Slide 1: ENI 1Q 2024 Results
ENI 1Q 2024 RESULTS APRIL 24, 2024 Baleine FPSO, Côte d’Ivoire
Slide 2: 1Q 2024 Highlights: Continued Execution of Our Strategy
1Q 2024 | HIGHLIGHTS CONTINUED EXECUTION OF OUR STRATEGY FINANCIALS NATURAL ENERGY RESULTS RESOURCES EVOLUTION EBIT PRO FORMA EXPLORATION ENILIVE €4.1 bln 435 Mboe of discovered resources FID Italy's third bio-refinery in Livorno Major Gas & NGL discovery in Côte d'Ivoire (Calao) JV agreement with L
Slide 3: Our Emerging Value Chain of the Future
OUR EMERGING VALUE CHAIN OF THE FUTURE A TRANSITION-ORIENTED PORTFOLIO OFFERING GROWTH AND RETURNS UPSTREAM GGP PLENITUDE ENILIVE CCUS BIOCHEMISTRY FINANCIALS Exploration Integrated chain Renewables Biorefining Leading position Grow new Distinctive driven growth to market equity growth growth platfo
Slide 4: 1Q 2024 Earnings Summary
1Q 2024 | EARNINGS SUMMARY A STRONG START TO THE YEAR € BLN E&P RESILIENT UPSTREAM DESPITE A WEAKER GAS SCENARIO 0.42 0.01 -0.21 GGP 0.04 -0.12 0.33 -0.65 REFLECTING SEASONAL STRENGTH 3.32 Chemicals IN A LOWER TRADING -1.54 ENVIRONMENT JV ENILIVE Associates SIGNIFICANT RISE IN BIO THROUGHPUTS 4.12 P
Slide 5: 1Q 2024 Cashflows
1Q 2024 | CASHFLOWS INCREASED CASH GENERATION TO RAISE DISTRIBUTION CASH FLOW RESULTS | € BLN STRATEGIC FLEXIBILITY EXCELLENT CASH CONVERSION € >14.5 BLN 90$ BRENT/B DELEVERAGING € >14 BLN 86$ BRENT/B € 13.5 BLN 80$ BRENT/B DISCIPLINED ORGANIC CAPEX 2024 DISTRIBUTION € 1.6 BLN BB at 86$ BRENT/B (UPD
Slide 6: Business Combination with Ithaca
BUSINESS COMBINATION WITH ITHACA LEVERAGING SATELLITE MODEL TO GENERATE VALUE OVERVIEW OF COMBINED PORTFOLIO ENLARGED GROUP WILL BE ONE OF THE LARGEST O&G COMPANIES IN THE UKCS, COMBINED METRICS PLAYING A KEY ROLE IN REGIONAL ENERGY SUPPLY ENI UK ASSETS • CYGNUS* SECURITY • SEAGULL ~50:50 • J AREA G
Slide 7: 2024 Guidance Update
2024 GUIDANCE UPDATE BRENT ($/bbl) 80 86 PSV (€/MWh) 30.7 33 EXCHANGE RATE (€/$) 1.08 1.075 CONFIRMING SOLID BUSINESS PERFORMANCE ACROSS THE BOARD PRODUCTION 1.69-1.71 MBOED Confirmed DE-RISKING MID-POINT OF GGP PRO-FORMA EBIT € 0.8 BLN Confirmed PRIOR 1.69-1.71 MBOED PRODUCTION GUIDANCE RANGE ENILI
Slide 8: Concluding Remarks
CONCLUDING REMARKS CLEAR INDUSTRIAL STRATEGY TARGETING GROWTH AND COMPETITIVE RETURNS IN EVOLVING ENERGY MARKET DELIVERING ON UNDERLYING ACTIONS IN 2024 ALIGN OBJECTIVES WITH STRATEGIC PATH GROWTH CLEARLY VISIBLE HIGHLY DISTINCTIVE CAPTURING SCENARIO UPSIDES RESULTS CONSISTENT ALLOWS US TO RAISE GUI
Slide 9: Q&A
Q&A PV Plant in Porto Torres, Italy
Slide 10: 1Q 2024 Cashflows
1Q 2024 | CASHFLOWS INCREASED CASH GENERATION TO RAISE DISTRIBUTION CASH FLOW RESULTS | € BLN EXCELLENT CASH CONVERSION STRONG CASH IN EVEN WITH GROWING SATELLITE STRUCTURES WORKING CAPITAL BUILD A COMBINATION OF SEASONAL AND SCENARIO EFFECTS SEASONAL BALANCES IN PLENITUDE AND SCENARIO EFFECTS NET P
Slide 11: Business Combination with Ithaca: Material Uplift to Eni UK Reserves Base
BUSINESS COMBINATION WITH ITHACA MATERIAL UPLIFT TO ENI UK RESERVES BASE PRO FORMA UN-RISKED 2030 PRODUCTION OF >150 KBOE/D1 MATERIAL 2C RESOURCE BASE PROVIDES FURTHER OPTIONALITY 200 AND UPSIDE WITHIN THE 150 PORTFOLIO 100 50 0 CLEAR PATH TO BECOME THE Ithaca Ithaca Peer 1 Peer 2 Peer 3 Peer 4 Peer
Slide 12: 1Q 2024 vs 4Q 2023 Earnings: EBIT Pro Forma
1Q 2024 vs 4Q 2023 EARNINGS GROWTH AND BUSINESS PERFORMANCE RESISTING WEAKER SCENARIO EBIT PRO FORMA | € BLN SCENARIO 1Q REALISATIONS -6% Q/Q LIQUIDS -4% NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE NATURAL GAS -2% 0.4 PERFORMANCE 0.1 3.75 PRODUCTION MORE THEN OFFSET -0.3 0.3 0.2 SCENARIO IN UPSTR
Slide 13: 1Q 2024 vs 4Q 2023 Earnings: Adjusted Pre-tax
1Q 2024 vs 4Q 2023 EARNINGS ADJUSTED PRE-TAX | € BLN NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE PERFORMANCE SIMILAR TRENDS EVIDENT ON A Q/Q BASIS WHEN LOOKED AT VIA EBIT -0.2 0.1 0.1 0.2 VOLUME AND BUSINESS -0.2 PERFORMANCE OFFSETTING 0.2 0.1 0.0 IMPACT OF LOWER SCENARIO -0.6 0.1 AND GGP ARBITRA
Slide 14: 1Q 2024 vs 1Q 2023 Earnings: Adjusted Pre-tax
1Q 2024 vs 1Q 2023 EARNINGS ADJUSTED PRE-TAX | € BLN NATURAL RESOURCES DOWNSTREAM PLENITUDE ENILIVE -0.4 PERFORMANCE -0.1 SCENARIO EFFECTS AND ABSENCE OF EXCEPTIONAL GGP -1.1 OPTIMIZATION GAINS ACCOUNT FOR Y/Y DIFFERENCE IN PRE-TAX RESULTS 5.0 0.0 0.0 0.1 -0.2 -0.2 0.1 0.1 -0.2 3.25 3.1 1Q 23 Scenar
Slide 15: 1Q 2024 Market Scenario
1Q 2024 MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 84.0 83.2 1.086 81.3 1.075 1.073 1Q 2023 4Q 2023 1Q 2024 1Q 2023 4Q 2023 1Q 2024 PSV| €/MWh STANDARD ENI REFINING MARGIN*| $/bbl 57 11.0 41 8.7 29 4.3 1Q 2023 4Q 2023 1Q 2024 1Q 2023 4Q 2023 1Q 2024 15 *New indicator has been calculated based o