Slide 1: Q4 and Full Year 2014 results
Q4 and Full Year 2014 results February 18th 2015 www.eni.com
Slide 2: 2014 accelerating Eni's transformation
2014 accelerating eni’s transformation fully integrated organisation main achievements upstream mid-downstream green developments value and resilience accelerated turnaround new opportunities in South successful gas supply new bio-refinery project Africa, Portugal, Myanmar, renegotiations in G
Slide 3: Fast track development: minimize capex and time to market
Fast track development: minimize capex and time to market Angola - 15/06 Congo - Nenè Marine • Deep water development • Shallow water near existing infrastructure • West Hub ph 1 start up in November 2014 • Start up in December 2014 • East Hub start up in 2017 • Phased development grows to 120 kboe/
Slide 4: Strong cash generation beat cash flow target in a weaker scenario
strong cash generation cumulated CFFO | 2014 cash sources and uses | 2014 beat cash flow target in a weaker scenario 4
Slide 5: Managing a weaker price environment in 2015
managing a weaker price environment in 2015 selective exploration unitary costs | €/boe re-phasing of development projects renegotiation of rates and costs of services operating costs optimization general costs reductions overall costs optimization 2,5 bn € constant forex 5
Slide 6: Q4 and full year consolidated results
Q4 and full year consolidated results adj. operating profit | mln € adj. net profit | mln € FY 2014 11,572 FY 2014 3,707 -9% vs 2013 -16% vs 2013 3,507 1,288 Fair Value effect on Galp and Snam shares 2,321 375 464 6
Slide 7: E&P performance
e&p performance oil & gas production | kboe/d adj. operating profit | million € FY 2014 1,598 FY 2014 11,551 +0 6% vs 2013 ex Russia +0.6% R i -21% 21% vs 2013 1,577 1,583 1,584 1,576 1,648 1,648 1 577 1,577 1 583 1,583 1,584 1 576 1,576 3 450 3,450 3,320 2,981 3,088 2,032 7
Slide 8: 2014 Reserves Replacement Ratio: 112%
2014 Reserves Replacement Ratio: 112% proved reserves | Bboe 6,6 6,5 Life Index Life Index 11.1 years 11.3 years YE13 YE14 average g organic g RRR of 127% over the last 5 years 8
Slide 9: G&P performance
g&p performance TTF | €/MWh adj. operating profit | million € FY 2014 310 n/a vs 2013 341 241 108 70 -109 9
Slide 10: R&M performance
r&m performance Standard Eni Refining Margin | $/bbl adj. operating profit | million € (SERM) FY 2014 -211 +54% vs 2013 192 39 -92 -223 -219 10
Slide 11: Net debt evolution
net debt evolution billion € 15.0 15.1 05 0.5 13 7 13.7 4.4 12.6 3.7 highest CFFO in the last 6 years Leverage = Net debt / Shareholders’ Equity 11
Slide 12: 2014 achievements
2014 achievements new organization upstream production guidance met RRR >100% g&p back to profitability r&m >50% improvement CFFO +40% capex reduced by 5% leverage g reduced to 22% 2014 final dividend proposal of €0.56/share 12