Eni — Earnings Release 2018

Jul 27, 2018

H1 Highlights

Upstream	Production: 1,865 kboed, +5.4% price adj vs 1H2017 Zohr: 2 bcf/day by September 2018 3 main start ups: Ochigufu; OCTP gas; Bahr Essalam ph2 7 positive expl.wells: Angola, Egypt, Cyprus and Mexico Norway: created a new leading player
Mid -downstream	G&P: strong LNG results; Mamba T1-T2 LNG PoD submitted Refining & Chemicals: resilient in a weaker scenario
Financials	CFFO adjusted € 6.0 bln Capex € 3.7 bln in line with plan Disposal: around € 1.0 bln cashed in Leverage @end of June: 0.2

Vår Energi AS: a new leading player in Norway

Proved reserves: >500 mln boe Resources: 1.25 bln boe

Strengthening operational structure and exploration potential

Near field exploration unlocks new additional potential in proved basins

Upstream valuable growth

2018 PRODUCTION Guidance +4% vs 2017 @ 60 \$/bl

Zohr: an outstanding accelerated ramp up

Focus on upstream cash generation

Cash flow 1H2018

\$20/bbl

CFFO before working capital

Strong G&P results

2018 Ebit guidance increased € 400 Mln

Resilient downstream performance

strong organic cash generation

CFFO is represented including working capital, assuming oil price @ 70 \$/bl, refining margin @ 3,9 \$/bl and exchange rate @ 1.23 \$/€

Back up

Market scenario