Slide 1: H1 Results
Slide 2: H1 Highlights
H1 Highlights Production: 1,865 kboed, +5.4% price adj vs 1H2017 Zohr: 2 bcf/day by September 2018 Upstream 3 main start ups: Ochigufu; OCTP gas; Bahr Essalam ph2 7 positive expl.wells: Angola, Egypt, Cyprus and Mexico Norway: created a new leading player G&P: strong LNG results; Mamba T1-T2 LNG PoD
Slide 3: Vår Energi AS: a new leading player in Norway
Vår Energi AS: a new leading player in Norway Proved reserves: >500 mln boe Vår Energi AS Resources: 1.25 bln boe Barents Sea Point Eni Resources (69.6%) (30.4%) Norwegian Sea Production 250 kboed 180 Complementary Portfolio of assets: Eni North Sea Point Resources 2018 2023 Strengthening operationa
Slide 4: Near field exploration unlocks new additional potential in proved basins
Near field exploration unlocks new additional potential in proved basins ANGOLA EGYPT DEEP OFFSHORE ONSHORE Eni 36.8% WI - Operator Egypt Eni 100% WI - Operator Western Desert Angola Block 15/06 Faghur Basin Kalimba-1 NFW prod. test > 5k bbl/day of oil per well ~300 mln barrels OOIP deep paleozoic s
Slide 5: Upstream valuable growth
Upstream valuable growth Oil & Gas Production| kboed EBIT Adjusted| € bln 73 1,865 1,783 23 Ramp-ups + -14 Start-ups 263 4.83 2.26 1H 2017 PSA Portfolio SU, RUups Ramp and+ 1H 2018 1H2017 1H2018 others Start ups + other 2018 PRODUCTION Guidance +4% vs 2017 @ 60 $/bl 5
Slide 6: Zohr: an outstanding accelerated ramp up
Zohr: an outstanding accelerated ramp up Zohr ramp up profile Budget 2 bcf/day Accelerated 400 mmcf/day Q1 Q2 Q3 Q4 6
Slide 7: Focus on upstream cash generation
Focus on upstream cash generation Upstream CFFO| bln € +38% 5.5 4,0 1H 2017 1H 2018 Cash flow 1H2018 $20/bbl 7 CFFO before working capital
Slide 8: Strong G&P results
Strong G&P results G&P EBIT Adj | € mln Highlights H1 430 LNG sales 192 +54% vs 1H17 at 3.8 MTPA 1H2017 1H2018 2018 Ebit guidance increased € 400 Mln 8
Slide 9: Resilient downstream performance
Resilient downstream performance R&M EBIT Adj | € mln Versalis EBIT Adj | € mln 231 310 79 65 1H2017 1H2018 1H2017 1H2018 9
Slide 10: Strong organic cash generation
strong organic cash generation 2018 Cash balance | € bln > 13 7.6 H1 H1 CFFO CAPEX Leverage @30/06: 20% 10 CFFO is represented including working capital, assuming oil price @ 70 $/bl, refining margin @ 3,9 $/bl and exchange rate @ 1.23 $/€
Slide 11: Back up
Back up 11
Slide 12: Market scenario
Market scenario Brent| $/bbl Exchange Rate| €/$ 70.6 1.210 51.8 1.083 1H2017 1H2018 1H2017 1H2018 European Gas Prices| €/kcm Standard Eni Refining Margin| $/bbl TTF PSV 242 225 4.7 206 180 3.5 12 1H2017 1H2018 1H2017 1H2018