Eni — Earnings Release 2018

Oct 26, 2018

9M Highlights

Upstream	Production: 1,844 kboed, +3% vs 9M2017 (+4% price adjusted) Projects: Mexico Area 1 PoD Approved; Zohr steady at 2 bcfd Exploration: 64k Km2 of net acreage including deals in Libya & Mozambique
Mid-downstream	G&P: LNG and power continues to drive results R&M: good performance in marketing
	Versalis: expansion in biochemicals
Financials	CFFO adjusted: € 9.4 bln (+ 37% vs 9M2017) FCF (ante portfolio): € 4.3 bln (+270 % vs 2017) Leverage @September: 18 % (vs 32% in September 2017)

Upstream growth

2018 production guidance +3% vs 2017 @ 60 \$/bl

E&P free cash flow generation

Upstream free cash flow € 4.2 bln

CFFO is represented after working capital

E&P cash flow per barrel

CFFO is represented after working capital

G&P revised guidance

2018 Contracted LNG

9 MTPA 56% equity

2018 EBIT adj guidance ~ € 550 mln

Downstream positive

Strong cash generation

CFFO after w.c., including cash in from 2017 Zohr disposal, and assuming oil @ \$72/bl, SERM @ \$3.8/bl and FX rate @ 1.19 \$/€

Back up

Market scenario