Slide 1: 2017 Full Year Results
2017 Full Year Results SET FOR GROWTH 16 FEBRUARY 2018
Slide 2: Highlights 2017
Highlights 2017 Upstream Mid/Down/Renewables Financials Production:1.82 Mboe/d G&P: structurally positive CFFO: € 10 bln (+25% YoY) Exploration: 1 bln boe R&M+Chem: EBIT adj € 1 bln Capex: € 7.6 bln Organic Reserves Repl. : > 150% CFFO: ~€1.8 bln Disposal: € 3.8 bln cash in post ta
Slide 3: Relentless efforts on HSE improvements
Relentless efforts on HSE improvements People Safety | TRIR Upstream Methane Emissions | MTCO2 eq. Flaring down | MSmc Upstream GHG intensity vs production Eni top performer since 2012 ‐19% TCO2E /TOE since 2014: on track to reach 2025 target (‐43%) 2,5 5 10000 2 4 8000 1,5 industry 3 6000 average 1
Slide 4: Upstream 2017 performance
Upstream 2017 performance 1.82 10.6 Mboe/d $/boe (+ 5.3% adj OPEC & (avg 2015‐17) Production PSA) F&D cost 8.3 ~45 € bln $/bbl CFFO CAPEX cash neutrality 4
Slide 5: 2017 resource base growth
2017 resource base growth New resources Norway 1 bln boe Kazakhstan $ 1.1/boe UEC Libya Cyprus Lebanon Acreage Morocco Egypt +97,000 Mexico Sq km Cote d’Ivoire Oman Indonesia Congo RRR Organic >150% OIL GAS NEW PERMITS DISCOVERIES 5
Slide 6: Fast-track execution: 2017 start-ups
Fast‐track execution: 2017 start‐ups ZOHR ‐ Egypt First gas 28 months from discovery (22 from FID) Gross plateau: 500 kboed W.I 60% € 1.8 bln* from 40% W.I. sold Started up: December 2017 *Figure is after tax. Includes 2016 past costs and future installments. Super giant delivered EAST HUB ‐ Angola
Slide 7: E&P results
E&P results EBIT adj| € bln CFFO| € bln Capex 8.3 Capex 6.6 5.2 8.3 6.0 2.5 FY 2016 FY 2017 FY 2016 FY 2017 7
Slide 8: Mid-Downstream 2017 performance
Mid‐Downstream 2017 performance Adj. EBIT > € 200 mln $ 3.8/bbl vs. guidance (‐40% vs 2014) Breakeven G&P Refining Breakeven Adj. EBIT € 460 Adj. EBIT € 1.2 mln bln (vs. – € 350 mln in 2014) CFFO € 1.8 bln Chemicals Results 8
Slide 9: Mid-Downstream 3 years turnaround in a glance
Mid‐Downstream 3 years turnaround in a glance Cumulative EBIT adj| € bln Cumulative CFFO| € bln 2017 1.8 1.2 6.1 0.8 ‐2.1 ‐3.7 2012‐14 2015‐17 2012‐14 2015‐17 9
Slide 10: A strong quarter completes a robust performance
A strong quarter completes a robust performance EBIT adj | € bln CFFO | € bln 10 5.8 8.0 3.2 2.0 3.5 2.3 1.3 3.8 1.0 2016 2017 2016 2017 9M IVQ 9M IVQ adjusted € 2.4 bln (+ € 2.8 bln vs 2016) 10 2017 net income | reported € 3.4 bln (+ € 4.9 bln vs 2016)
Slide 11: A solid financial balance
A solid financial balance 2017 Cash balance| € bln 15 12 DISPOSALS 9 DIVIDEND CFFO = CAPEX + DIV 6 CFFO CAPEX $ 57 /bbl 3 vs targets $ 60 /bbl 0 Sources Uses 2017 year end gearing: 18% 11
Slide 12: Outlook 2018
Outlook 2018 UPSTREAM MID‐DOWNSTREAM CAPEX +3% € 0.3 bln G&P Adj. EBIT ~ € 8 bln production growth ~$3/bbl YE refining BEP 12
Slide 13: BACK UP
BACK UP 13
Slide 14: Market scenario
Market scenario Brent ($/bbl) Exchange rate ($/€) 54.3 43.7 1.11 1.13 FY 2016 FY 2017 FY 2016 FY 2017 European gas prices (€/kcm) SERM ($/bbl) Cracker margin (€/ton) 211 386 183 376 168 5.0 148 4.2 FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 FY 2017 14