Eni — Earnings Release 2018

Feb 15, 2019

2018 Full Year Results

15 FEBRUARY 2019

Highlights 2018

SAFETY & ENVIRONMENT

TRIR: 0.35 Upstream GHG intensity: -6% vs 2017

New production record: 1.85 Mboe/d (+2.5% vs 2017 price adj) New Resources: > 600 mln boe; UEC \$ 1.5/bbl Reserves Repl. Ratio (all sources): 124%

G&P: EBIT adj € 544 mln, + 154% vs 2017 R&M and Chemical: EBIT adj € 380 mln

CFFO: € 13.9 bln (+39% YoY) Capex: € 7.9 bln Leverage YE: 16% (equal to a gearing of 14%)

2

Expanding Footprint in the Gulf

70,000 Km2

3 Bln Boe

Hydrocarbon risked potential

LONG TERM PRODUCTION

~400 KBoed EQUITY

OVERALL REFINING CAPACITY

+ 35 %

ADNOC refineries - 20% acquisition

Adding 185 kbbl/d Eni total capacity around 730 kbbl/d

• Excellent production yield almost zero fuel oil
• Further optimization from higher crude flexibility & efficiency
• Trading Joint Venture

~70% of throughput exported

Halving Eni Refining breakeven margin to \$1.5/bbl

E&P Production

Equity Production kboe/d HIGHLIGHTS

+ 1.9% vs 2017 (+2.5% price adj)

Zohr current production > 2 billion cubic feet/d

5 main start ups

6 FID

Proved Reserves

E&P results

EBIT adj| € bln CFFO| € bln

Mid-Downstream performance

	EBIT € mln				HIGHLIGHTS 2018
	1,205
R&M	531			• G&P Retail clients +6% vs 2017
		924
		390		• R&M strong performance in Marketing
Gas & Power	214
				• Versalis resilient	in a severe scenario
Versalis	460	544		CFFO	€ 1 bln
		-10
	2017	2018

• LNG Contracted Volumes 8.8 MTY (+ 70% vs 2017)

CFFO € 1 bln

• G&P Retail clients +6% vs 2017
• R&M strong performance in Marketing
• Versalis resilient in a severe scenario

2018 Cash balance| € bln

Cash Neutrality CFFO* = CAPEX + DIV
@ \$ 52 /bbl
2018 YE Leverage	16%

A stronger company in 4 years

PRODUCTION vs TOTAL CAPEX ORGANIC FCF vs NET DEBT

A fast transformation

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Market scenario