Eni

Earnings Release • Jul 30, 2015

H1 interim results and strategy update

Transformation drives performance

30 July 2015

www.eni.com

strong production growth

all mid-downstream profitable

capex and opex reduction

CFFO €5.7 bln: in line with H1 2014

e&p strong growth

e&p robust exploration performance

	t t a r g e	H 1
E M l b p r e s o r c e s x u n o e	5 0 0	3 0 0
C U E \$ / b o e	2 >	1 7

mid-downstream beats economic targets

accelerated breakeven in Chemicals and Refining

O p e x -	% 1 0
-----------------------	-------------

Capex - 10%

G&A - 25%

total cash improvement +€ 1,4 bn

economic performance

Constant scenario: oil price, FX and refining margins

strong cash generation

business targets confirmed or increased

cash neutrality in 2015/2016 confirmed at ~60 \$/bl