Eni — Earnings Release 2016

Jul 29, 2016

H1 2016 results

29 July 2016

www.eni.com

Upstream	production +0.5% vs 1H2015 • • EBIT of ~500 million € with oil < 40 \$/bbl discovered resources 550 million boe •
Mid - Downstream	• refining breakeven at 4.5 \$/bbl chemicals strong performance • G&P turnaround progressing •
Costs	capex reduction in line with guidance • opex -6% vs 1H2015 •

All segments positive in a weak scenario

e&p growth

Full-year production guidance confirmed

e&p exploration and focus on the Great Nooros area

	2016 target	H1
Discovered Mln boe	400	550
UEC \$/boe	>2	<1

near field exploration

phased approach

short time to market

July 2016

70 kboed

Oct 2016

130 kboed

H1 capex and FY guidance

2017 production growth > 5%

H1 economic performance

+€1 billion from performance

Constant scenario: oil price, FX and refining margins 6

H1 cash generation

2016 business targets

e&p	exploration target raised to 600 Mboe production confirmed at 1,760 kboed production growth >5% in 2017
	positive FCF; negative EBIT
g&p
	structural breakeven from 2017
r&m refining	positive FCF and EBIT
	breakeven confirmed at 4.5 \$/bbl
chemicals	positive FCF and EBIT

Interim dividend at 0.40 € per share