Slide 1: Eni 1Q 2023 Results
ENI 1Q 2023 RESULTS Delivering on Performance and Strategy APRIL 28, 2023 Sail Away of Firenze FPSO to Côte d'Ivoire from Dubai
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
Slide 3: 1Q 2023 Highlights
1Q 2023 | HIGHLIGHTS NATURAL RESOURCES DISCOVERED RESOURCES: Around 200 Mboe, mainly from new discoveries in Cyprus, Mexico and Egypt E&P: Production up >2% q/q; major gas development in Libya; sail away of FPSO for Baleine, Côte d'Ivoire CCS: Significant step forward in the development of the Hynet
Slide 4: 1Q 2023 Earnings Overview
1Q 2023 | EARNINGS OVERVIEW CONFIRMING EXCELLENT 1Q 2023 RESULTS € BLN E&P 0.46 -2.06 CONTRIBUTIONS FROM 0.14 4.64 -0.12 ACROSS ALL MAJOR 0.26 -0.11 0.19 BUSINESSES 1.37 2.91 RESILIENT DELIVERY 2.79 FROM UPSTREAM IMPROVED QUALITY AND SCALE OF GGP PROFITABILITY EVIDENT E&P GGP R&M Versalis Plenitude
Slide 5: 1Q 2023 vs 4Q 2022 Earnings
1Q 2023 vs 4Q 2022 EARNINGS RESISTING SCENARIO HEADWINDS TO DELIVER € BLN NATURAL DOWNSTREAM PLENITUDE RESOURCES POWER SCENARIO 1.3 -0.3 LOWER PRICES 0.1 -0.4 0.2 (BRENT -8%, PSV -40%) -0.1 ~0 5.0 UNFAVORABLE FX IMPACT RESILIENT ADNOC, 4.4 -0.6 VAR AND AZULE HIGH DEGREE OF VOLATILITY 0.5 DESPITE SCE
Slide 6: 1Q 2023 Financial Strength
1Q 2023 | FINANCIAL STRENGTH PERFORMANCE AND FINANCIAL DISCIPLINE SIGNIFICANT CASH € BLN GENERATION FREE DISTRIBUTION CASH FLOW AND STRATEGIC FLEXIBILITY EXCELLENT CASH CONVERSION, CFFO COVERS 5.3 CAPEX AND REMUNERATION SEASONAL WORKING CAPITAL REQUIREMENTS TO REVERSE DISCIPLINED INVESTMENT 2.9 SEAS
Slide 7: 1Q 2023 Delivery
1Q 2023 | DELIVERY ACHIEVING OUR TARGETS DELIVERY ON PERFORMANCE DELIVERY ON STRATEGY DELIVERY ON STRATEGY PRODUCTION: FAST TIME TO MARKET: 1.66 Mboed (up >2% vs 4Q 2022), Important near-field exploration success in 1Q; consistent with FY23 guidance (1.63-1.67 Mboed) Baleine confirmed 2023 start-up
Slide 8: 2023 Guidance
2023 GUIDANCE GUIDANCE PRODUCTION 1.63-1.67 MBOED FOCUSING ON DELIVERY DISCOVERED RESOURCES 700 MBOE GGP EBIT € 2 – 2.2 BLN GROWING BUSINESSES PLENITUDE EBITDA1 > € 0.7 BLN DOWNSTREAM EBIT1 € 1 – 1.1 BLN adjusted for FX SUST. MOBILITY EBITDA1 > € 0.9 BLN GENERATING CASH adjusted for EBIT € 12 BLN sc
Slide 9: Annex
ANNEX St. Bernard Bioefinery in Chalmette, LA
Slide 10: 1Q 2023 vs 1Q 2022 Earnings
1Q 2023 vs 1Q 2022 EARNINGS RESISTING SCENARIO HEADWINDS TO DELIVER € BLN NATURAL DOWNSTREAM PLENITUDE RESOURCES POWER INCLUDES CONTRIBUTION FROM ASSOCIATES, FINANCING AND OTHERS UPSTREAM HOLDING 5.2 -1.0 PRODUCTION AFTER 0.7 5.0 CHALLENGES FACED IN 2022 0.1 -0.1 0.1 GGP DELIVERING -0.5 0.2 0.2 IMPR
Slide 11: Market Scenario
MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 101.4 1.122 88.7 81.3 1.073 1.021 1Q 2022 4Q 2022 1Q 2023 1Q 2022 4Q 2022 1Q 2023 PSV| €/kcm STANDARD ENI REFINING MARGIN| $/bbl 1,043 1,009 13.6 11.2 606 -0.9 1Q 2022 4Q 2022 1Q 2023 1Q 2022 4Q 2022 1Q 2023 11
Slide 12: Sensitivity 2023
SENSITIVITY 2023 EBIT ADJ Net adj CFFO before WC SENSITIVITY 2023 (€ bln) (€ bln) (€ bln) Brent (1 $/bbl) 0.18 0.13 0.13 European Gas Spot Upstream (1 $/mmbtu) 0.15 0.12 0.13 Std. Eni Refining Margin (1 $/bbl) 0.14 0.10 0.14 Exchange rate $/€ (+0.05 $/€) -0.49 -0.28 -0.63 Brent sensitivity applies t