Slide 1: 2016 Q3 results
2016 Q3 results 28 October 2016 www.eni.com
Slide 2: Highlights
Highlights High cash-generative assets onstream Growth • Val d’Agri and Goliat back to plateau • Kashagan ramping up Progressing in line with guidance Efficiency • Capex: 9M –17% and FY -20% • Opex: 9M 6.6 $/boe and FY 6.4 $/boe Each mid-downstream segment FCF>0 Turnaround • Refining breakeven down
Slide 3: Scenario
Scenario Brent | $/bbl 9M15 vs 9M16 PSV | €/kmc 9M15 vs 9M16 Oil -25% Gas -36% SERM | $/bbl 9M15 vs 9M16 cracker margin | €/ton 9M15 vs 9M16 SERM -40% Cracker m. -2% 2015 2016 9M 2015 refining margin scenario after hedging 3
Slide 4: Q3 start-ups and main ramp ups
Q3 start-ups and main ramp ups Equity contribution Goliat back to 65 kboed plateau Val d’Agri back to 70 kboed plateau Kashagan ramping up – 15-20 kboed Nooros >65 kboed and growing Block 15/06 West Hub >30 kboed Marine XII OIL GAS 15 kboed and growing 280 kboed from ramp-ups and start-ups in 2016 4
Slide 5: E&P production and ebit
E&P production and ebit oil & gas production | kboed EBIT adj | € bln 55 42 Val d’Agri stop: -32 kboed $/bbl scenario $/bbl PSA effect: 20 kboed 3.6 1,726 Scenario and VdA: -3.6 B€ Performance: +1.0 B€ 1,718 1.1 9M 2015 9M 2016 9M 2015 9M 2016 2016 production target ~ 1.76 Mboed 5
Slide 6: G&P working towards breakeven
G&P working towards breakeven Operating and logistics EBIT adj | € bln cost base saving | € mln -0.14 350 200 -0.32 ACHIEVED 2019 TARGET in 2015 and 2016 vs 2014 9M 2015 9M 2016 6
Slide 7: Downstream consolidating the turnaround
Downstream consolidating the turnaround R&M EBIT adj | € bln Versalis EBIT adj | € bln 6.7 4.0 404 397 $/bbl scenario scenario $/bbl €/ton €/ton 0.29 0.30 0.27 0.21 9M 2015 9M 2016 9M 2015 9M 2016 Refining breakeven at 4.2 $/bbl Chemical FCF positive 2015 refining margin scenario after hedging 7
Slide 8: Group economic performance
Group economic performance EBIT adj | € bln 3.9 scenario -3.3 cost base + efficiency Val d’Agri + G&P 1.0 +1.0 -0.5 9M 2015 9M 2016 Constant scenario: oil and gas price, FX and refining margins 8
Slide 9: Group cash generation
Group cash generation CFFO Q3 | € bln 2016 CFFO* and CAPEX before Work Cap change 50 46 $/bbl $/bbl Scenario + Val d’Agri expected Q4 9M 6.9 1.5 1.4 9M 4.4 2015 2016 CFFO* CAPEX * Including working capital changes 9