Slide 1: Breakout Sessions: 2023 Capital Markets Update & 2022 Full Year Results
BREAKOUT SESSIONS 2023 CAPITAL MARKETS UPDATE & 2022 FULL YEAR RESULTS FEBRUARY 2023
Slide 2: Upstream
Slide 3: Exploration: Consistency of a Performance Leader
EXPLORATION CONSISTENCY OF A PERFORMANCE LEADER Bboe US$/boe LEADERSHIP First for Volumes, for Gas and CONSISTENT TOP PERFORMER in conventional exploration, for Efficiency selective and efficient capex use, giant discoveries on a variety of plays and geographies EFFECTIVENESS First for Eni actual re
Slide 4: Exploration: Centralized and Delivery-Driven Strategy
EXPLORATION CENTRALIZED AND DELIVERY-DRIVEN STRATEGY AN INTEGRATED AND SUCCESSFUL OPERATING MODEL SOLID & SIMPLE STRATEGY CENTRALISED COMPUTATIONAL PROCESSES CAPABILITY high equity shares, presidium of basins knowledge proprietary algorithms simple JVs, rigorous project ranking master in seismic ima
Slide 5: Exploration: A Predictable Value Creation
EXPLORATION A PREDICTABLE VALUE CREATION TRUSTABILITY Eni has the highest conventional proven ability to build and renew the portfolio of opportunities, to full-cycle IRR in the last 10 years estimate and achieve the indicated targets CONVENTIONAL FULL-CYCLE IRR IN 2012-2021 (at Base price) 26% GROW
Slide 6: 2022 Exploration: Accelerating Time to Market
2022 EXPLORATION ACCELERATING ‘TIME TO MARKET’ THROUGH DISCOVERY OF ‘ADVANTAGED BARRELS’ • Focus on Appraisal while Developing • Shortening the cycle: phased and fast track developments • Acceleration on Gas exploration and Gas valorisation
Slide 7: 2023-2026 Exploration: Main Drilling Areas
2023-2026 EXPLORATION MAIN DRILLING AREAS – NEAR FIELD & SELECTED HIGH IMPACT EXPLORATION
Slide 8: Fast, Competitive and Sustainable Portfolio
FAST, COMPETITIVE AND SUSTAINABLE PORTFOLIO UNDERPINNED BY DISTINCTIVE DEVELOPMENT APPROACH TTM 2x FASTER THAN INDUSTRY Time-to-market (years) HIGH PERFORMANCE TECHNOLOGIES 7.0 …up to 2022 new projects… Faster and more accurate reservoir data elaboration through High Performance Computing (HPC5) 6.0
Slide 9: Coral FLNG, Mozambique
CORAL FLNG, MOZAMBIQUE STARTING JOURNEY AS LEADING OFFSHORE-LNG OPERATOR Designed to minimize GHG emissions Better Energy Efficiency of liquefaction process than industry average Start-Up to first Cargo, in less than 5 months Major LNG project executed on time and budget (1.5 years faster than indus
Slide 10: Baleine, Côte d'Ivoire
BALEINE, CÔTE D’IVOIRE THE FIRST NET-ZERO, FAST-TRACK DEVELOPMENT IN AFRICA ON GIANT DISCOVERY First net zero green field development in Africa (Scope 1&2) Baleine Gas supplied to Domestic Market +~50% of country Gas Actual Production $ 20 mln in 5 years for Local Development Programs 2.5 Bln bbl &
Slide 11: Our Key Development Hubs for Gas
OUR KEY DEVELOPMENT HUBS FOR GAS LOW CARBON AND COMPETITIVE PIPELINE OF GAS PROJECTS IN KEY GLOBAL REGIONS Start-up main 2023 - 2024 2025 – 2026 beyond 2026 projects pipeline Cassiopea New Egyptian Discoveries Mediterranean Meleiha ph.2 (Nargis and Nour) Cyprus Discoveries Algerian assets ramp-up A&
Slide 12: Our Key Development Hubs for Gas: New Gas Production
OUR KEY DEVELOPMENT HUBS FOR GAS NEW GAS PRODUCTION MEDITERRANEAN | Mscfd Algeria - Libya – Egypt – Italy 1,600 MIDDLE EAST & PACIFIC | Mscfd Qatar - UAE - Australia – Indonesia 800 800 400 0 2023 2026 Long Term 0 2023 2026 Long Term SUB-SAHARAN | Mscfd Angola – Congo – Nigeria - Mozambique 1,600 80
Slide 13: Global Gas & LNG Portfolio
Slide 14: Re-engineered Business
RE-ENGINEERED BUSINESS TO ACHIEVE SOLID RESULTS DESPITE MARKET TURMOILS COVID PANDEMIC RUSSIA SUPPLY SHORTFALL 2019* 2020 2021 2022 2023 2023 DOES NOT INCLUDE TTPC/TMPC 0.2 0.3 0.6 2.1 1.7 – 2.2 E EBIT PRO-FORMA EBIT ADJ IMPACT OF ~0,3B€ [B€] 2023 NET CAPITAL EMPLOYED: ~0,5B€ 15 11 19 23 30 E ROACE:
Slide 15: A New Business Model
A NEW BUSINESS MODEL RE-SHAPED AROUND PORTFOLIO DEVELOPMENT, CONTINOUS OPTIMISATION AND TRADING STRATEGIC LEVERS CAPABILITIES LNG INTEGRATION ALONG Portfolio NEGOTIATION/ORIGINATION THE GAS/LNG VALUE CHAIN MARKET ACCESS/TRADING STRONG RELATIONSHIPS WITH PRODUCING COUNTRIES Optimisation RISK MANAGEME
Slide 16: Reliable Sources of Value
RELIABLE SOURCES OF VALUE UNDERPINNING OUR FINANCIAL RESULTS AND TARGETS PROFIT VOLATILITY Algeria -> Italy: 104 Mcm/d (Eni share@50/25%) - Activity in line with returns and risks of a semi-regulated business INFRASTRUCTURE Libya -> Italy: 31 Mcm/d (Eni share@50%) QUASI-REGULATED Russia -> Turkey:
Slide 17: Optimisation and Trading
350 OPTIMISATION AND TRADING 300 250 MAXIMIZING VALUE FROM ASSETS’ PORTFOLIO €/MWh 200 150 GEOGRAPHICAL ARBITRAGE 100 Different price of gas or LNG in different markets: 50 1. Access to transport capacity - Jan-22 Apr-22 Jul-22 Oct-22 2. Leverage contractual provision to get deliveries in different
Slide 18: Key Drivers of Profitability
KEY DRIVERS OF PROFITABILITY DRIVERS OF PROFITABILITY 2022 EBIT GGP [M€] KEY LEVERS • Growth in gas and LNG demand/flows ▪ Negotiation IQ22 931 ▪ Supply GAS/LNG • Absolute level of prices and spreads contracts optimization ▪ Storage • Market volatility: optimization/trading IIQ22 -14 • Prices and sp
Slide 19: Global Gas & LNG Portfolio: Resilient and Re-shaped Gas Sources
GLOBAL GAS & LNG PORTFOLIO RESILIENT AND RE-SHAPED GAS SOURCES BY REGION & PIPE CONTRIBUTING TO SECURITY OF SUPPLY WHILE STEPPING UP VALUE DELIVERY 2026 Norway 10% UK 40% 25% Italy 2021 Algeria Cyprus 25% Libya Egypt United Arab Emirates Qatar Russia Nigeria Indonesia Africa Congo Europe Mozambique
Slide 20: GGP: A New Supply Paradigm
GGP A NEW SUPPLY PARADIGM SET UP TO EXTRACT VALUE LNG EVOLUTION (contracted volumes, MTPA) FROM A SUSTAINED VOLATILE MARKET ENVIRONMENT >18 A GLOBAL SCALE OF SHORT, MEDIUM & LONG-TERM OPTIONS ALGERIA LIBYA ITALY Transmed Greenstream Equity 11 9 PIPE spare capacity spare capacity production Structure
Slide 21: Sustainable Mobility
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Slide 22: Sustainable Mobility: Uniquely Positioned Across the Value Chain
SUSTAINABLE MOBILITY UNIQUELY POSITIONED ACROSS THE SUSTAINABLE MOBILITY VALUE CHAIN MARKETING ENHANCED FEEDSTOCK PRODUCTION & SALES MOBILITY WASTE&RESIDUE COLLECTION BIOREFINING BUSINESS MARKETING DISTRIBUTION NON-FUEL RETAIL VERTICAL INTEGRATION BIOMETHANE RETAIL FUEL FOOD/CONVENIENCE AGRICULTURAL
Slide 23: Biorefining Expansion Initiatives
SUSTAINABLE MOBILITY BIOREFINING EXPANSION INITIATIVES VENICE & GELA LIVORNO CHALMETTE - USA ENHANCING OUR CURRENT NEW BIOREFINERY NEW BIOREFINERY BIOREFINERIES UNDER STUDY CONVERSION EXPANDING PRESENCE IN NORTH AMERICA ACCESS TO PREMIUM HVO AND SAF MARKET, AND AMPLE BIO-FEEDSTOCK AVAILABILITY 50% J
Slide 24: Eni Live Station: Beyond Mobility
SUSTAINABLE MOBILITY ENI LIVE STATION – BEYOND MOBILITY EniCafè Emporium ALT Amazon PosteItaliane TelePass Valet & Eni Wash 600+ LOCATIONS CONVENIENCE STORES Stazione Hub Lockers POSTAL SERVICE point 100% MADE IN ITALY BEST ITALIAN BRANDS del gusto 800+ LOCKERS AND WITHDRAWAL PRODUCT OFFERING FOOD S
Slide 25: Eni Live Station: Short and Medium Range Mileage Services
SUSTAINABLE MOBILITY ENI LIVE STATION – SHORT AND MEDIUM RANGE MILEAGE SERVICES Battery EniParking Enjoy HVOlution Bio-CNG Bio-LNG Hydrogen Ultra Fast EV CP Swapping & Smart Parking EFFICIENT URBAN LOCATIONS CAR SHARING CAR-SHARING ALTERNATIVE FUELS
Slide 26: Technology
TECHNOLOGY |)
Slide 27: A Complete Landscape and Integrated Approach to Innovation
TECHNOLOGY A COMPLETE LANDSCAPE AND INTEGRATED APPROACH TO INNOVATION AN INTEGRATED APPROACH TO DEVELOP HIGH-POTENTIAL TECHNOLOGIES, ACCELERATE INNOVATION AND TIME TO MARKET MAGNETIC FUSION: SAFE, SUSTAINABLE & VIRTUALLY INEXHAUSTIBLE ENERGY eni next CORPORATE CORPORATE & INNOVATION TODAY VENTURE CA
Slide 28: Achieving Fusion Energy on Earth
TECHNOLOGY ACHIEVING FUSION ENERGY ON EARTH: A GOAL SINCE HUMANITY DISCOVERED WHAT POWERED THE STARS FUSION ENERGY Explaining the process* MAGNETIC CONFINEMENT Light atoms, such as isotopes of hydrogen (Deuterium & Tritium), combine to creates an Powerful magnetic fields are used to confine element
Slide 29: Main Characteristics of Fusion Process
TECHNOLOGY MAIN CHARACTERISTICS OF FUSION PROCESS The goal to reach is to get more power out than is put in the plant to enable fusion conditions (heating plasma – cooling magnets) VIRTUALLY INEXHAUSTIBLE SAFE Abundance of fuel: It is safe due to controllability of the reaction: • Deuterium could be
Slide 30: Timeline on Fusion Energy
TECHNOLOGY TIMELINE ON FUSION ENERGY TODAY 2030s MIT NEW UNIVERSITIES NEW COLLABORATIONS WITH COLLABORATION COLLABORATIONS CENTERS OF EXCELLENCE TECHNOLOGY DEVELOPMENT ENI-CNR JOINT CENTER CFS-SPARC IN CFS-ARC IN CFS INVESTMENT DTT AGREEMENT OPERATION OPERATION INDUSTRIAL DEVELOPMENT CFS - HTS MAGNE
Slide 31: Technological Platforms: Strategic Drivers and Guidelines
TECHNOLOGY TECHNOLOGICAL PLATFORMS: STRATEGIC DRIVERS AND GUIDELINES To reduce, capture, transform or store CO 2, increasing energy PROCESSES efficiency, reducing emissions and promoting decarbonized DECARBONIZATION energy vectors. To reduce, recycle and reuse products and by-products, CIRCULAR & tr