Slide 1: FY 2023 Results
FY 2023 Results Tango FLNG, Congo FEBRUARY 16, 2024
Slide 2: FY 2023 Highlights: Delivery of Strategic Priorities
FY 2023 | HIGHLIGHTS DELIVERY OF STRATEGIC PRIORITIES STRATEGIC BUSINESS MILESTONES PROGRESS DELIVERING AGAINST STRATEGIC UPSTREAM RELEVANT START UPS UPSTREAM PRIORITIES CLEARLY EVIDENT IN FAST TRACK PROJECTS DELIVERY (CONGO LNG, BALEINE) PRODUCTION 1.66 MBOED (+3% y/y; 4Q +6% y/y) 2023 ~900 MBOE RE
Slide 3: YE 2023 Group Results
YE 2023 | GROUP RESULTS STRONG EARNINGS EBIT € 13.8 BLN SIGNIFICANT OUTPERFORMANCE OF SCENARIO EBIT € 17.8 BLN STRONG BUSINESS PERFORMANCE PROFORMA PROFIT FROM € 1.7 BLN SATELLITES REPRESENT AN IMPORTANT CONTRIBUTION ASSOCIATES NET PROFIT € 8.3 BLN SECOND BEST PERFORMANCE IN CURRENT STRUCTURE CFFO €
Slide 4: Natural Resources
NATURAL RESOURCES ACCELERATING EXECUTION SCENARIO ADJ. EBIT PRO-FORMA | € BLN 2023 REALISATIONS -19%, 4Q REALISATIONS -7% Y/Y, in-line Q/Q 23 E&P E&P 2.1 PRODUCTION 1.66 MBOED IN 2023 +3% YOY GROWTH FY PRODUCTION GROWTH OF +3% HIGHER ACTIVITY IN ALGERIA, BALEINE RAMP-UP AND UPPER END OF FY GUIDANCE
Slide 5: Portfolio Progress
PORTFOLIO PROGRESS NEPTUNE DEAL COMPLETED NETHERLANDS $2.6 BLN INVESTMENT BY ENI AS AT 1 JAN 2023; $2.4Bln AT Largest offshore operator in the country. CLOSE Progressing a large-scale CCS project NORWAY COMPELLING OVERLAP Interests in 12 producing fields including Snovhit LNG WITH ENI ACTIVITIES and
Slide 6: Energy Evolution: Downstream
ENERGY EVOLUTION: DOWNSTREAM CONTINUING OUR TRANSFORMATION ADJ. EBIT PRO FORMA | € BLN ENILIVE BIOREFINING 2023 EBITDA €1 BLN RAMPING UP AGRIFEEDSTOCK SUPPLY TOTAL CAPACITY 1.65 MTPA WITH ACTIVITIES IN 8 COUNTRIES 2.4 2nd IN HVO PRODUCTION IN EUROPE EXPANDING BIOREFINING [Q4 23 estimate] INTERNATION
Slide 7: Energy Evolution: Plenitude
ENERGY EVOLUTION: PLENITUDE KEY NUMBERS EBITDA | € BLN STRATEGIC DEAL 0.93 3 GW INSTALLED CAPACITY >35% vs 2022 0.20 RENEWABLES PARTNER: EIP UP TO 9% STAKE 0.67 0.21 VALUE RECOGNITION PLENITUDE EV >€10 BLN 10 M CUSTOMERS 0.75 RETAIL >20% EBITDA from services 0.49 DELEVERAGING UP TO €0.7 BLN CAPITAL
Slide 8: 2023 Results vs Key Guidance Items
2023 RESULTS vs KEY GUIDANCE ITEMS CMD 2023 RESULTS BRENT ($) 85 82.6 PSV (€/MWh) 92 42 IN 2023 WE MET OR BEAT ALL OF EXCHANGE RATE $/€ 1.03 1.08 OUR TARGETS AND GUIDANCE IN ALL KEY AREAS OF THE PRODUCTION 1.63-1.67 MBOED 1.66 MBOED BUSINESS: • UPSTREAM PRODUCTION AND DISCOVERED RESOURCES 700 MBOE ~
Slide 9: Concluding Remarks
CONCLUDING REMARKS FY23 AHEAD OF GUIDANCE ON ALL KEY METRICS Q4 23 RESULTS CONTINUE STRONG TREND EXCEPTIONAL PROGRESS AGAINST STRATEGY VALUE DELIVERY IN TRADITIONAL BUSINESSES OUTSTANDING GROWTH IN NEW TRANSITION BUSINESSES CLEAR EVIDENCE OF VALUE CREATION ATTRACTIVE SHAREHOLDER RETURNS DELIVERED
Slide 10: Annex
ANNEX 10
Slide 11: Comparative Performance
COMPARATIVE PERFORMANCE DELIVERED COMPETITIVE RETURNS LEADING RETURNS IN THE SECTOR TOTAL SHAREHOLDER RETURN 2023 | % SHARES +16%, TSR +23% 23.3 17.1 10.4 2.6 2 -1.8 -4.8 -6.2 -11.4 -13.6 Brent TTF Eni Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 -18 -66 Peer Group: ExxonMobil, Che
Slide 12: 2023 Main Start Ups
2023 MAIN START UPS BALEINE CONGO LNG BALEINE 2.5 bln 3 MTPA Potential barrels of oil in place Total LNG production capacity 100 bln/m3 2 FLNG Associated gas since start-up in 2023 Floating units for gas liquefaction Reduction of carbon footprint A zero flaring technological approach Baleine is set
Slide 13: YE 2023 Group Results: Cash Flow
YE 2023 | GROUP RESULTS BALANCE OF INVESTMENTS AND SHAREHOLDER DISTRIBUTION BUSINESS PERFORMANCE CASH FLOW RESULTS | € BLN SUPPORTS ORGANIC GROWTH, STRATEGIC INVESTMENT, AND SHAREHOLDER DISTRIBUTIONS 16.5 2023 NET DEBT CHANGE 2023 CFFO WORKING ORGANIC NET PORTFOLIO OTHERS CAPITAL CAPEX DISTRIBUTION
Slide 14: 4Q 2023 Results Summary
4Q 2023 RESULTS SUMMARY PRE-TAX TO CASHFLOW AND NET DEBT RESILIENT RESULTS FUND INVESTMENT AND SHAREHOLDER DISTRIBUTIONS: € BLN • Q4 PRE-TAX INCOME INCLUDES IMPORTANT CONTRIBUTION FROM ASSOCIATES REFLECTING SATELLITE STRUCTURES • TAX RATE TOWARDS HIGHER END OF RECENT RANGE 3.6 REFLECTING LOWER 3.2 U
Slide 15: 4Q 2023 Earnings Summary
4Q 2023 EARNINGS SUMMARY EBIT TO PRE-TAX RECONCILIATION E&P DELIVERS A STRONG OPERATIONAL EXECUTION GGP BENEFITED FROM ONE-OFF EFFECTS 0.15 -0.24 0.03 3.17 0.11 -0.36 0.07 0.68 0.26 ENILIVE CONFIRMS A RESILIENT MARKETING -0.05 0.09 2.77 PLENITUDE EFFECTIVELY 2.43 CAPTURED SCENARIO DYNAMICS VERSALIS
Slide 16: 4Q 2023 vs 3Q 2023 Earnings
4Q 2023 vs 3Q 2023 EARNINGS CONTINUED EXCELLENT FINANCIAL RESULTS: € BLN NATURAL DOWNSTREAM PLENITUDE • UPSTREAM IMPACTED BY RESOURCES POWER SCENARIO EFFECTS AND EXPLORATION WRITE-OFFS • GGP OPTIMIZATION IMPACTS IN LINE WITH EXPECTATIONS AND BENEFITS FROM POSITIVE ARBITRATION -0.3 0.6 -0.1 -0.1 -0.2
Slide 17: 4Q 2023 vs 4Q 2022 Earnings
4Q 2023 vs 4Q 2022 EARNINGS YEAR OVER YEAR COMPARISON MAINLY IMPACTED BY SCENARIO € BLN EFFECTS OFFSET BY BUSINESS NATURAL DOWNSTREAM PLENITUDE PERFORMANCE RESOURCES POWER • EXCEPTIONAL GGP RESULTS • RESILIENT DOWNSTREAM • CONTINUED PLENITUDE OVER- 0.8 -0.5 -0.5 DELIVERY 0.1 -0.1 -0.4 -0.2 0.1 • ASS
Slide 18: Delivering on GHG Emissions Reduction
DELIVERING ON GHG EMISSIONS REDUCTION UPSTREAM PROGRESSING TOWARDS DECARBONISATION ADVANCING TO REACH NET ZERO CARBON NET CARBON FOOTPRINT UPSTREAM (SCOPE 1+2) | MILLION TONNES CO2EQ. FOOTPRINT UPSTREAM (SCOPE 1+2) TARGET BY 2030 CUTTING EMISSIONS 14.8 14.8 INTEGRAL TO PERFORMANCE AS A RESPONSIBLE A
Slide 19: YE 2023 Market Scenario
YE 2023 MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ 101.2 1.081 82.6 1.053 2022 2023 2022 2023 PSV| €/MWh STANDARD ENI REFINING MARGIN| $/bbl 122 10.1 8.5 42 2022 2023 2022 2023 19