Slide 1: Q4 and Full Year 2015 Results
Q4 and Full Year 2015 Results www.eni.com February 26th 2016
Slide 2: 2015 main achievements
2015 main achievements UPSTREAM MID-DOWNSTREAM GROUP valuable growth increasing resilience simplified model G&P Saipem 10% production growth 12.5% disposal close to breakeven 1.4 bln boe exit from discovered @UEC $0.7/boe Refining Galp and Snam EBIT breakeven 148% reserve Versalis replacement ratio
Slide 3: CFFO breakeven lowered to 50 $/bbl
CFFO breakeven lowered to 50 $/bbl cash sources and uses CFFO | bln € -5.1 14.4 2.9 12.2 scenario growth, impact turnaround & efficiency growth, efficiency and strong cost control drive robust cash generation 3
Slide 4: Strong production growth
strong production growth oil & gas production | kboe/d Q4 2015: 1,884 +10% +14% vs Q4 2014 10 main start ups 1,760 1,598 fast track of near field discoveries in Egypt one off contribution from past cost recovery 4
Slide 5: Capex optimization
capex optimization group capital expenditure upstream capex | $/boe 13.2 FX rate 1.6 -17% 11.6 11 -20% re-phasing of development projects accelerated time to market of near field exploration renegotiation of rates and costs of services Capex at constant 2015 exchange rates Peers: Exxon, Shell, BP, T
Slide 6: Enhancing our competitive cost structure
enhancing our competitive cost structure upstream opex | $/boe G&A | mln € target opex per boe -23% 2016 vs 2014 G&A -30% Peers: Exxon, Shell, BP, Total, Chevron 6
Slide 7: 2015 Reserves Replacement Ratio
2015 Reserves Replacement Ratio proved reserves | bln boe -0.02 -0.6 0.9 6.9 6.6 2015 RRR: 148% YE14 YE15 average organic RRR of 135% since 2010 7
Slide 8: Full year consolidated results
full year consolidated results adj. operating profit YoY | bln € adj. operating profit | bln € -0.1 0.4 -0.3 4.1 11.4 4.1 -8.8 -0.7 11 2.2 4.1 2015 Net adj profit: € 336 mln 8
Slide 9: Saipem deal
Saipem deal October Now 2015 January 2016 February 2016 February 2016 12.5% sold to Capital FSI and Completion increase deconsolidation Announcement Intercompany debt reimbursement Transaction completed in 4 months €4.8 billion of net cash-in 9
Slide 10: Net debt evolution
net debt evolution leverage = 0.31 0.22 0.22 net debt/equity billion € 19.3 13.7 11.7 * Proforma 31st Dec 2015 net debt based upon group position considering the closure of the Saipem transaction 10
Slide 11: Conclusions: Actual 2015 and Outlook 2016
conclusions Actual 2015 Outlook 2016 Beating our targets Enhancing resiliency production production +10% at 1.76 Mboed 1.76 Mboed (with one-off benefits) (without 2015 one-off benefits) capex capex –17% vs. 2014 -20% vs. 2015 opex per boe opex per boe -13% vs 2014 -11% vs 2015 organic cash organic c