Slide 1: Third quarter 2018 results
‘touts 26,2018
Slide 2: 9M Highlights
9M Highlights Production: 1,844 kboed, +3% vs 9M2017 (+4% price adjusted) Upstream Projects: Mexico Area 1 PoD Approved; Zohr steady at 2 bcfd Exploration: 64k Km2 of net acreage including deals in Libya & Mozambique G&P: LNG and power continues to drive results Mid-downstream R&M: good performance
Slide 3: Upstream growth
Upstream growth Oil & Gas Production| kboed EBIT Adjusted| € bln 85 1,844 1,790 27 +140% -15 Ramp-ups + -43 284 Start-ups 7.9 3.3 9M 2017 9M 2018 9M 2017 PSA Intisar Portfolio Ramp ups 9M 2018 effect (exp since expired end + Start ups Brent $/bl 52 72 2Q 2018 07/2018) + others 2018 production guidan
Slide 4: E&P free cash flow generation
E&P free cash flow generation Upstream CFFO| bln € Upstream Capex | bln € +62% -8% 8.9 5.1 4.7 5.5 9M 2017 9M 2018 9M 2017 9M 2018 Upstream free cash flow € 4.2 bln 4 CFFO is represented after working capital
Slide 5: E&P cash flow per barrel
E&P cash flow per barrel CASH FLOW | $/boe $21/boe @ $72 in 9M2018 $22/boe @ $70 scenario 17.5 @ $60 16.7 @ $60 2017 2018 2020-21 New production is value accretive 5 CFFO is represented after working capital
Slide 6: G&P revised guidance
G&P revised guidance G&P EBIT Adj | € mln 2018 Contracted LNG 501 -1 9 MTPA 9M2017 9M2018 56% equity 2018 EBIT adj guidance ~ € 550 mln 6
Slide 7: Downstream positive
Downstream positive R&M EBIT Adj | € mln Versalis EBIT Adj | € mln 455 423 219 18 9M2017 9M2018 9M2017 9M2018 Cracker SERM $/bl 5.3 3.9 margin €/ton 408 319 7
Slide 8: Strong cash generation
Strong cash generation 2018 Cash balance | € bln 2018 Free cash flow| € bln ante portfolio 13.5 ~6.0 9M 7.7 2.5 9M 9.8 5.5 CFFO CAPEX 2017 2018e Leverage @ 30 Sept: 18% CFFO after w.c., including cash in from 2017 Zohr disposal, and assuming oil @ $72/bl, SERM @ $3.8/bl and FX rate @ 1.19 $/€ 8
Slide 9: Back up
Back up 9
Slide 10: Market scenario
Market scenario Brent| $/bbl Exchange Rate| €/$ 72.1 51.9 1.194 1.114 9M2017 9M2018 9M2017 9M2018 European Gas Prices| €/kcm Standard Eni Refining Margin| $/bbl TTF PSV 255 237 5.3 201 177 3.9 10 9M2017 9M2018 9M2017 9M2018