Slide 1: Eni 9M 2023 Results
Eni 9M 2023 Results OCTOBER 27, 2023 North Ganal PSC, Indonesia
Slide 2: Strategic & Operational Progress: Key Quarter Achievements
STRATEGIC & OPERATIONAL PROGRESS KEY QUARTER ACHIEVEMENTS ADVANCING OUR STRATEGY ON A CONSISTENT PATH GENG NORTH-1 DISCOVERY LARGEST IN INDUSTRY IN 2023 FOCUS ON TIME- NATURAL RESOURCES UPSTREAM PRODUCTION TO-MARKET AND SCALING UP GROWTH PHASED DEV. CCUS TO TACKLE BALEINE STARTUP < 2 YEARS UNABATED
Slide 3: 9M 2023 Group Results
9M 2023 | GROUP RESULTS CONTINUING MOMENTUM THROUGH 2023 CASH FLOW RESULTS | € BLN CONFIRMING ONE OF ENI’S EBIT € 11.0 BLN STRONGEST PERFORMANCES 12 PROFIT FROM CAPTURING HIGHER EARNINGS € 1.3 BLN ASSOCIATES VIA SATELLITES 10 HIGHLIGHTS DIVERSITY OF NET PROFIT € 6.7 BLN CONTRIBUTION FROM BUSINESSES
Slide 4: Natural Resources: Delivering Value from Our Assets
NATURAL RESOURCES DELIVERING VALUE FROM OUR ASSETS SCENARIO DOWN Y/Y, ADJ. EARNINGS PRE-TAX | € BLN STABLE Q/Q 5.6 5.8 REALISATIONS: –17% Y/Y; +7% Q/Q 5.3 BRENT: -14% Y/Y, +11% Q/Q 0.9 1.1 PSV: -83% Y/Y, -9% Q/Q 4.4 3.5 3.4 1.4 E&P 2.9 PRODUCTION GROWTH 1.1 +1% Q/Q, +4% Y/Y 5.4 4.7 4.7 IN LINE WITH
Slide 5: Focus on Indonesia: A New Production Hub in the Kutei Basin
FOCUS ON INDONESIA A NEW PRODUCTION HUB IN THE KUTEI BASIN GENG ALIGNS TO OUR DISTINCTIVE STRATEGY FROM SIZEABLE PLAYS... FOCUSING ON GAS WE HAVE BEEN IN THE COUNTRY SINCE 2001 EQUITY PRODUCTION IS AROUND 80 KBOED NORTHERN REINFORCING EQUITY POSITION Indonesia ALONG LNG VALUE CHAIN IN A AREA Discove
Slide 6: Energy Evolution: Downstream
ENERGY EVOLUTION: DOWNSTREAM FULLY CAPTURING SCENARIO; GROWING BIO TRADITIONAL REFINING ADJ. EBIT PRO FORMA | € BLN IMPROVING VS Q2 DUE TO HIGHER SERM AND UTILISATION 1.3 ADNOC REFINING CONTRIBUTION REMAINS 0.1 STRONG 0.7 0.5 ENILIVE 0.6 0.9 RESILIENT MARKETING 0.5 BETTER PLANT 0.3 0.4 0.5 PERFORMAN
Slide 7: Energy Evolution: Plenitude
ENERGY EVOLUTION: PLENITUDE DELIVERING GROWTH AND VALUE EBITDA | € BLN KEY HIGHLIGHTS A DISTINCTIVE ca +150% YoY PROPOSITION 0.28 DOGGER BANK REACHED FIRST POWER DELIVERIES, THE 0.04 LARGEST OFFSHORE WIND FARM UNDER INTEGRATED PLATFORM CONSTRUCTION WORLDWIDE • SYNERGIES ALONG THE GREEN POWER VALUE S
Slide 8: 2023 Guidance
2023 GUIDANCE PRODUCTION 1.64-1.66 MBOED DISCOVERED RESOURCES > 700 MBOE target will be exceeded EXCELLENT CASH CONVERSION GGP EBIT € 2.7-3.0 BLN PLENITUDE EBITDA1 ~ € 0.9 BLN SHARE BUYBACK ACCELERATED DURING QUARTER DOWNSTREAM EBIT1 ~ € 1 BLN ENILIVE EBITDA1 ~ € 1 BLN SECOND INTERIM QUARTER 2023 EB
Slide 9: Concluding Remarks
CONCLUDING REMARKS CALENDAR UPDATE: 4Q RESULTS FEB 16TH 2024 CMD MAR 14TH 2024 DELIVERING STRONG OPERATING AND FINANCIAL RESULTS TRACK-RECORD OF BUSINESS OUTPERFORMANCE MAINTAINING RESILIENT FINANCIAL POSITION IN VOLATILE TIMES REWARDING SHAREHOLDERS ALONGSIDE INVESTING FOR GROWTH
Slide 10: Annex
ANNEX 10
Slide 11: 3Q 2023 Results Summary
3Q 2023 RESULTS SUMMARY PRE-TAX TO CASHFLOW AND NET DEBT € BLN TAX RATE IN LINE WITH HISTORIC TRENDS STRONG CASH CONVERSION WORKING CAPITAL UNDER CONTROL 3.27 3.37 CAPEX TRENDING DOWN IN 2H 1.82 FULL QUARTER OF BUYBACK 3Q Net Debt Change Pre Tax Tax Net Adj. DD&A Other CFFO Working Organic Net Distr
Slide 12: 3Q 2023 Earnings Summary
3Q 2023 EARNINGS SUMMARY EBIT TO PRE-TAX RECONCILIATION E&P CAPTURES SCENARIO AND REFLECTS PRODUCTION 0.60 0.22 -0.33 -0.2 0.09 3.27 GROWTH 0.11 0.10 3.01 -0.12 0.09 ONGOING CCS INVESTMENTS -0.01 0.11 2.62 GGP FOLLOWS SEASONAL ACTIVITIES HIGHER PLANT AVAILABILITY IN DOWNSTREAM ALLOWED MARGIN CAPTURE
Slide 13: 3Q 2023 vs 2Q 2023 Earnings
3Q 2023 vs 2Q 2023 EARNINGS € BLN NATURAL DOWNSTREAM PLENITUDE RESOURCES POWER BUSINESS PERFORMANCE AND MACRO LARGELY OFFSET ABSENCE OF VERY STRONG 2Q 0.2 -1.0 PERFORMANCE IN GGP 0.4 3.7 PERFORMANCE IMPROVEMENT 0.2 0.1 -0.1 -0.3 CONTRIBUTES €0.6BLN TO EBIT 0.1 VS MID-YEAR 3.3 RESULTS AT THE TOP OF O
Slide 14: 3Q 2023 vs 3Q 2022 Earnings
3Q 2023 vs 3Q 2022 EARNINGS € BLN NORMALISATION FROM NATURAL DOWNSTREAM PLENITUDE EXCEPTIONAL SCENARIO AND 6.2 -1.7 RESOURCES POWER SATELLITE DECONSOLIDATION DRIVES LOWER EBIT UPSTREAM RESULTS AIDED BY CONTINUING COST OPTIMISATION AND 4% PRODUCTION GROWTH -0.3 0.3 -0.8 -0.2 RESILIENT ENILIVE AND REF
Slide 15: 3Q Market Scenario
3Q MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 1.122 113.8 101.4 100.9 1.089 1.088 88.7 1.073 86.8 1.065 81.3 78.4 1.021 1.007 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 PSV| €/kcm STANDARD ENI REFINING MARGIN| $/bbl 2,082 17.2
Slide 16: 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 17: 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 18: 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 19: 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 20: 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 $/€) -0.53 -0.30 -0.62 Brent sensitivity applies t