ENI S.p.A. · MIL:ENI
ENI — Q3 2015 Earnings Presentation
10 slides from ENI's earnings presentation, Oct 29, 2015
Slide 1: Saipem stake disposal and Q3 results
Saipem stake disposal and Q3 results A major milestone in eni’s transformation 29 October 2015 www.eni.com
Slide 2: Eni strategy - progressing on three main pillars
Eni strategy - progressing on three main pillars Growth • 2015 production +9% • > 1.2 bln boe of new resources discovered • Capex –17% and Opex per boe –12% Restructuring • G&P ebit close to breakeven • R&M and Versalis both ebit positive • Downstream segment FCF positive Transformation • Sale of 12
Slide 3: Saipem stake disposal
Saipem stake disposal 3
Slide 4: Saipem stake disposal: total net debt reduction to eni € 5.1 bln
Saipem stake disposal • 12.5% sale to FSI and deconsolidation • Pro-quota participation in capital increase of € 3.5 bln • Full net debt reimbursement at completion Total net debt reduction to eni € 5.1 bln 4
Slide 5: 3Q results and YTD performance
3Q results and YTD performance 5
Slide 6: E&P - production growth is supported by world class exploration
E&P - production growth is supported by world class exploration oil & gas production | kboed exploration discoveries 1,800 +9% US Permian Libya 1,700 Egypt Indonesia 1718 Gabon 1,600 Congo 1,500 1581 >1.2 bln boe discovered 9M 15 1,400 9M 14 9M 15 oil gas Higher production and discovered volumes 6
Slide 7: G&P - strong cash generation
G&P - strong cash generation EBIT adj | bn € CFFO | bn € 0.2 2 +2.6 0.08 0 -0.14 1 1.9 -0.2 -0.4 0 -0.7 -0.6 +0.3 -1 9M 14 9M 15 9M 14 9M 15 9M results without retroactive benefits 2015 EBIT adj close to breakeven notwithstanding arbitration postponements 7
Slide 8: R&M and Chemicals - gaining momentum
R&M and Chemicals - gaining momentum EBIT adj | bn € CFFO | bn € 2 +1.1 +1.2 1.5 1 1 1.7 0.5 0.5 0.56 0.5 0 0 -0.56 -0.5 -0.5 9M 14 9M 15 9M 14 9M 15 -1 EBIT adj positive and organic cash neutrality brought forward to 2015 8
Slide 9: Ebit and Net – economic performance
Ebit and Net – economic performance EBIT adj | bn € Net adj | bn € 8.8 3.1 scenario -6.1 +0.8 3.5 performance 0.8 Q3 14 scenario hedging performance Q3 14 scenario 9M 14 9M 15 9M 14 9M 15 EBIT adj: plan execution delivered € 800 mln Excluding Saipem. 9 Constant scenario: oil price, FX and refining m
Slide 10: Cash generation - organic capex coverage
Cash generation - organic capex coverage 15 cumulative CFFO | 9M 15 CFFO and CAPEX | 2015 70 12 12 60 CFFO CAPEX 9 9 50 40 6 6 Jan-Sep Jan-Sep 30 8.4 8.4 20 3 3 10 0 0 0 source use capex covered by operating cashflow @55$/bbl Excluding Saipem 10