Slide 1: First Quarter 2019 Results
‘touts 24,2019
Slide 2: Highlights 1Q
Highlights 1Q EBIT: € 2.3 bln (+25% YoY) Upstream Production: 1,832 kboed (-1.3% YoY adj price and portfolio) Exploration: 174 Mboe resources discovered; added >23,000 sq km G&P: EBIT continuous enhancement (+16% vs last year) Mid-downstream R&M: close to breakeven in a challenging scenario Versalis
Slide 3: Upstream: continued value growth
Upstream: continued value growth Oil & Gas Production| kboed Upstream EBIT Adj| € bln 2.3 -10 -25 +25% 2.1 Norway 1,867 1,832 1Q 2018 Price & Ramp ups + 1Q 2019 1Q 2018 1Q 2019 Portfolio start ups + Brent ($/bbl) 66.8 63.2 performance* PSV (€/kmc) 239 222 FX 1.229 1.136 3 *Includes the expire of the
Slide 4: Key start ups concentrated in the 2nd half
Key start ups concentrated in the 2nd half Berkine & BRN Pipeline 49% WI GAS LIQ Progress: >80% AVG 2H19 2H 2019 Equity : 21 kboed ALGERIA Plateau 100%: 55 kboed @2020 CONTRIBUTION Area 1 65% WI LIQ Progress: >80% 2H 2019 Equity : 6 kboed KEY 2019 START UPS MEXICO Plateau 100%: 100 kboed @2022 >40 k
Slide 5: DNCF confirms upstream portfolio quality
DNCF confirms upstream portfolio quality Unit DNCF| $/boe 9.9 9.2 8.4 8.2 7.1 6.3 6.2 5.9 peer 1 Eni peer 2 peer 3 peer 4 peer 5 peer 6 peer 7 Life Index 11.2 10.6 8.3 10.9 8.7 11.8 14.5 14.3 Oil reserves 56% 49% 47% 55% 48% 50% 57% 64% Avg selling price $/boe 44.3 44.9 43.9 45.3 49.5 37.3 42.0 43.0
Slide 6: Strong G&P result, while downstream impacted by scenario and downtime
Strong G&P result, while downstream impacted by scenario and downtime G&P EBIT Adj | € mln R&M EBIT Adj | € mln Versalis EBIT Adj | € mln 372 322 59 -46 18 -9 1Q 2018 1Q 2019 1Q 2018 1Q 2019 1Q 2018 1Q 2019 6
Slide 7: Capex in line with yearly guidance
Capex in line with yearly guidance CAPEX 1Q 2% 2% 11% 2019 CAPEX GUIDANCE CONFIRMED € 1.9 bln 85% ~8 € bln Upstream G&P R&M & Chem Energy Solutions & Others 7
Slide 8: Robust cash and economic results
Robust cash and economic results CFFO before WC (ante IFRS)| kboed EBIT Adj| € bln 3.2 3.2 2.4 +17% 2.4 Norway UPIS 2.1 1Q 2018 1Q 2019 1Q 2018 1Q 2019 8 Net adj ~1 bln euro
Slide 9: Back up
Back up 9
Slide 10: Market scenario
Market scenario Brent| $/bbl Exchange Rate| €/$ 66.8 1.229 63.2 1.136 1Q 2018 1Q 2019 1Q 2018 1Q 2019 European Gas Prices| €/kcm Standard Eni Refining Margin| $/bbl TTF PSV 239 227 3.0 3.4 222 195 10 1Q 2018 1Q 2019 1Q 2018 1Q 2019
Slide 11: IFRS impact
IFRS 16 IMPACT STRATEGY PRESENTATION 2019-2022 Balance Sheet Cash Flow Income Statement @ 1/1/2019 2019 2019 Capital Operating ~5.7 € bln ~0.3 € bln Employed Free Cash profit ~0.9 € bln Flow Net Debt ~5.7 € bln Net Profit ~ ~-0.1 € bln Year end Leverage: ~10 p.p. 11