Eni — Earnings Release 2017

Jul 28, 2017

H1 2017 results

28 July 2017

H1 Highlights

Upstream	• Production growth: +3% vs 1H 2016 at 1783 kboed; +6% adj • Start-ups ahead of schedule: East Hub 15/06, Jangkrik, OCTP • 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 further upside
Mid-downstream	• G&P: EBIT €192 mln +250% yoy; structural EBIT positive result from 2017 • R&M: EBIT €231 mln +110% yoy; FY 2017 refining breakeven <\$4/bbl • Chemicals: EBIT €310 mln +40% yoy; record economic results
Financials	• Capex €4.3 bln (-14% vs 1H 2016); FY guidance confirmed (-18%) • CFFO* €4.9 bln (+100% vs 1H 2016); €5 bln adj for Val d'Agri • Net cash from disposals €0.3 bln (FY 2017 expected €4 bln)

Mexico – our latest success story

First discovery by a Major in Mexico

Overview:

• W.I. Eni 100%
• 1.3 bln boe OHIP (+ 0.5 vs original estimate), 90% oil

Future activities:

• Exploration on Teocalli and Miztòn
• 3 Additional blocks in Campeche- Sureste Basin all operated: 7, 10, 14

Early production:

• FID: 1Q 2018
• Plateau 100%: ~50 kboed

Low cost development

2017 Start-ups

EAST HUB Angola (WI: 37%)

Execution Time 39 months IN PRODUCTION 8 February 2017

Plateau 100% (EH+WH): 150 kboe/d

JANGKRIK Indonesia (WI: 55%)

IN PRODUCTION 15 May 2017

OCTP Ghana (WI: 44%)

Execution Time 41 months Execution Time 29 months IN PRODUCTION 20 May 2017

ZOHR Egypt (WI: 60%)

Execution Time 22 months

December 2017

Plateau 100%: 85 kboe/d Plateau 100%: 85 kboe/d Plateau 100%: 500 kboe/d

Upstream results

H1 CFFO €4.2 billion*

* Pre- working capital and including Val d'Agri effect

Mid-Downstream results

H1 CFFO €0.6 billion

Group economic results

7

Group capex| € bln

• H1 capex driven by start up acceleration
• H2 capex ~€3.5 bln

2017 capex in line with guidance

8

2017 Cash Balance

2017 interim dividend at 0.4 € per share

*CFFO pre working capital at replacement cost and including Val d'Agri effect **adjusted for disposal

BACK UP

Market scenario

Standard Eni Refining Margin (\$/bbl)