Slide 1: Eni 9M 2022 Results
ENI 9M 2022 RESULTS Securing Energy amid Market Complexity OCTOBER 28, 2022 1 Coral Sul FLNG, Mozambique
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., Eni Plenitude S.p.A. società benefit, and their affiliates (collectively, the “Company”) or any person on behalf of th
Slide 3: 3Q 2022 Highlights
3Q 2022 HIGHLIGHTS NATURAL RESOURCES ✓ DEVELOPMENT: CORAL FIRST LNG PROD; BERKINE SOUTH START-UP; NEW GAS CONSORTIUM FID IN ANGOLA ✓ DISCOVERED RESOURCES: YTD 630 MBOE MAINLY IN CȎTE D’IVOIRE, CYPRUS, UAE AND ALGERIA ✓ PORTFOLIO: ACQUISITION OF BP ASSETS IN ALGERIA AND OF TANGO FLNG IN CONGO; AZULE
Slide 4: Natural Resources
NATURAL RESOURCES CAPTURING SCENARIO WHILE MANAGING RISK UPSTREAM GGP ADJ EBIT | € BLN ~0.4 9M 2022 ADJ EBIT AZULE DECONSOLIDATION € 2.0 BLN ~2.5x DERISKED EXPECTED YEARLY RESULTS CONFIRMED SUPPLY PORTFOLIO FLEXIBILITY 13.5 FY GUIDANCE AT €1.8 BLN WITH CURRENT RUSSIAN FLOWS 5.7 POSSIBILE UPSIDE FROM
Slide 5: Azule Energy
AZULE ENERGY A NEW JOURNEY AZULE AT A GLANCE 4YP KEY OPERATING AND FINANCIAL TARGETS SIGNIFICANT OPERATING SCALE AND ADDITIONAL EXPLORATION UPSIDE. 5% CAGR NEW GAS CONSORTIUM LEADER. PRODUCTION GROWTH RANKED #1 $8 BLN* PRODUCER IN ANGOLA NET CAPEX 200+ KBOED EQUITY O&G PRODUCTION $400 MLN * 2 BILLIO
Slide 6: Energy Evolution – R&M and Versalis
ENERGY EVOLUTION – R&M AND VERSALIS OPTIMISING, DIVERSIFYING, TRANSFORMING REFINING AND MARKETING VERSALIS ADJ EBIT* | € BLN 9M 2022 ADJ EBIT € -0.2 BLN VS € 0.3 BLN IN 9M 2021 CHEMICALS WEAKNESS PRIMARILY DRIVEN BY HIGHER COSTS & LOWER DEMAND 2.1 AN INDUSTRY LEADER FOR DECARBONIZED PRODUCTS -0.1 €
Slide 7: Energy Evolution – Sustainable Mobility
ENERGY EVOLUTION – SUSTAINABLE MOBILITY BUILDING AN INTEGRATED VALUE CHAIN FOR A GROWING MARKET BIO-FEEDSTOCK BIOREFINING MARKETING 35% VERTICAL INTEGRATION BY 2025; 2 MTPA CAPACITY BY 2025 GROWING OFFER OF ENDED PALMOIL PROCUREMENT DECARBONIZED PRODUCTS AHEAD OF 2023 TARGET AND SOLUTIONS PRIMARY SU
Slide 8: Energy Evolution
ENERGY EVOLUTION EBITDA BLN € STRATEGIC PROGRESS 2022 EBITDA € >0.6 BLN CONFIRMED DELIVERING ON OUR TARGETS 9M 2022 YE 2022E ~15% GW 1.8 >2 Mpod ~10 ~10 0.51 ‘000 9.6 >12 0.44 OFFSHORE WIND VÅRGRØNN FULLY OPERATIONAL 9M 2021 9M 2022 PV DISTRIBUTED GENERATION AT SCALE WITH >13K OPERATED PV PLANTS LEV
Slide 9: Performance-Driven Financial Strength
PERFORMANCE-DRIVEN FINANCIAL STRENGTH CASHFLOW UNDERPINNED BY CONSISTENT PRIORITIES 9M GROUP RESULTS | € BLN FREE DISTRIBUTION AND DELEVERAGING CASH FLOW STRATEGIC FLEXIBILITY 18 16.3 16 14 12 10.8 IMPACTED BY GAS MARKET VOLATILITY 10 8 INCLUDES WFT INTERIM 6 PAYMENT OF € 560 MLN 4 2.5 2 0 Net Adj.
Slide 10: 2022 Guidance
2022 GUIDANCE 1.67 adj. for FM effects, unplanned PRODUCTION 1.63 MBOED events in Kashagan and lower contribution from Norway DISCOVERED RESOURCES 750 MBOE GGP EBIT € >1.8 BLN PLENITUDE EBITDA € >0.6 BLN DOWNSTREAM EBIT € 2.5 BLN CFFO € 20 BLN AT $100 BRENT CAPEX € 8.3 BLN In line with previous, adj
Slide 11: Annex
ANNEX 11
Slide 12: 2022 Sensitivities
2022 SENSITIVITIES (€ BLN) BRENT EBIT ADJ: 0.21 (+1 $/BBL) NET ADJ: 0.15 FCF: 0.13 (€ BLN) STD. ENI REFINING MARGIN EBIT ADJ: 0.14 (+1 $/BBL) NET ADJ: 0.10 FCF: 0.14 (€ BLN) EXCHANGE RATE $/€ EBIT ADJ: 1.00 (-0.05 $/€) NET ADJ: 0.70 FCF: 0.70 “Brent” standard sensitivity assumes oil and gas price ch
Slide 13: 9M Market Scenario
9M MARKET SCENARIO EXCHANGE RATE| €/$ BRENT| $/bbl 105.4 1.196 67.7 1.064 9M 2021 9M 2022 9M 2021 9M 2022 PSV| €/kcm STANDARD ENI REFINING MARGIN| $/bbl 1'389 6.8 319 -0.4 9M 2021 9M 2022 9M 2021 9M 2022 13
Slide 14: Performance of Italian and Foreign Activities
PERFORMANCE OF ITALIAN AND FOREIGN ACTIVITIES 2014 - 9M 2022 Eni SpA Performance of Italian and Foreign Activities 1 | € BLN 2014 2015 2016 2017* 2018 2019 2020 2021 Jan-Sep 2022 Foreign Activities Performance Italian Activities Performance From 2014 to September 2022, Eni SpA Italian Activities rep
Slide 15: Key Projects Start Ups Over 2022-25 [1/2]
KEY PROJECTS START UPS OVER 2022-25 [1/2] NORWAY Balder X 58% WI LIQ MEXICO Area 1 Full Field 100% WI LIQ Start up: Q3 2024 Start up: February 2022 Prod. (kboed): 71 (100%) – 41 (equity) @2024 2022 Equity: 35 kboed FF Progress: 74% Prod. (kboed): 98 (100%) @ 2025 - 35 (eq.) @2022 Breidablikk 27% WI
Slide 16: Key Projects Start Ups Over 2022-25 [2/2]
KEY PROJECTS START UPS OVER 2022-25 [2/2] ANGOLA Agogo EP ph.2 18% WI LIQ CONGO Marine XII LNG 65% WI GAS Start up: Q4 2022 (Ph.1: Dec ‘19) Start up: 2023 2022 Equity: <1 kboed Prod. (kboed): 72 (100%) – 51 (equity) @2025 Progress: 81% MOZAMBIQUE Coral FLNG 25% WI GAS UAE Dalma Gas 25% WI GAS Start