Eni S.p.a. · MIL:ENI
Eni — Merger or Acquisition (June 2023)
13 slides from Eni's merger presentation, Jun 23, 2023
Slide 1: Eni to Acquire Neptune Energy
ENI TO ACQUIRE NEPTUNE ENERGY 23 JUNE 2023 UK – Cygnus Field
Slide 2: Disclaimer
DISCLAIMER IMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by Eni S.p.A. and its affiliates (collectively, the “Company”) or any person on behalf of the Company, and any question-and-answer se
Slide 3: Acquisition of Neptune Energy: Deal Structure and Key Transaction Terms
ACQUISITION OF NEPTUNE ENERGY DEAL STRUCTURE AND KEY TRANSACTION TERMS $4.9 BLN1 ACQUISITION OF NEPTUNE BY ENI AND VÅR ENERGI Neptune NEPTUNE GERMANY VÅR ACQUIRES NORWEGIAN Shareholders CARVE-OUT OPERATIONS AND ENI ACQUIRES THE REMAINDER (EXCLUDING GERMANY) $2.6 BLN1 FOR ENI 100% CASH TRANSACTION $1
Slide 4: Neptune: Worldwide Operations
NEPTUNE: WORLDWIDE OPERATIONS SIGNIFICANT OVERLAP HIGH-QUALITY, COMPETITIVE UPSTREAM PORTFOLIO WITH ENI PROJECTS AND ACTIVITIES NETHERLANDS Largest offshore operator in the country. REINFORCES VÅR AS A LEADING E&P Progressing a large-scale CCS project PLAYER OFFSHORE NORWAY NORWAY Interests in 12 pr
Slide 5: Compelling Strategic Fit of Transaction
COMPELLING STRATEGIC FIT OF TRANSACTION DRAWING ON STRENGTHS TO GROW VALUE SHIFTING A LOWER RISK, IMPROVING ALIGNS WITH 4-YEAR GAS PORTFOLIO HIGHER QUALITY PERFORMANCE, PLAN GUIDANCE2 TO 60% BY 2030 UPSTREAM PORTFOLIO DELIVERING VALUE ✓ GAS-WEIGHTED ✓ EXCEPTIONAL ✓ >$500 MLN G&A AND ✓ M&A ACTIVITIES
Slide 6: In Conclusion
IN CONCLUSION STRATEGICALLY ALIGNED, VALUE ENHANCING A COMPELLING TRANSACTION $2.6 BLN INVESTMENT BY ENI EFFECTIVE DATE 1 JANUARY 2023 AN EXCEPTIONAL, LOW RISK FIT HIGH-QUALITY, COMPETITIVE ASSETS 100% CASH TRANSACTION CLOSING EXPECTED IN 1Q24 FURTHER ENHANCEMENT OF GGP EQUITY SUPPLY AND MATERIALITY
Slide 7: Appendix
APPENDIX
Slide 8: United Kingdom
UNITED KINGDOM REINFORCING ENI AS A KEY GAS PLAYER IN THE NORTH SEA PORTFOLIO OVERVIEW MAIN ASSET: CYGNUS Neptune operates the Cygnus field – the Partners UK Southern North Sea's largest single Neptune Energy (38.75%) producing gas field. Spirit Energy (61.15%) Seagull Neptune 35% In the Central Nor
Slide 9: Indonesia
INDONESIA SUPPLEMENTS LEADING UPSTREAM POSITION IN IMPORTANT LNG PLAY PORTFOLIO OVERVIEW ASSETS: JANGKRIK, MERAKES, WEST GANAL In Indonesia, working with Eni and other Partners Muara Bakau partners, Neptune produces LNG for export Eni, Pertamina & Saka Eni 55% Op. Neptune 33.33% to the region under
Slide 10: Algeria
ALGERIA BUILDING ON ENI’S LEADING POSITION IN CRITICAL COUNTRY FOR EUROPEAN SUPPLY PORTFOLIO OVERVIEW MAIN ASSET: TOUAT As part of a joint venture with Sonatrach and Partners ENGIE, Neptune produces gas from the Groupement Touat Gaz consisting of Bou Hadid Touat plant, which is an important source o
Slide 11: Netherlands
NETHERLANDS INCREASING EUROPEAN GAS SUPPLY DIVERSIFICATION AND OPTIONALITY PORTFOLIO OVERVIEW MAIN ASSETS In the Netherlands, Neptune is the largest FLQ-Cluster (Neptune op.) offshore player with sizeable gas production D12-A/D12-B from 40+ fields. L10-Area (Neptune op.) DEK-Area (Neptune op.) E blo
Slide 12: Norway
NORWAY STRENGTHENS VÅR ENERGI AS LEADING NORWEGIAN E&P INDEPENDENT NEPTUNE NORWAY’S ASSETS AND OPERATIONS – A PERFECT STRATEGIC FIT TO VÅR PORTFOLIO Neptune Norway has interests in twelve Deal consistent with Vår’s growth strategy, producing fields in the NCS from Snøhvit in adds scale to existing p
Slide 13: Sustainability Performance
SUSTAINABILITY PERFORMANCE ACCRETIVE TO EMISSIONS STRATEGY GHG EMISSIONS CCS PROJECTS Targets in line with Eni’s framework Neptune’s portfolio adds: ✓ DEVELOP CARBON REDUCTION PLANS FOR EACH OPERATED ✓ 10+ YEARS OF OPERATIONAL COUNTRY TO MEET NEPTUNE CARBON INTENSITY TARGET OF 6 EXPERIENCE IN CCS KG