Slide 1: 1Q 2021 Results
1Q 2021 Results April 30, 2021
Slide 2: 1Q 2021 Main Results
1Q 2021 MAIN RESULTS NATURAL RESOURCES OIL, GAS, LNG CCS/CCUS AND FORESTRY PRODUCTION: 1.7 MBOED - IN LINE WITH YEARLY GUIDANCE DISCOVERED RESOURCES: 120 MBOE FROM INFRASTRACTURE LED EXP MAINLY IN NORWAY AND ANGOLA GAS & LNG: DAMIETTA RESTARTED, SYNERGIES WITH ZOHR ENERGY EVOLUTION TRADITIONAL
Slide 3: Natural Resources
NATURAL RESOURCES UPSTREAM | EBIT Adj € BLN GGP | DAMIETTA LNG PLANT (EGYPT) First Cargo: February 2021 Production (Mboed) 1.79 1.70 YtD Cargoes: 9 Brent ($/bbl) 50.3 60.9 Full Year 2021 Cargoes: ~40 FX 1.10 1.21 2021 PRODUCTION 2021 GGP EBIT ALMOST @ BREAKEVEN @ 1.7 MBOED 2021 GGP FCF @ € 0.2 BLN F
Slide 4: Fast and low-cost tie in to Jangkrik hub
MERAKES: STARTED UP JANGKRIK FPU - INDONESIA ENI WI: 65% Hydrocarbon: Gas Start up: April 2021 2021 Equity: ~ 30 kboed 2022 Equity: ~ 50 kboed FAST AND LOW-COST TIE IN TO JANGKRIK HUB 4
Slide 5: Energy Evolution
ENERGY EVOLUTION ENI GAS E LUCE, POWER & REN| EBITDA Adj €Bln R&M AND CHEMICALS Gela Biomass Treatment Unit launched: enabled to receive up to 100% waste and residue feedstock Versalis: positive EBIT capturing better scenario RETAIL & RENEWABLE DOWNSTREAM RESULTS IMPROVING EXCELLENT PERFORMANCE THRO
Slide 6: Cash Results
CASH RESULTS 1Q CASHFLOW| € bln 2021 CFFO | € bln >9 <8 CAPEX Brent ($/bbl) 50 60 Serm ($/bbl) 3.8 ~0 2021 LEVERAGE <0.3 CFFO & FCF are adjusted and pre working capital at replacement cost 6 Leverage: before IFRS 16 lease liabilities
Slide 7: Retail+Renewables: Distinctive Growth Path
RETAIL+RENEWABLES: DISTINCTIVE GROWTH PATH OUR PACE FOR THE CARBON NEUTRALITY OF DOMESTIC CLIENTS 2015 2017 2018 2019 2020 2021 July 2021 RENEWABLES ENI GAS & LUCE EGL: NEW COMPANY RENEWABLES: ENI: NEW LONG TERM ENI: NET ZERO 2050 RETAIL + RENEWABLES BUSINESS UNIT (EGL) CREATION IN THE GREEK MARKET
Slide 8: Retail+Renewables: A Unique Proposition
RETAIL+RENEWABLES: A UNIQUE PROPOSITION Retail EBITDA | € BLN A. POWER & GAS SALES B. ADDITIONAL SERVICES C. ENERGY MANAGEMENT Retail D. INFRASTRACTURES & Renewable 4. OPERATION & MAINTENANCE CFFO | € BLN 3. POWER GENERATION 2. EXECUTION 1.ORIGINATION & DEVELOPMENT Renewables 8
Slide 9: Annex
ANNEX April 30, 2021
Slide 10: Market Scenario
MARKET SCENARIO BRENT| $/bbl EXCHANGE RATE| €/$ PSV| €/kcm STANDARD ENI REFINING MARGIN| $/bbl SPREAD PSV-TTF 17 3 10
Slide 11: 2021 Guidance
2021 GUIDANCE PRODUCTION 1.7 MBOED EXPLORATION DISCOVERIES 500 MLN BOE EBIT ALMOST AT BREAKEVEN GGP FCF € 0.2 BLN RETAIL + RENEWABLES EBIT € 0.35 BLN R&M + VERSALIS EBIT € 0.4 BLN CAPEX € 6 BLN LEVERAGE <0.3 R&M: SERM refining margin @ 1.9 $/bbl 11 Leverage: before IFRS 16 lease liabilities
Slide 12: Upstream Portfolio Quality
UPSTREAM PORTFOLIO QUALITY UNITARY P1 DISCOUNTED CASH FLOW | $/BOE Life Index 9.9 10.9 7.4 7.1 13.9 11.7 10.7 10.3 Oil reserves 55% 51% 48% 51% 59% 47% 58% 63% ENI UPSTREAM: HIGH VALUE AND RESILIENT Peers: BP, CVX, COP, EQUINOR, RDS, TOT, XOM.
Slide 13: Renewable Pipeline
RENEWABLE PIPELINE INSTALLED CAPACITY | GW 0.7 4 15 SANCTIONED, ACCESSED, UNDER STUDY 2 GW ITALY (ENI - CDP) SOLAR / WIND ONSHORE 3 GW SOUTH EUROPE (ENI – X-elio) SOLAR / WIND ONSHORE USA (ENI - FALCK REN) SOLAR / WIND ONSHORE >1 GW NORTH EUROPE WIND OFFSHORE INSTALLED & ACCESSED/ ACREAGE SANCTIONED