Slide 1: Q1 2017 results
Q1 2017 results 10 May 2017
Slide 2: Highlights
Highlights • Production growth: 1,795 kboed (+6% net of PSA and Opec cuts vs IQ2016) • 2017 start-ups Upstream • Jangkrik & OCTP start-up in coming weeks • Zohr start-up confirmed by end of this year • Kashagan ramp up on track: 200 kbbl/d oil reached • G&P: 2017 structural breakeven on track Mid-do
Slide 3: Market scenario
Market scenario Brent ($/bbl) Exchange rate (€/$) 53.8 1.102 49.5 1.078 1.065 33.9 1Q 2016 4Q 2016 1Q 2017 1Q 2016 4Q 2016 1Q 2017 European gas prices (€/kcm) Standard Eni Refining Margin ($/bbl) PSV TTF 202 219 4.7 182 195 153 136 4.2 4.2 1Q 2016 4Q 2016 1Q 2017 1Q 2016 4Q 2016 1Q 2017 3
Slide 4: 2017 production and cash flow targets confirmed
Upstream Oil & Gas Production | kboed EBIT Adj | € mln Higher exploration 1,900 write offs for €100 mln 1,850 OPEC cuts + PSA +6% 55 effect 1,800 1,750 1,415 1,795 1,700 1,754 95 1,650 1Q 2016 1Q 2017 1Q1Q 2016 16 1Q1Q2017 17 2017 production and cash flow targets confirmed 4
Slide 5: 2017 start-ups
2017 start-ups JANGKRIK – Indonesia OCTP – Ghana ZOHR – Egypt (WI: 55%) (WI: 44%) (WI: 60%) Execution Time 41 months Execution Time 29 months Execution Time 22 months FID Start FID Start FID Start FID 96% up FID 90% up FID 60% up December 2017 Peak 100%: 80 kboe/d Peak 100%: 85 kboe/d Peak 100
Slide 6: Eni's portfolio is low cost
Upstream cost - relative benchmark Opex | $/boe F&D | $/boe 16 160 60 12 35 8 4 10 2012 2013 2014 2015 2016 2012-14 2013-15 2014-16 Eni’s portfolio is low cost 6 Peers: BP, CVX, COP, XOM, RDS, STL, TOT
Slide 7: Eni's portfolio is high value and resilient
Discounted Net Cash Flow (DNCF) vs peers 2016 DNCF 53 52 49 $ bln 32 31 29 21 12 peer 1 peer 2 peer 3 peer 4 peer 5 peer 6 peer 7 Proved Reserves bln boe (31 Dec 16) 20.0 11.1 17.8 13.2 7.5 11.5 5.0 6.4 Unit DNCF $/boe 2.7 4.7 2.8 2.4 4.2 2.6 4.3 1.9 Eni’s portfolio is high value and resilient 7 Pee
Slide 8: Strong economic performance
Mid-Downstream G&P EBIT adj | € mln R&M EBIT adj | € mln Versalis EBIT adj | € mln 338 123 285 66 66 111 1Q 2016 1Q 2017 1Q 2016 1Q 2017 1Q 2016 1Q 2017 Strong economic performance 8
Slide 9: Adjusted net profit: €744 M
Group economic results Group EBIT adj | € bln 0.2 0.1 1.35 1.83 0.6 1Q 2016 scenario OPEC + oneoffs growth + 1Q 2017 efficiency Adjusted net profit: €744 M 9
Slide 10: Accelerated and accretive cash generation
Cash flow pre working capital at replacement cost € bln 2.2 2.6 1.5 1.4 1.6 1.0 1Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 without Saipem 54 54 $/bbl $/bbl Accelerated and accretive cash generation 10
Slide 11: Dividend cash neutrality around $45/bbl
2017 Cash Balance € bln 15 10 DIVIDEND CFFO + proceeds from 5 disposals CAPEX 0 CASH IN CASH OUT 55 $/bbl Dividend cash neutrality around $45/bbl 11