Slide 1: Eni 9M 2020 Results
Eni 9M 2020 Results Eni biorefinery in Venice October 28, 2020
Slide 2: 9M Highlights
9M HIGHLIGHTS NATURAL • Production: 1.74 Mboed. Main start ups in Algeria and Congo • Exploration: success in Egypt, Angola, Mexico, Vietnam, UAE RESOURCES • Global Gas & LNG: € 0.6 Bln FCF, despite a challenging scenario • CCS: Carbon Storage Licence for Liverpool Bay Fields (potential 195 mt CO2)
Slide 3: Ratings confirm Eni's leadership in ESG
RATINGS CONFIRM ENI’S LEADERSHIP IN ESG 2019 Eni confirmed leadership position in 2019 for the 3rd consecutive year with A- rating; CDP 2020 questionnaire submitted and under evaluation Aug 20 Eni inserted in the highest “advanced” band Aug 20 "A" ESG rating, leader in Carbon Emissions and Health an
Slide 4: Natural Resources
NATURAL RESOURCES UPSTREAM | EBIT Adj € BLN GLOBAL GAS & LNG PORTFOLIO | EBIT Adj € BLN TTF (€/kcm) 146 81 Brent ($/bbl) 64.7 40.8 Spread PSV-TTF (€/kcm) 29 16 PSV (€/kmc) 175 97 FX 1.124 1.125 JKM ($/Mbtu) 5.4 3.1 4 2020 PRODUCTION CONFIRMED 1.72 – 1.74 Mboed
Slide 5: CCS – Carbon Capture & Storage
CCS – CARBON CAPTURE & STORAGE ADRIATIC BLUE UK PROJECTS RAVENNA, ITALY LIVERPOOL BAY TEESSIDE 2022 2026 OCT ‘20: LICENCE AWARDED OGCI FIRST CCUS HUB DEMO STARTUP STARTUP 2025: EXPECTED STARTUP 2025: EXPECTED STARTUP FIRST CCS PROJECT IN THE MEDITERRANEAN THIRD PARTY EMISSIONS DECARBONISING HARD-TO-
Slide 6: Exploration – continues to build optionality despite COVID-19
EXPLORATION – CONTINUES TO BUILD OPTIONALITY DESPITE COVID-19 EGYPT | Nile Delta & Western Desert MEXICO | Block 10 (w.i. 65%) Saasken NILE DELTA BASHRUSH NEAR FIELD PROVEN BASIN 2020 TARGET WESTERN NIDOCO NW Discovery: Gas & Oil Discovery: Oil EXPLORATION DISCOVERY DESERT Results: Results: SAASKEN
Slide 7: Energy Evolution
ENERGY EVOLUTION ENI GAS E LUCE, POWER & REN | EBIT Adj €Mln R&M AND CHEMICALS | EBIT Adj € Mln ($/bbl) SERM 4.4 2.2 Spread Ural-Brent 0.1 -0.4 2020 GUIDANCE: > € 0.3 bln 7 R&M includes pro-forma ADNOC Refining & Trading
Slide 8: Refining – Focus on Bio
REFINING – FOCUS ON BIO BIO REFINERIES CAPACITY | Mton 15% INTERNAL RATE OF RETURN 1.3 1.1 MTPA MTPA FEEDSTOCK: € 60 MLN FEEDSTOCK: 20% 80% 2nd & 3rd GEN 9M EBIT ADJ 2nd & 3rd GEN 2020 end 2023 8
Slide 9: Cash Results
CASH RESULTS 9M CASHFLOW| € bln CONFIRMED 2020 CFFO € 6.5 bln @ $ 40/BBL 9 CFFO & FCF are adjusted and pre working capital at replacement cost
Slide 10: Hybrid Bond: diversifying and strengthening financial position
HYBRID BOND: DIVERSIFYING AND STRENGTHENING FINANCIAL POSITION 2 PERPETUAL HYBRID BONDS FOR A TOTAL OF €3BN LARGEST EVER HYBRID ISSUANCE IN ITALY & 7X DEMAND VS ORIGINAL OFFER LEVERAGE • Significantly strengthened balance sheet • Further diversified our capital structure • Supports our strong invest
Slide 11: Portfolio optimisation: lever to enhance flexibility
PORTFOLIO OPTIMISATION: LEVER TO ENHANCE FLEXIBILITY RATIONALE Non core Upstream assets Optimisation of non-upstream assets Asset mergers to optimise portfolio 2020 GROSS DISPOSALS : ~ €1 bln 11
Slide 12: 2020 Guidance
2020 GUIDANCE Production 1.72 - 1.74 mboed Exploration discoveries > 300 mln boe GGP Adj EBIT € 0.2 bln Energy Evolution Adj EBIT > € 0.3 bln CFFO @ 40 $/bl ~ € 6.5 bln CAPEX ~ € 5.2 bln Gross Disposals ~ € 1 bln Leverage (pre IFRS 16 lease liabilities) < 0.3 12
Slide 13: Annex
ANNEX October 28, 2020
Slide 14: Market Scenario
MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 64.7 1.124 1.125 40.8 9M 2019 9M 2020 9M 2019 9M 2020 EUROPEAN GAS PRICES| €/kcm STANDARD ENI REFINING MARGIN| $/bbl PSV TTF PSV TTF 4.4 175 146 2.2 97 81 14 9M 2019 9M 2020 9M 2019 9M 2020
Slide 15: Assumptions and Sensitivity
ASSUMPTIONS AND SENSITIVITY 4YP Scenario 2020 2021 2022 2023 Brent dated ($/bbl) 42 48 55 60 FX avg ($/€) 1.143 1.130 1.150 1.180 Ural MED c.i.f. - Med Dated Strip ($/bbl) -0.4 -1.3 -1.4 -1.5 Std. Eni Refining Margin ($/bbl) 2.4 4.3 4.5 4.6 NBP ($/mmbtu) 2.8 4.1 4.8 5.1 PSV (€/kcm) 104 147 163 167 S