Eni

Earnings Release • Jul 26, 2019

H1 2019 Results

July 26, 2019

H1 HIGHLIGHTS

H1 2019	RESULTS
---------	---------

FINANCIALS	CFFO@ replacement cost: € 6.8 bln (growing in a lower scenario) Organic Free Cash Flow: € 2.9 bln Leverage: 15% (ante IFRS 16) Buyback: started in June; acquired >€100 mln at the end of July
UPSTREAM	Production: 1.83 Mboed, -1.9% vs 1H2018 (+4% adj. for Intisar) Projects: start up Mexico Area 1; Zohr @ plateau from September Exploration discoveries: 350 Mboe equity resources Dual Exploration Model: Merakes 20% farm out
MID-DOWNSTREAM	EBIT good performance despite a weak European gas and LNG markets G&P: R&M & Chemicals: Gela Green refinery start up
DECARBONISATION	GHG upstream emissions: -2.3% vs 2018, in line with target 7 solar and wind projects under construction in the 1H2019 Renewables:

UPSTREAM: EBIT IMPROVEMENT IN A LOWER SCENARIO

H1 2019 RESULTS

* Excluding Norway, scenario and IFRS16 effects

EXPLORATION FUELING OUR PORTFOLIO OF NEW OPPORTUNITIES

H1 2019 RESULTS

MEXICO – A NEW PRODUCING REGION

H1 2019 RESULTS

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H1 2019 RESULTS STRONG G&P RESULT, DOWNSTREAM IMPACTED BY SCENARIO AND DOWNTIME

G&P EBIT Adj € mln		R&M EBIT Adj € mln		Versalis EBIT Adj € mln
430	418
		79	67	65
1H 2018	1H 2019	1H 2018	1H 2019	1H 2018	1H 2019 -74

STRONG COMMITMENT TOWARDS DECARBONISATION

H1 2019 RESULTS

RENEWABLES

UPSTREAM GHG EMISSION INTENSITY tCO2 eq/kboe

7 PROJECTS IN 4 CONTINENTS IN EXECUTION:

• Italy: Porto Torres (PV), Volpiano (PV)
• Kazakhstan: Badamsha (Wind)
• Australia: Katherine (PV with storage)
• Pakistan: Bhit (PV)
• Tunisia: Adam (PV with storage), Tataouine (PV)

190 MW by end 2019

H1 2019 RESULTS

2019 GUIDANCE

Production	1.87 - 1.88 mboed
EXP discoveries	> 600 mln boe
G&P EBIT	€ 0.5 bln
R&M EBIT	~ € 0.5 bln
CFFO	~ € 12.8 bln
Leverage	~ 20%
CAPEX	< € 8 bln

Back up

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MARKET SCENARIO H1 2019 RESULTS