Accelerated start-up Ramp-up to plateau Plateau Extension  6 wells + 26’’ line + 14” line  14 additional wells + 2x30’’ export lines  5 additional wells + 2x30’’ export lines  1 control p

17. Slide 17: Value expansion of production growth

    Value expansion of production growth CASH FLOW PER BARREL | $/boe 4YP start up 4YP start up 25.2 24.5 $22/boe @ $70 18 scenario 17.5 16.7 legacy 15.8 legacy 15.5 @ $60/bl scenario 14 @ 2017 scenario 2017 2018 2020-21 HIGH QUALITY LONG TERM CASH FLOW 17

18. Slide 18: The rise of upstream cash flow

    The rise of upstream cash flow Upstream CFFO € bln 13 Upside @ $ 70/bl 11 9 7 Capex Upstream 5 3 2017 2018 End of plan Brent $/bbl 60 60 60 FULL COVERAGE OF DIVIDEND WITH UPSTREAM FCF 18

19. Slide 19: Mid-downstream key targets

    Mid-downstream key targets 2 4.7 € bln € bln EBIT end of plan Total 4YP FCF 19

20. Slide 20: Gas & Power - bigger and stronger

    Gas & Power - bigger and stronger EBIT | € bln Gas & LNG Marketing and  Integration with upstream Gas & LNG Marketing and Power Retail – Eni gas e luce 0.8 Power  Focus on Asia and new markets  2025 contracted volumes: 14 MTPA 0.3 0.2  Contract modernization with key gas suppliers 2017 2018 End

21. Slide 21: G&P and Upstream integrated projects

    G&P and Upstream integrated projects New integrated projects Sales Destination market International gas prices|$/MMbtu 14 12 East MED 10 (Damietta) 8 6 Indonesia 4 Nigeria (Jangkrik e Merakes) 2 Marine XII 0 (Congo) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Ango

22. Slide 22: A top player in the LNG market

    A top player in the LNG market LNG SUPPLY - EQUITY VS THIRD PARTY 15 2017 2021 10 30% 30% 70% 5 0 2017 2018 2021 2025 Equity Third Party LNG Equity existing LNG Equity New LNG Third Party LNG contracted volumes 12 MTPA @ 2021 22

23. Slide 23: R&M – leaner and greener

    R&M – leaner and greener EBIT | € bln Refining  Breakeven margin $3/bbl end 2018 Refining  Deep conversion proprietary Marketing 0.9 technology licensing  Asset optimization 0.6 0.5 Biofuels  Venice and Gela plants onstream  Ecofining proprietary technology 2017 2018 End of plan  2021: 1 Mton/

24. Slide 24: Versalis – an international player

    Versalis – an international player EBIT | € bln Chemicals  Consolidation industrial footprint 0.5  Strengthening international 2017 0.4 presence Scenario 0.3  Business integration effect Differentiated products  New products’ development 2017 2018 End of plan  Focus on high margin products  Ac

25. Slide 25: New energy solutions

    New energy solutions AN INTEGRATED MODEL Capacity end year| GWp 5 ~1  Synergies with Eni assets and activities  International expansion in Eni Countries 2018 2019 2020 2021 2025  Solar, Wind and Hybrid Technologies  R&D Deployment 4YP CAPEX € 1.2 Bln 25

26. Slide 26: Digital transformation

    Digital transformation 2017 2021 BUILD ON OUR DIGITAL ACCELERATION along our value chain SUCCESSFUL DIGITAL Upstream Mid- Downstream HISTORY Exploration Development Drilling Operations Refining/Chemicals Trading Retail INVESTMENT IN Enhanced Seismic Imaging & data processing ASSET INTEGRITY Blockcha

27. Slide 27: Carbon footprint reduction

    Carbon footprint reduction TARGETS @ 2025 O&G resources | % UPS UNITARY -43% DIRECT EMISSIONS vs 2014 ROUTINE GAS FLARING zero Oil Gas FUGITIVE METHANE -80% EMISSIONS | MtCH4 vs 2014 27

28. Slide 28: Financial Plan and Distribution Policy

    FINANCIAL PLAN @ AND DISTRIBUTION POLICY

29. Slide 29: CAPEX Plan

    CAPEX Plan 2018 capex: ~ € 7.7 bln 2018-2021 capex: < € 32 bln Other Mid-Downstream 15% 49% 3% >80% Upstream 26% 7% 4% 7% 4% Exploration Prod. optimiz. & stay in business Development Upstream G&P R&M Chemicals Energy solutions 29

30. Slide 30: Upstream: focus on projects under development

    Upstream: focus on projects under development Cumulative Net Cash flow IRR Dual Exploration benefit not included $bln 18% 25 16% 15 5 13% -5 $50/b $60/b $70/b -15 2017 2018 2019 2020 2021 2022 2023 2024 2025 NCF NCF including dual exp model < $30/bbl Anticipated payback BREAKEVEN 30

31. Slide 31: Upside exposure and downside resilience

    Upside exposure and downside resilience Free Cash flow Cash Neutrality € bln $/bl ROACE 12% 58 15 10 53 @ 4YP €/$ exchange rate 5 CAPEX CAPEX CAPEX @ 2018 €/$ exchange rate = 1.17 0 48 2017 2018 Plan End 2017 2018 end of plan Underlying operating cash flow @ $60 Underlying operating cash flow @ $70

32. Slide 32: Remuneration policy and cash allocation

    Remuneration policy and cash allocation Committed to DIVIDEND POLICY PROGRESSIVE WITH € 0.83 in 2018 UNDERLYING EARNINGS AND FCF + 3.75 % vs 2017 Preserving BALANCE SHEET Leverage target 0.2 – 0.25 STRENGTH Upside SHARE Excess cash BUY BACK distribution 32

33. Slide 33: Conclusions

    Conclusions DEEPER INTEGRATION CAPITAL DISCIPLINE High margin growth Sizeable and in Upstream competitive LNG Sustainable Mid-downstream portfolio upgrade ENHANCED RETURN TO SHAREHOLDERS 33

34. Slide 34: 1st Quarter 2018 Preview

    1st Quarter 2018 Preview Brent | $/bbl European gas prices | €/kcm Oil & Gas Production | kboed 1.900 , 66.8 240 227 219 195 53.8 , 1.850 1Q 2017 1Q 2018 ~4% 1Q 2017 1Q 2018 PSV TTF , 1.800 Exchange rate | €/$ Std. Eni Refining Margin | $/bbl , 1.750 1,795 1.114 1.229 4.2 , 1.700 3.0 1Q 2017 1Q 2018

35. Slide 35: Back up

    Back up

36. Slide 36: Assumptions and sensitivity

    Assumptions and sensitivity 4YP Scenario 2018 2019 2020 2021 Brent dated ($/bl) 60 65 70 72 FX avg ($/€) 1.17 1.18 1.20 1.25 Std. Eni Refining Margin ($/bl) 5.0 5.0 5.0 5.0 NBP ($/mmbtu) 5.8 5.6 5.5 5.8 PSV (€/kmc) 188 178 171 175 Sensitivity* EBIT adj (€ mln) net adj (€ mln) FCF (€ mln) Brent (-1 $

37. Slide 37: Main start ups 2018-21

    Main start ups 2018-21 OCHIGUFU - ANGOLA OCTP GAS - GHANA Wafa Compression – Bahr Essalam ph.2 LIBYA 1H 2018 1H 2018 AREA 1 - MEXICO BALTIM SW - EGYPT MERAKES - INDONESIA 1H 2019 2H 2019 2H 2020 WEST HUB - ANGOLA CASSIOPEA - ITALY NENÈ PH.2B - CONGO MELEHIA DEEP - EGYPT 37 2H 2019 2H 2020 2H 2020 2H

38. Slide 38: Main start-ups in the 4YP

    Main start-ups in the 4YP Equity Working Liquids/Gas Main start ups 2018-2021 Country Op Start-up peak in 4 YP kboed Interest Zohr Egypt yes Achieved 12/2017 200 50% Gas West Hub (Ochigufu) Angola yes Achieved 03/2018 <10 37% Liquids Wafa Compression Libya yes 1H18 25 50% Liquids/Gas Oil: 5/17 OCTP

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