Slide 1: H1 2017 results
H1 2017 results 28 July 2017
Slide 2: H1 Highlights
H1 Highlights • Production growth: +3% vs 1H 2016 at 1783 kboed; +6% adj • Start-ups ahead of schedule: East Hub 15/06, Jangkrik, OCTP Upstream • Contribution from start ups/ramp ups +200 kboed • FID on Coral FLNG with first gas in 2022 • Giant discovery in Mexico: OHIP 1.3 bln boe (90% oil) with fu
Slide 3: Mexico – our latest success story
Mexico – our latest success story First discovery by a Major in Mexico Zona Sur Block 14 Block 7 Eni Mexico Block 10 (60%), Citla E. Eni Mexico (45%), Eni Mexico 100% (40%) Capricorn E (30%) and Citla E. (25%) Overview: W.I. Eni 100% Ciudad Del 1.3 bln boe OHIP (+ 0.5 vs original estimate), 90%
Slide 4: 2017 Start-ups
2017 Start-ups EAST HUB JANGKRIK OCTP ZOHR Angola Indonesia Ghana Egypt (WI: 37%) (WI: 55%) (WI: 44%) (WI: 60%) Execution Time 22 months IN PRODUCTION IN PRODUCTION IN PRODUCTION 8 February 2017 15 May 2017 20 May 2017 FID Start FID 80% up Execution Time 39 months Execution Time 41 months Execution
Slide 5: Upstream results
Upstream results Oil & Gas Production | kboed EBIT Adj | € bln 1840 +6% adj 53 Price/Opec Start Up / ramp up ~270 1783 2.3 1734 0.5 H1 2016 H1 2017 $40 /bbl $52 /bbl H1 2016 H1 2017 2017e H1 CFFO €4.2 billion* 5 * Pre- working capital and including Val d’Agri effect
Slide 6: Mid-Downstream results
Mid-Downstream results G&P EBIT | € mln R&M EBIT | € mln Versalis EBIT | € mln +40% +110% +250% 310 192 231 223 56 110 H1 2016 H1 2017 H1 2016 H1 2017 H1 2016 H1 2017 2017 positive structural EBIT 2017 refining breakeven <$4/bbl 2017 EBIT target achieved in 6 months H1 CFFO €0.6 billion 6
Slide 7: Group economic results
Group economic results Group EBIT adj | € bln +0.4 -0.2 +1.9 2.9 0.8 H1 2016 scenario OPEC + oneoffs growth + H1 2017 efficiency H1 Adjusted net profit: €1.2 bln 7
Slide 8: 2017 Capex
2017 Capex Group capex| € bln 10 8 H1 capex driven by start up acceleration 6 H2 4 H2 capex ~€3.5 bln 2 H1 0 2016 2017 * 2017 capex in line with guidance 8 * adjusted for disposal
Slide 9: 2017 Cash Balance
2017 Cash Balance H1 Eni cash balance| € Bln 6 5 Dividend 4 2017 3 dividend cash neutrality CFFO* ~$45/bbl Capex** 2 including the contribution of dual exploration 1 0 2017 interim dividend at 0.4 € per share 9 *CFFO pre working capital at replacement cost and including Val d’Agri effect **adjusted
Slide 10: BACK UP
BACK UP 10
Slide 11: Market scenario
Market scenario Brent ($/bbl) Exchange rate ($/€) 52 1.12 48 1.10 40 1.08 H1 2016 H2 2016 H1 2017 H1 2016 H2 2016 H1 2017 European gas prices (€/kcm) Standard Eni Refining Margin ($/bbl) 206 179 180 4.7 156 4.4 138 136 4.0 H1 2016 H2 2016 H1 2017 H1 2016 H2 2016 H1 2017 11