Eni

Earnings Release • Apr 24, 2019

Highlights 1Q

Upstream	EBIT: € 2.3 bln (+25% YoY) Production: 1,832 kboed (-1.3% YoY adj price and portfolio) Exploration: 174 Mboe resources discovered; added >23,000 sq km
Mid-downstream	G&P: EBIT continuous enhancement (+16% vs last year) R&M: close to breakeven in a challenging scenario Versalis: impacted by Priolo downtime and market weakness
Financials	CFFO: € 3.2 bln before working capital (ante IFRS16) Capex: € 1.9 bln; FY2019 guidance confirmed Leverage: 16% ante IFRS16 (27% post IFRS)

Upstream: continued value growth

Key start ups concentrated in the 2nd half

GAS	Berkine & BRN Pipeline	49% WI
LIQ ALGERIA	Progress: >80% 2H 2019 Equity : 21 kboed Plateau 100%: 55 kboed @2020
	Area 1	65% WI
LIQ MEXICO	Progress: >80% 2H 2019 Equity : 6 kboed Plateau 100%: 100 kboed @2022
GAS	Baltim SW	50% WI
EGYPT	Progress: >70% 2H 2019 Equity : 14 kboed Plateau 100%: 90 kboed @2020
	Trestakk	5.5% WI
LIQ NORWAY	Progress: >80% 2H 2019 Equity : 2 kboed Plateau 100%: 40 kboed @2020

AVG 2H19 CONTRIBUTION

KEY 2019 START UPS >40 kboed equity

RAMP UPS & MAJOR GROWING FIELDS ~80 kboed equity

2019 production guidance Confirmed @ 1.88 Mboed

DNCF confirms upstream portfolio quality

Peers: BP, CVX, COP, XOM, RDS, EQUINOR, TOT.

Strong G&P result, while downstream impacted by scenario and downtime

Capex in line with yearly guidance

Robust cash and economic results

Back up

Market scenario

IFRS 16 IMPACT STRATEGY PRESENTATION 2019-2022

Balance Sheet @ 1/1/2019		Cash Flow 2019		Income Statement 2019
Capital Employed	~5.7 € bln	Free Cash	~0.9	Operating profit	~0.3 € bln
Net Debt	~5.7 € bln	Flow	€ bln	Net Profit	~ ~ ~-0.1 € bln
~10 p.p. Year end Leverage: