Slide 1: Eni 1H 2023 Results
Eni 1H 2023 Results Financial Delivery and Strategic Progression JULY 28, 2023 Baleine FPSO in Côte d’Ivoire
Slide 2: Disclaimer
DISCLAIMER This document contains forward-looking statements regarding future events and the future results of Eni that are based on current expectations, estimates, forecasts, and projections about the industries in which Eni operates and the beliefs and assumptions of the management of Eni. In add
Slide 3: Delivery on Strategy
DELIVERY ON STRATEGY 1H 2023 SIGNIFICANT STRATEGIC PROGRESS ENVIRONMENTAL ENERGY SUSTAINABILITY SECURITY REINFORCED NEPTUNE GAS POSITION ACQUISITION ENVIRONMENTAL ENERGY IN ALGERIA SUSTAINABILITY SECURITY ENERGY MIX DIVERSIFICATION GEOGRAPHICAL DIVERSIFICATION DEPLOYMENT OF NEW TECHNOLOGIES QUALITY
Slide 4: A Longer Term Perspective on Our Path
A LONGER TERM PERSPECTIVE ON OUR PATH OUR LEGACY OUR PRESENT OUR FUTURE FOCUS ON TIME TO MARKET IMPROVED RISK-RETURN PROFILE REDUCED PROJECTS BREAKEVEN 60% GAS WEIGHTED PORTFOLIO AT 2030 DUAL EXPLORATION MODEL & PHASED DEVELOPMENT CCS AT SCALE TO TACKLE UNABATED BALANCE RETURN AND RISKS WITH SHIFT T
Slide 5: More Resilient, Profitable Company
MORE RESILIENT, PROFITABLE COMPANY FINANCIAL IMPROVEMENT OVER THE LAST DECADE ATTRACTIVE GROWING € CFFO/Share ROACE CASHFLOW FROM STREAMLINED BUSINESS 9 108.7 99.0 52.5 43.7 54.3 71.0 64.3 41.7 70.7 101.2 80 25% 108.7 99.0 52.5 43.7 54.3 71.0 64.3 41.7 70.7 101.2 80 8 85 AT CONSTANT PRICES 7 20% Foc
Slide 6: 1H 2023 Group Results
1H 2023 | GROUP RESULTS CONFIRMING OUR FINANCIAL STRENGTH RESILIENT IN A LOWER CASH FLOW RESULTS | € BLN EBIT € 8.0 BLN SCENARIO 10 PROFIT FROM CONFIRMS RELEVANCE OF OUR € 0.9 BLN 2Q HIGH ASSOCIATES SATELLITE MODEL QUARTER 8 POSITIVE UNDERLYING NET PROFIT € 4.8 BLN PERFORMANCE 6 HIGH LEVEL OF CASH C
Slide 7: Natural Resources
NATURAL RESOURCES OUTPERFORMING SCENARIO WEAKER SCENARIO E&P GGP LOWER PRICES ADJ. EARNINGS PRE-TAX | € BLN ADJ. EARNINGS PRE-TAX | € BLN BRENT -31%, PSV -62% E&P EBIT €2.1 BLN RESILIENT IN CONTEXT OF SCENARIO & HIGHER NON-CASH 5.4 EXPLORATION EXPENSES 1.1 Gas 2.3 GGP [xx%] -0.03 BUSINESS RESILIENT
Slide 8: Downstream
DOWNSTREAM CHALLENGED BY MACRO SCENARIO ADJ. EBIT PRO FORMA | € BLN SERM 6.6 $/BBL DOWN 62% vs 2Q 2022 1.25 GTR&M 0.13 REFINING SERM IMPACTED BY LOWER CRACKS & OTHER MARKET DEVELOPMENTS NOT CAPTURED BY SERM PLUS LOWER UTILISATION DUE TO TURNAROUNDS 0.90 RESILIENT MARKETING STRONG CONTRIBUTION 0.16 F
Slide 9: Plenitude
PLENITUDE INTEGRATED BUSINESS MODEL DELIVERING VALUE GROWING INSTALLED ADJ. EBITDA PRO FORMA | € BLN END OF 1H23 DATA CAPACITY IN RES AND E-MOBILITY 0.24 RENEWABLES 0.04 RES 2.5 GW INSTALLED CAPACITY 0.19 STRATEGIC AGREEMENTS 0.04 IN 1H: RETAIL OFFSHORE WIND: SIMPLY >10 M CUSTOMERS BLUE AND GREENI
Slide 10: 2Q 2023 Results Summary
2Q 2023 RESULTS SUMMARY PRE-TAX TO CASHFLOW AND NET DEBT SEASONAL HIGH LEVEL OF CASH RELEASE CONVERSION HIGHER QUARTERLY CAPEX € BLN RELATED TO IVORY COAST START-UP OPERATIONS POSITIVE WORKING CAPITAL 47% TAX RATE RELEASE AS SEASONAL 30% CASH TAX RATE EFFECTS REVERSE CFFO MORE THAN COVERS BUYBACK CA
Slide 11: Concluding Remarks
CONCLUDING REMARKS DELIVERING FINANCIAL RESULTS IN A WEAKER SCENARIO SIGNIFICANT STEPS IN PROGRESSING STRATEGY CONSITENCY OF PURPOSE ADVANCING VALUE OF BUSINESS AND DELIVERING ATTRACTIVE SHAREHOLDER RETURN SPARC building site in CFS - Devens, MA
Slide 12: Annex
ANNEX 12
Slide 13: 2023 Guidance
2023 GUIDANCE GUIDANCE PRODUCTION 1.63-1.67 MBOED 1.63 Mboed in 3Q23 SIGNIFICANT PROGRESS IN MEETING AND BEATING DISCOVERED RESOURCES 700 MBOE GUIDANCE EVEN AS SCENARIO SOFTER GGP EBIT € 2.7-3.0 BLN PLENITUDE EBITDA1 ~ € 0.8 BLN FY EBIT AND CFFO REFLECTS NORMALISING GGP DOWNSTREAM EBIT1 € 0.8 BLN re
Slide 14: 2Q 2023 Earnings Summary
2Q 2023 EARNINGS SUMMARY EBIT TO PRE-TAX RECONCILIATION € BLN RESISTING SCENARIO HEADWINDS TO DELIVER DIVERSITY IN CONTRIBUTION 0.07 3.67 0.18 0.07 0.17 -0.02 3.38 -0.14 0.10 RESILIENT DELIVERY FROM 0.16 -0.07 1.09 UPSTREAM GGP CONFIRMS QUALITY AND PERFORMANCE OF BUSINESS MODEL [2.1] -0.01 EMERGENCE
Slide 15: 2Q 2023 vs 2Q 2022 Earnings
2Q 2023 vs 2Q 2022 EARNINGS € BLN NATURAL DOWNSTREAM PLENITUDE RESOURCES POWER 6.2 -2.5 INCLUDES CONTRIBUTION 1.1 -0.9 FROM ASSOCIATES, FINANCING AND OTHERS -0.6 -0.2 0.1 3.7 0.3 -0.01 0.1 2Q22 Scenario Angola E&P GGP Scenario Performance Scenario Performance Others 2Q23 Adjusted decons. Performance
Slide 16: 2Q 2023 vs 1Q 2023 Earnings
2Q 2023 vs 1Q 2023 EARNINGS € BLN NATURAL DOWNSTREAM PLENITUDE EARNINGS PRIMARILY RESOURCES POWER IMPACTED BY FALL IN NATURAL GAS PRICES AND PRIMARILY SEASONAL TRENDS BETWEEN NATURAL GAS 1Q AND 2Q 5.0 -0.5 SEASONAL PRODUCTION DECLINE WITH UNDERLYING GROWTH -0.3 -0.3 -0.1 0.1 -0.2 3.7 1Q SEASONALLY R
Slide 17: 2Q Market Scenario
2Q MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 1.122 113.8 101.4 100.9 1.089 88.7 1.065 1.073 81.3 78.4 1.021 1.007 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 PSV| €/kcm STANDARD ENI REFINING MARGIN| $/bbl 2,082 17.2 13.6 11.2 1,043 1,032 1,00
Slide 18: Upstream Key Start-ups in the Plan [1/2]
UPSTREAM KEY START-UPS IN THE PLAN [1/2] COUNTRY PROJECT OPERATOR W.I. PRODUCTS FID START UP PRODUCTION (KBOED)A Agogo West Hub Integrated J 18% Liquids 2022 2026 (FPSO) 175 (100%) ANGOLA (Azule Energy) NGC Quiluma & Mabuqueiro J 19% Gas 2021 2026 100 (100%) CONGO Congo LNG Y 65% Gas 2022 2023 123 (
Slide 19: Upstream Key Start-ups in the Plan [2/2]
UPSTREAM KEY START-UPS IN THE PLAN [2/2] COUNTRY PROJECT OPERATOR W.I. PRODUCTS FID START UP PRODUCTION (KBOED)A Baleine ph.1 Y 83% Liquids/Gas 2022 2023 18 (100%) IVORY COAST Baleine ph.2 Y 83% Liquids/Gas 2022 2024 38 (100%) 2026 LIBYA A&E Structure Y 50% Gas 2023 (Struct. A) 160 (100%) Balder X N
Slide 20: Biorefining Key Projects 2023-26
BIOREFINING KEY PROJECTS 2023-26 COUNTRY PROJECT W.I. START UP CAPACITY STATUS ADDITIONAL NOTES Production capacity increase 2024 from 360 to 560 kt/y ITALY 100% 560 Firm - (VENICE) Enhanced flexibility to kton/y allow other biomass Ph1 in 2023 processing (incl. low bio Ph2 in 2027 ILUC) Product mix
Slide 21: Plenitude Key Projects
PLENITUDE KEY PROJECTS Solar PV Onshore Wind Offshore Wind B Storage EQUITY YEARLY WORKING COUNTRY PROJECT INSTALLED TECHNOLOGY COMPLETION PRODUCTION INTEREST CAPACITY (MW) (GWH) SPAIN Guillena & Caparacena 100% 380 2024 800 USA Brazoria 100% 263 2022 450 USA Guajillo 100% 200 B 2024 150 SPAIN Orens
Slide 22: Sensitivity 2023
SENSITIVITY 2023 EBIT ADJ Net adj CFFO before WC SENSITIVITY 2023 (€ bln) (€ bln) (€ bln) Brent (1 $/bbl) 0.18 0.13 0.13 European Gas Spot Upstream (1 $/mmbtu) 0.15 0.12 0.13 Std. Eni Refining Margin (1 $/bbl) 0.14 0.10 0.14 Exchange rate $/€ (+0.05 $/€) -0.47 -0.26 -0.58 Brent sensitivity applies t