Slide 1: H1 2019 Results
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Slide 2: H1 Highlights
H1 HIGHLIGHTS H1 2019 RESULTS CFFO*@ replacement cost: € 6.8 bln (growing in a lower scenario) Organic Free Cash Flow*: € 2.9 bln FINANCIALS Leverage: 15% (ante IFRS 16) Buyback: started in June; acquired >€100 mln at the end of July Production: 1.83 Mboed, -1.9% vs 1H2018 (+4% adj. for Intisar) Pro
Slide 3: Upstream: EBIT Improvement in a Lower Scenario
UPSTREAM: EBIT IMPROVEMENT IN A LOWER SCENARIO H1 2019 RESULTS OIL & GAS PRODUCTION| KBOED UPSTREAM EBIT ADJ| € BLN +94 4.8 4.4 -130 +0.2 * 1,865 1,829 1H 2018 1H 2019 1H 2018 Price, Ramp ups + 1H 2019 Brent ($/bbl) 70.6 66.0 Portfolio & start ups + PSV (€/kmc) 242 200 Intisar Δ maintenance FX 1.21
Slide 4: Exploration Fueling Our Portfolio of New Opportunities
EXPLORATION FUELING OUR PORTFOLIO OF NEW OPPORTUNITIES H1 2019 RESULTS ANGOLA BLOCK 15/06 EGYPT Ndungu A successful «Near field» (2019) Cabaça story Agidigbo Agogo, Ndungu, Nour, (2019) Agidigbo Western Desert, > 1 Bln boe in Nile Delta and Oil discoveries place Gulf of Suez Development leases GHANA
Slide 5: Mexico – A New Producing Region
MEXICO – A NEW PRODUCING REGION H1 2019 RESULTS EXPLORATION PORTFOLIO Area 1 (Eni 100%) 2.1 Billion boe OHIP (90% oil) POD: July 2018 - Start up: June 2019 5 Early production up to 15 kboed gross - 2022 plateau: 100 kboed
Slide 6: Focus on Upstream Cash Generation
FOCUS ON UPSTREAM CASH GENERATION H1 2019 RESULTS UPSTREAM CFFO| BLN € +6% +13% excl. scenario, IFRS & one off 5.6 5.3 Capex 3.4 Capex 3.3 1H 2018 1H 2019 CFFO Post working capital 6
Slide 7: Strong G&P Result, Downstream Impacted by Scenario and Downtime
STRONG G&P RESULT, DOWNSTREAM IMPACTED BY SCENARIO AND DOWNTIME H1 2019 RESULTS G&P EBIT Adj | € mln R&M EBIT Adj | € mln Versalis EBIT Adj | € mln 430 418 79 67 65 1H 2018 1H 2019 1H 2018 1H 2019 1H 2018 1H 2019 -74 7
Slide 8: Strong Commitment Towards Decarbonisation
STRONG COMMITMENT TOWARDS DECARBONISATION H1 2019 RESULTS UPSTREAM GHG RENEWABLES EMISSION INTENSITY tCO2 eq/kboe 7 PROJECTS IN 4 CONTINENTS 26.8 IN EXECUTION: 25.3 23.6 22.7 -2.3% Italy: Porto Torres (PV), Volpiano (PV) 21.4 20.9 Kazakhstan: Badamsha (Wind) Australia: Katherine (PV with stora
Slide 9: Robust Cash Results
ROBUST CASH RESULTS H1 2019 RESULTS CFFO before WC | € bln FREE CASH FLOW 1H2019 6.8 5.5 1H 2018 1H 2019 ~ € 2.9 bln 9
Slide 10: 2019 Guidance
2019 GUIDANCE H1 2019 RESULTS Production 1.87 - 1.88 mboed EXP discoveries > 600 mln boe G&P EBIT € 0.5 bln R&M EBIT ~ € 0.5 bln CFFO ~ € 12.8 bln Leverage ~ 20% CAPEX < € 8 bln 10
Slide 11: Back up
H1 2019 RESULTS Back up 11
Slide 12: Market Scenario
MARKET SCENARIO H1 2019 RESULTS Brent| $/bbl Exchange Rate| €/$ 70.6 1.210 66.0 1.130 1H 2018 1H 2019 1H 2018 1H 2019 European Gas Prices| €/kcm Standard Eni Refining Margin| $/bbl TTF PSV 242 225 3.5 3.6 200 167 1H 2018 1H 2019 1H 2018 1H 2019 12