Slide 1: H1 2016 results
H1 2016 results 29 July 2016 www.eni.com
Slide 2: H1 highlights
H1 highlights • production +0.5% vs 1H2015 Upstream • EBIT of ~500 million € with oil < 40 $/bbl • discovered resources 550 million boe Mid - • refining breakeven at 4.5 $/bbl • chemicals strong performance Downstream • G&P turnaround progressing Costs • capex reduction in line with guidance • opex
Slide 3: e&p growth
e&p growth oil & gas production | kboed Goliat at plateau achieved > 100 kboed 46 Nooros fast track Val d'Agri reached > 70 kboed + Nigeria Val d’Agri restart expected in August 2016 1,734 1,726 Kashagan start-up by October 2016 Full-year production guidance confirmed 3
Slide 4: e&p exploration and focus on the Great Nooros area
e&p exploration and focus on the Great Nooros area H1 main discoveries Nooros fast ramp-up 130 kboed Zohr 2-3-4 Baltim SW1 Nidoco wells 70 kboed GAS July Sept July Oct 2015 2015 2016 2016 2016 target H1 near field exploration Discovered | Mln boe 400 550 phased approach UEC | $/boe >2 <1 short time
Slide 5: H1 capex and FY guidance
H1 capex and FY guidance capex | bln € main start ups -20% 2016 Oct Oct Nov GOLIAT KASHAGAN NIDOCO Ph2 NENE Ph2A Norway Kazakhstan Egypt Congo 2017 1Q 2Q 2Q 4Q EAST HUB JANGKRIK OCTP ZOHR H1 4.9 Angola Indonesia Ghana Egypt 2017 production growth > 5% 5
Slide 6: H1 economic performance
H1 economic performance EBIT adj | bln € 3.1 Benchmark prices and margins, YoY Oil -31% Gas -37% SERM -32%* mkt scenario -2.8 growth and efficiency 0.8 one offs +1.0 -0.5 Val d’Agri + G&P net delta retroactive effects +€1 billion from performance Constant scenario: oil price, FX and refining margins
Slide 7: H1 cash generation
H1 cash generation cumulative CFFO | 2016 CFFO and CAPEX | 2016 3.1 1.4 H1 3.1 H1 4.9 capex covered by cash flow at 50 $/bbl 7
Slide 8: 2016 business targets
2016 business targets exploration target raised to 600 Mboe e&p production confirmed at 1,760 kboed production growth >5% in 2017 positive FCF; negative EBIT g&p structural breakeven from 2017 r&m positive FCF and EBIT refining breakeven confirmed at 4.5 $/bbl chemicals positive FCF and EBIT Interim