Eni — Interim / Quarterly Report 2023

Aug 9, 2023

6-K 1 tm2323041d1_6k.htm FORM 6-K

Field: Rule-Page

Field: /Rule-Page

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Field: Rule-Page

Field: /Rule-Page

Form 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of August 2023

Eni S.p.A.

(Exact name of Registrant as specified in its charter)

Piazzale Enrico Mattei 1 -- 00144 Rome, Italy

(Address of principal executive offices)

Field: Rule-Page

Field: /Rule-Page

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F X Form 40-F

Field: Rule-Page

Field: /Rule-Page

(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2b under the Securities Exchange Act of 1934.)

Yes __ No X

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): _____)

Field: Rule-Page

Field: /Rule-Page Field: Page; Sequence: 1

Field: /Page

Table of contents

● Interim Consolidated Report as of June 30, 2023

Field: Page; Sequence: 2

Field: /Page

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorised.

Eni S.p.A.
	/s/ Paola Mariani
Name:	Paola Mariani
Title:	Head of Corporate Secretary’s Staff Office

Date: August 4, 2023

Field: Page; Sequence: 3

Field: /Page

Field: Page; Sequence: 4

Field: /Page

●	Mission
	We are an energy company.
●	We concretely support a just energy transition,
	with the objective of preserving our planet
●	and promoting an efficient and sustainable access to energy for all.
●	Our work is based on passion and innovation,
	on our unique strengths and skills,
●	on the equal dignity of each person,
	recognizing diversity as a key value for human development,
	on the responsibility, integrity and transparency of our actions.
●	We believe in the value of long-term partnerships with the Countries and communities where we operate, bringing long-lasting prosperity for all.

Global goals for a sustainable development

The 2030 Agenda for Sustainable Development, presented in September 2015, identifies the 17 Sustainable Development Goals (SDGs) which represent the common targets of sustainable development on the current complex social problems. These goals are an important reference for the international community and Eni in managing activities in those Countries in which it operates.

Field: Page; Sequence: 5

Field: /Page

Field: Page; Sequence: 6

Field: /Page

Disclaimer

This report contains certain forward-looking statements in particular under the section “Outlook” regarding capital expenditures, dividends, buy-back programs, allocation of future cash flow from operations, financial structure evolution, future operating performance, targets of production and sale growth and the progress and timing of projects. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results may differ from those expressed in such statements, depending on a variety of factors, including the timing of bringing new oil and gas fields on stream; management’s ability in carrying out industrial plans and in succeeding in commercial transactions; future levels of industry product supply; demand and oil and natural gas pricing; operational problems; general macroeconomic conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; development and use of new technology; changes in public expectations and other changes in business conditions; the actions of competitors.

“Eni” means the parent company Eni SpA and its consolidated subsidiaries.

For the Glossary see website eni.com.

Field: Page; Sequence: 7

Field: /Page

Contents

| 1. | INTERIM
CONSOLIDATED REPORT | |
| --- | --- | --- |
| | Highlights | 4 |
| | Key operating and financial results | 6 |
| | Operating review | |
| | Exploration & Production | 8 |
| | Global Gas & LNG Portfolio | 10 |
| | Sustainable
Mobility, Refining and Chemicals | 12 |
| | Plenitude & Power | 15 |
| | Financial
review and other information | |
| | Financial review | 17 |
| | Risk factors and uncertainties | 37 |
| | Outlook | 47 |
| | Other information | 48 |
| 2. | CONDENSED
CONSOLIDATED INTERIM FINANCIAL
STATEMENTS | |
| | Financial statements | 51 |
| | Notes to the condensed consolidated interim financial statements | 57 |
| | Management’s certification | 90 |
| | Report of Independent Auditors | 91 |
| 3. | ANNEX | |
| | List
of companies owned by Eni SpA as of June 30, 2023 | 95 |
| | Changes in the scope of consolidation for the first half of 2023 | 133 |

Field: Page; Sequence: 8

Field: /Page

Field: Page; Sequence: 9

Field: /Page

Field: Page; Sequence: 10

Field: /Page

4 ENI INTERIM CONSOLIDATED REPORT 2023

Highlights

FINANCIAL PERFORMANCE

• Robust outcome in a commodity price reduction scenario with the 26% fall in crude oil and with gas prices (PSV) lower than 52% from the first half of 2022.

• The Group’s adjusted operating profit was €8 billion in the first half (-€3 billion compared to the first half of 2022) thanks to the contribution of the GGP segment and the strong E&P resilience to the environment. In particular:

• E&P reported an adjusted operating profit of €4.9 billion, a decrease of 48% compared to the same period of 2022 impacted by weaker realized prices and by the deconsolidation of the former Angolan subsidiaries. Production slightly increased, in line with the Group plans;

• GGP reported an adjusted operating profit of €2.5 billion (€0.9 billion in the first half of 2022) mainly driven by specific benefits relating to contractual triggers, renegotiations and settlements related to previous periods that are a feature of the business. Additionally, in a market environment still characterized by some degree of volatility and arbitrage opportunities, the continued asset optimization and trading have also contributed to the performance;

• Sustainable Mobility and Refining reported an adjusted operating profit of €0.4 billion (around €1 billion in the first half of 2022) impacted by scenario conditions not fully captured by the SERM including lower leverage to natural gas price energy costs, crude differentials and turnaround activity at important upgrading refinery units;

• Plenitude & Power reported an adjusted operating profit of €0.4 billion, +8% from the first half of 2022, supported by good results of the retail business and the ramp-up in the renewable installed capacity and production volumes, and optimizations in gas-fired power generation activities;

• Chemical was negatively impacted by an exceptionally low demand across all business segments and competitive pressures of product streams from import resulting in an adjusted operating loss of €0.2 billion.

• Adjusted profit before tax: robust to €8.7 billion, given a weakening commodity scenario trend. Particularly, pro-forma adjusted EBIT including the operating margin of equity accounted entities was €10.1 billion (€13.2 billion in the first half of 2022).

• Adjusted net profit: €4.8 billion, -32% from the first half of 2022.

• Excellent cash flow from operations before changes in working capital at replacement cost: €9.5 billion. After funding net capex and working capital needs (around €6.5 billion), the Group realized an organic free cash flow of €3 billion almost matching the entire full year 2023 dividend cash out.

• Net borrowings ex IFRS 16 as of June 30, 2023 were €8.2 billion and Group leverage stood at 0.15, remain within the stated range of 0.1 – 0.2 announced in the Capital Market Day.

• Dividend distribution: in May Eni paid its final 2022 dividend of €0.22 per share.

• Eni’s Board of Directors approved the distribution of the first of the four tranches (resulting in a total annual dividend of €0.94) of the dividend for the fiscal year 2023 of €0.24 per share outstanding at the ex-dividend date as of September 18, 2023, payable on September 20, 2023, as resolved by the Shareholders’ Meeting of May 10, 2023.

• Following the authorization granted by the Shareholders Meeting on May 10, 2023, concerning €2.2 billion up to a maximum of €3.5 billion for the year, the 2023 buy-back program commenced at the end of May and through July 28, 2023, 48 million shares have been purchased for a cash outlay of €635 million.

OPERATING PERFORMANCE

• Hydrocarbon production: 1.63 million boe/d, up 1% compared to the first half of 2022. Production was supported by the ramp-up in Mozambique and Mexico, higher activity in Algeria, which also benefited from the business acquisition, in Kazakhstan due to unplanned events occurred in the same period of 2022, as well as in Indonesia and Iraq. These increases were offset by planned maintenance activities, particularly in Libya, and lower production due to mature fields decline.

• In the first half of 2023 added about 360 million boe of new resources to reserve base driven mainly by the discoveries made off Egypt, Congo and Mexico.

Field: Page; Sequence: 11; Value: 13

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 5

• As of June 30, 2023, Plenitude installed capacity from renewables was 2.5 GW, up by 12% compared to December 31, 2022 (2.2 GW).

• EV charging points as of June 30, 2023, amounted to 16.6 thousand (of which 98% in Italy), doubling compared to the same period of 2022 (8.5 thousand units), up by 3.5 thousand points from the end of 2022.

• In the first half of 2023, throughputs on own accounts at Eni’s refineries were 13.40 mmtonnes, barely unchanged from the first half of 2022. The refinery utilization rate (76%) down by 4%.

• In the first half of 2023, bio throughputs were 276 mmtonnes up by 17.4% from the comparative period. Higher volumes processed at the Gela biorefinery, following the shutdown occurred in 2022, were more than offset by lower throughputs at the Venice biorefinery due to planned turnaround.

BUSINESS DEVELOPMENTS

• In June, Eni and its associate Vår Energi ASA have signed a sale and purchase agreement to acquire a leading independent exploration and production company Neptune, which mainly owns low emission gas-oriented assets and retains several projects for CO 2 capture.

• In June, Eni Sustainable Mobility Spa and PBF Energy Inc. (PBF) finalized the 50-50 joint venture partnership in St. Bernard Renewables LLC (SBR) biorefinery in Chalmette, Louisiana (US). The biorefinery started operations and is currently targeted to have a processing capacity of about 1.1 mmtonnes/year of raw materials.

• In July, Eni acquired Chevron’s development and production assets in offshore Indonesia. This acquisition is in line with Eni's energy transition strategy to increase the share of natural gas production to 60% by 2030. The closing of the transaction is subject to the customary governmental and regulatory approvals.

• In the first half of 2023 signed agreements with commercial partner (i.e. Ikea) to install EV charging points in Italy.

• In line with the growth target in the renewable business, Plenitude finalized the acquisition of installed capacity from renewables in Italy and abroad.

• Finalized agreements to promote the use of HVO (Hydrogenated Vegetable Oil) and SAF (Sustainable Aviation Fuel).

DECARBONIZATION AND SUSTAINABILITY INITIATIVES

• Signed a Memorandum of Intent (MoI) with the Government of Republic of Guinea Bissau to explore potential collaboration in exploration activities, nature climate solutions and technological application initiatives, agriculture, sustainability and health areas.

• Signed a Memorandum of Understanding (MoU) with Sonangol to evaluate possible joint initiatives in the energy transition, including agro-industrial supply chains for the low-carbon fuels production, valorization of residual biomass and green ammonia for agro-industrial applications as well as critical minerals.

• Signed a Memorandum of Understanding with Libya to evaluate possible opportunities to reduce GHG emissions and develop sustainable energy in the country. Eni will work on reducing CO 2 emissions also by means of reduction in routine gas flaring and fugitive emissions, as well as possible projects in the hard-to-abate sector.

• Eni has been included for the second consecutive year in the Bloomberg Gender Equality Index 2023 which evaluates Companies for their commitment to achieving Gender Equality, analyzing their performance in Five areas: (i) Leadership & talent pipeline; (ii) Equal pay & gender pay parity; (iii) Inclusive culture; (iv) Anti-sexual harassment policies; (v) External brand.

• Eni has been included for the second consecutive year in the Equileap’s TOP 100, one of the most important global gender parity ratings, it is linked to indices of influential financial stakeholders (i.e.: Morningstar).

ESG PERFORMANCE

• TRIR (Total Recordable Injury Rate) of the workforce amounted to 0.38, stable compared to the first half of 2022.

• Direct GHG emissions (Scope 1): a slightly decrease compared to the first half of 2022, in particular thanks to the new configuration in Porto Marghera plant, the maintenance activities in the chemical business and change in the consolidation area.

• Total volume of oil spills (> 1 barrel) increased from the first half of 2022, due to spill of fuel oil completely recovered.

• Re-injected production water increased from the first half of 2022 driven by higher share of re-injected water, mainly in Libya due to sabotage occurred in same period of 2022.

Field: Page; Sequence: 12; Value: 13

Field: /Page

6 ENI INTERIM CONSOLIDATED REPORT 2023

| KEY
ECONOMIC AND FINANCIAL RESULTS | | First
Half — 2023 | 2022 |
| --- | --- | --- | --- |
| Sales
from operations | (€
million) | 46,776 | 63,685 |
| Operating
profit (loss) | | 4,275 | 11,322 |
| Adjusted
operating profit (loss) (a) | | 8,022 | 11,032 |
| Exploration
& Production | | 4,855 | 9,248 |
| Global
Gas & LNG Portfolio | | 2,459 | 917 |
| Sustainable
Mobility, Refining and Chemicals | | 241 | 1,013 |
| Plenitude
& Power | | 351 | 325 |
| Adjusted
net profit (loss) (a)(b) | | 4,842 | 7,078 |
| per
share (c) | (€) | 1.43 | 1.98 |
| per
ADR (c)(d) | ($) | 3.09 | 4.33 |
| Net
profit (loss) (b) | | 2,682 | 7,398 |
| per
share (c) | (€) | 0.78 | 2.07 |
| per
ADR (c)(d) | ($) | 1.69 | 4.53 |
| Comprehensive
income (b) | (€
million) | 2,266 | 9,106 |
| Net
cash flow from operating activities | (€
million) | 7,425 | 7,281 |
| Capital
expenditure | | 4,676 | 3,193 |
| of
which: exploration | | 366 | 285 |
| hydrocarbons
development | | 3,511 | 2,044 |
| Total
assets at period end | | 140,420 | 163,377 |
| Shareholders'
equity including non-controlling interests at period end | | 55,528 | 52,012 |
| Net
borrowings at period end after IFRS 16 (a) | | 12,941 | 12,777 |
| Net
borrowings at period end before IFRS 16 (a) | | 8,215 | 7,872 |
| Net
capital employed at period end | | 68,469 | 64,789 |
| of
which: Exploration & Production | | 51,210 | 50,861 |
| Global
Gas & LNG Portfolio | | 615 | (3,585) |
| Sustainable
Mobility, Refining and Chemicals | | 9,218 | 10,810 |
| Plenitude
& Power | | 7,846 | 9,425 |
| Leverage
before IFRS 16 | (%) | 15 | 15 |
| Leverage
after IFRS 16 | | 23 | 25 |
| Gearing | | 19 | 20 |
| Coverage | | 17.6 | 21.4 |
| Current
ratio | | 1.4 | 1.2 |
| Debt
coverage | | 57.4 | 57.0 |
| Share
price at period end | (€) | 13.18 | 11.33 |
| Weighted
average number of shares outstanding | (million) | 3,341.7 | 3,538.3 |
| Market
capitalization (e) | (€
billion) | 44.5 | 40.5 |

(a) Non-GAAP measure.

(b) Attributable to Eni's shareholders.

(c) Fully diluted. Ratio of net profit (loss)/cash flow and average number of shares outstanding in the period. Dollar amounts are converted on the basis of the average EUR/USD exchange rate quoted by Reuters (WMR) for the period presented.

(d) One American Depositary Receipt (ADR) is equal to two Eni ordinary shares.

(e) Number of outstanding shares by reference price at period end.

| EMPLOYEES | | First
Half — 2023 | 2022 |
| --- | --- | --- | --- |
| Exploration
& Production | (number) | 8,771 | 9,336 |
| Global
Gas & LNG Portfolio | | 683 | 858 |
| Sustainable
Mobility, Refining and Chemicals | | 13,330 | 13,086 |
| Plenitude
& Power | | 2,900 | 2,593 |
| Corporate
and other activities | | 6,640 | 6,689 |
| Total
group employees | | 32,324 | 32,562 |
| of
which: women | | 8,630 | 8,424 |
| outside
Italy | | 11,223 | 11,836 |
| Female
managers | (%) | 29 | 27 |

Field: Page; Sequence: 13; Value: 13

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 7

| HEALTH,
SAFETY AND ENVIRONMENT (a) | | First
Half — 2023 | 2022 |
| --- | --- | --- | --- |
| TRIR
(Total Recordable Injury Rate) | (total
recordable injuries/worked hours) x 1,000,000 | 0.38 | 0.38 |
| employees | | 0.49 | 0.16 |
| contractors | | 0.33 | 0.48 |
| Direct
GHG emissions (Scope 1) | (mmtonnes
CO 2 eq) | 19.6 | 19.9 |
| Direct
methane emissions (Scope 1) | (ktonnes
CH 4 ) | 26.0 | 28.0 |
| Volumes
of hydrocarbons sent to routine flaring | (billion
Sm³) | 0.5 | 0.5 |
| Total
volume of oil spills (>1 barrel) | (kbarrels) | 10.4 | 2.7 |
| of
which: due to sabotage | | 2.8 | 2.1 |
| R&D
expenditure | (€
million) | 73 | 87 |

(a) KPIs are calculated on 100% consolidated operated assets, unless otherwise specified.

| OPERATING
DATA | | First
Half — 2023 | 2022 |
| --- | --- | --- | --- |
| EXPLORATION
& PRODUCTION | | | |
| Hydrocarbon
production (a) | (kboe/d) | 1,633 | 1,623 |
| liquids | (kbbl/d) | 769 | 760 |
| natural
gas | (mmcf/d) | 4,549 | 4,542 |
| Production
sold | (mmboe) | 265 | 271 |
| Average
hydrocarbons realizations | ($/boe) | 59.16 | 76.41 |
| Produced
water re-injected | (%) | 61 | 58 |
| Direct
GHG emissions (Scope 1) (b) | (mmtonnes
CO 2 eq) | 11.45 | 10.68 |
| Direct
GHG emissions (Scope 1)/operated hydrocarbon gross production (upstream) (b) | (tonnes
CO 2 eq./kboe) | 21.3 | 20.8 |
| Oil
spills due to operations (>1 barrel) (b) | (kbarrels) | 0.1 | 0.7 |
| GLOBAL
GAS & LNG PORTFOLIO | | | |
| Natural
gas sales | (bcm) | 25.99 | 31.64 |
| of
which: Italy | | 12.83 | 16.28 |
| outside
Italy | | 13.16 | 15.36 |
| LNG
sales | | 5.2 | 5.2 |
| Direct
GHG emissions (Scope 1) (b) | (mmtonnes
CO 2 eq) | 0.59 | 1.03 |
| SUSTAINABLE
MOBILITY, REFINING AND CHEMICALS | | | |
| Capacity
of biorefineries | (mmtonnes/year) | 1.6 | 1.1 |
| Bio
throughputs | (ktonnes) | 276 | 235 |
| Average
bio refineries utilization rate | (%) | 54 | 46 |
| Retail
market share in Italy | | 21.2 | 21.7 |
| Retail
sales of petroleum products in Europe | (mmtonnes) | 3.64 | 3.55 |
| Average
throughput of service stations in Europe | (kliters) | 786 | 743 |
| Average
oil refineries utilization rate | (%) | 76 | 80 |
| Production
of petrochemical products | (ktonnes) | 2,834 | 4,191 |
| Average
petrochemical plant utilization rate | (%) | 54 | 69 |
| Direct
GHG emissions (Scope 1) (b) | (mmtonnes
CO 2 eq) | 2.81 | 3.16 |
| SOₓ
emissions (sulphur oxide) | (ktonnes
SOₓeq.) | 1.19 | 1.45 |
| Direct
GHG emissions (Scope 1)/refinery throughputs (raw and semi-finished materials) (b) | (tonnes
CO 2 eq./ktonnes) | 234 | 221 |
| PLENITUDE
& POWER | | | |
| Renewable
installed capacity at period end | (MW) | 2,465 | 1,524 |
| Energy
production from renewable sources | (GWh) | 1,970 | 1,220 |
| Retail
and business gas sales | (bcm) | 3.79 | 4.37 |
| Retail
and business power sales to end customers | (TWh) | 8.81 | 9.58 |
| EV
charging points | (thousand) | 16.6 | 8.5 |
| Thermoelectric
production | (TWh) | 10.34 | 11.06 |
| Power
sales in the open market | | 10.06 | 11.34 |
| Direct
GHG emissions (Scope 1) (b) | (mmtonnes
CO 2 eq) | 4.78 | 5.00 |
| Direct
GHG emissions (Scope 1)/equivalent produced electricity (EniPower) (b) | (gCO 2 eq./kWh eq.) | 396 | 389 |

(a) Includes Eni's share in joint ventures and equity-accounted entities.

(b) KPIs refer to 100% of the operated assets.

Field: Page; Sequence: 14; Value: 13

Field: /Page

8 ENI INTERIM CONSOLIDATED REPORT 2023

Operating review

EXPLORATION & PRODUCTION

PRODUCTION AND PRICES

| | | First
half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- | --- |
| Production | | | | | |
| Liquids | (kbbl/d) | 769 | 760 | 9 | 1.2 |
| Natural
gas | (mmcf/d) | 4,549 | 4,542 | 7 | |
| Hydrocarbons | (kboe/d) | 1,633 | 1,623 | 10 | 0.6 |
| Average
realizations | | | | | |
| Liquids | ($/bbl) | 72.06 | 99.54 | (27.48) | (27.6) |
| Natural
gas | ($/kcf) | 8.71 | 9.92 | (1.21) | (12.3) |
| Hydrocarbons | ($/boe) | 59.16 | 76.41 | (17.25) | (22.6) |

In the first half of 2023, oil and natural gas production averaged 1,633 kboe/d, up by approximately 1% compared to the first half of 2022. Production was supported by the ramp-up in Mozambique and Mexico, higher activity in Algeria, which also benefited from the business acquisition, in Kazakhstan due to unplanned events occurred in the same period of 2022, as well as in Indonesia and Iraq. These increases were offset by planned maintenance activities, particularly in Libya, and lower production due to mature fields decline.

Liquids production was 769 kbbl/d, up by approximately 1% compared to the first half of 2022. Production growth in Algeria, Mexico, Kazakhstan and Iraq was partly offset by planned shutdowns and mature fields decline.

Natural gas production amounted to 4,549 mmcf/d, unchanged compared to the first half of 2022. Production increases were reported in Algeria, Mozambique in relation to the ramp-up of the Coral Floating LNG project and Indonesia, offset by planned shutdowns and mature fields decline.

Oil and gas production sold amounted to 265.4 mmboe. The 30.2 mmboe difference over production (295.6 mmboe) mainly reflected volumes consumed in operations (23.1 mmboe), changes in inventory levels and other changes.

ACQUISITION OF NEPTUNE ENERGY GROUP LTD

Eni and its associate Vår Energi ASA have signed a sale and purchase agreement to acquire Neptune, a leading independent exploration and production company with global, low emission, gas-oriented operations, which also retains several projects for CO 2 capture. Eni will acquire an asset portfolio which features strong complementarity at both operational and strategic level with its own, strengthening the presence in key geographic areas, like UK, Algeria, Indonesia, and Australia. Vår will consolidate its position in Norway. The deal with an enterprise value of $4.9 billion, of which $2.6 billion acquired by Eni and $2.3 billion by Vår, is expected to increase Eni production plateau by over 100 Kboe/d including its share of Vår, by adding cost-competitive, low-emission volumes that will underpin the Group strategy of growing its share of natural gas production and speeding up the transition, while at the same time enhancing security of energy supplies to Europe. The transaction whose economic effects are retroactive to January 1, 2023, is expected to close at the beginning of 2024 subject to the finalization of antitrust procedures and other customary conditions and will be immediately accretive to Eni’s earnings and cash flow also leveraging expected synergies of at least $0.5 billion.

MINERAL RIGHT PORTFOLIO AND EXPLORATION ACTIVITIES

As of June 30, 2023, Eni’s mineral right portfolio consisted of 754 exclusive or shared properties for exploration and development oil and gas in 37 countries. Total acreage was 313,967 square kilometers net to Eni, of which 577 square kilometers related to the CCUS activities in the United Kingdom. As of December 31, 2022, total acreage was 308,550 square kilometers net to Eni.

In the first half of 2023, changes in total net acreage mainly derived from: (i) acquisition of new leases mainly in Indonesia, Algeria, Norway, Egypt and Côte d’Ivoire for a total acreage of approximately 9,000 square kilometers; (ii) the relinquishment of licenses mainly in Indonesia, Egypt, Algeria and Norway for a total acreage of approximately 7,700 square kilometers; (iii) net acreage increase also due to interest changes mainly in Kenya and Norway for a total acreage of 5,400 square kilometers; and (iv) net acreage decrease, also due to interest changes, mainly in Indonesia, Côte d’Ivoire, Italy, Egypt and Lebanon for a total acreage of 1,300 square kilometers.

Field: Page; Sequence: 15; Value: 13

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 9

In the first half of 2023, a total of 18 exploratory wells were drilled (11.2 being Eni’s share), as compared to 17 exploratory wells drilled in the first half of 2022 (7.9 being Eni’s share).

| PRODUCTION
OF OIL AND NATURAL GAS BY REGION | | | |
| --- | --- | --- | --- |
| | | First
half | |
| | | 2023 | 2022 |
| Italy | (kboe/d) | 72 | 83 |
| Rest
of Europe | | 175 | 197 |
| North
Africa | | 282 | 255 |
| Egypt | | 326 | 355 |
| Sub-Saharan
Africa | | 288 | 283 |
| Kazakhstan | | 163 | 136 |
| Rest
of Asia | | 179 | 178 |
| Americas | | 141 | 124 |
| Australia
and Oceania | | 7 | 12 |
| Production
of oil and natural gas (a)(b) | | 1,633 | 1,623 |
| -
of which Joint Ventures and associates | | 321 | 224 |
| Production
sold (a) | (mmboe) | 265 | 271 |
| PRODUCTION OF LIQUIDS
BY REGION | | | |
| | | First
half | |
| | | 2023 | 2022 |
| Italy | (kbbl/d) | 30 | 37 |
| Rest
of Europe | | 101 | 113 |
| North
Africa | | 125 | 119 |
| Egypt | | 70 | 79 |
| Sub-Saharan
Africa | | 168 | 181 |
| Kazakhstan | | 115 | 94 |
| Rest
of Asia | | 85 | 76 |
| Americas | | 75 | 61 |
| Australia
and Oceania | | | |
| Production
of liquids | | 769 | 760 |
| -
of which Joint Ventures and associates | | 175 | 102 |
| PRODUCTION OF NATURAL
GAS BY REGION | | | |
| | | First
half | |
| | | 2023 | 2022 |
| Italy | (mmcf/d) | 218 | 244 |
| Rest
of Europe | | 390 | 443 |
| North
Africa | | 828 | 716 |
| Egypt | | 1,348 | 1,453 |
| Sub-Saharan
Africa | | 632 | 536 |
| Kazakhstan | | 252 | 221 |
| Rest
of Asia | | 495 | 532 |
| Americas | | 351 | 335 |
| Australia
and Oceania | | 35 | 62 |
| Production
of natural gas | | 4,549 | 4,542 |
| -
of which Joint Ventures and associates | | 770 | 644 |
| (a) Includes Eni’s share of
equity-accounted entities. | | | |
| (b) Includes
volumes of hydrocarbons consumed in operation (128 and 117 kboe/d in the first half of 2023 and 2022, respectively). | | | |

Field: Page; Sequence: 16

Field: /Page

10 ENI INTERIM CONSOLIDATED REPORT 2023

GLOBAL GAS & LNG PORTFOLIO

SUPPLY OF NATURAL GAS

In the first half of 2023, Eni’s consolidated subsidiaries supplied 25.88 bcm of natural gas , with a decrease of 5.92 bcm or 18.6% from the first half of 2022. Gas volumes supplied outside Italy from consolidated subsidiaries (23.16 bcm), imported in Italy or sold outside Italy, represented approximately 89% of total supplies, with a decrease of 7.02 bcm or down by 23.3% from the first half of 2022 mainly reflecting lower volumes purchased in Russia (down by 7.65 bcm), UK (down by 0.41 bcm), Norway (down by 0.03 bcm), partially offset by higher purchases mainly in Algeria (up by 0.56 bcm), Qatar (up by 0.27 bcm) and Libya (up by 0.19 bcm). Supplies in Italy (2.72 bcm) reported an increase of 67.9% from the comparative period.

| (bcm) | First
half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- |
| Italy | 2.72 | 1.62 | 1.10 | 67.9 |
| Russia | 2.88 | 10.53 | (7.65) | (72.6) |
| Algeria
(including LNG) | 5.90 | 5.34 | 0.56 | 10.5 |
| Libya | 1.38 | 1.19 | 0.19 | 16.0 |
| Netherlands | 0.79 | 0.72 | 0.07 | 9.7 |
| Norway | 3.32 | 3.35 | (0.03) | (0.9) |
| United
Kingdom | 0.71 | 1.12 | (0.41) | (36.6) |
| Indonesia (LNG) | 0.87 | 0.78 | 0.09 | 11.5 |
| Qatar
(LNG) | 1.41 | 1.14 | 0.27 | 23.7 |
| Other
supplies of natural gas | 4.06 | 3.89 | 0.17 | 4.4 |
| Other
supplies of LNG | 1.84 | 2.12 | (0.28) | (13.2) |
| Outside
Italy | 23.16 | 30.18 | (7.02) | (23.3) |
| TOTAL
SUPPLIES OF ENI’S CONSOLIDATED SUBSIDIARIES | 25.88 | 31.80 | (5.92) | (18.6) |
| Offtake
from (input to) storage | 0.14 | (0.12) | 0.26 | .. |
| Network
losses, measurement differences and other changes | (0.03) | (0.04) | 0.01 | 25.0 |
| AVAILABLE
FOR SALE BY ENI’S CONSOLIDATED SUBSIDIARIES | 25.99 | 31.64 | (5.65) | (17.9) |
| Available
for sale by Eni’s affiliates | 0.00 | 0.00 | 0.00 | |
| TOTAL
AVAILABLE FOR SALE | 25.99 | 31.64 | (5.65) | (17.9) |

SALES

| | | First
half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- | --- |
| Spot
Gas price at Italian PSV | (€/kcm) | 500 | 1,037 | (537) | (51.8) |
| TTF | | 471 | 1,014 | (543) | (53.6) |
| Natural
gas sales | (bcm) | | | | |
| Italy | | 12.83 | 16.28 | (3.45) | (21.2) |
| Rest of
Europe | | 12.02 | 13.91 | (1.89) | (13.6) |
| of
which: Importers in Italy | | 1.24 | 1.10 | 0.14 | 12.7 |
| European
markets | | 10.78 | 12.81 | (2.03) | (15.8) |
| Rest of
World | | 1.14 | 1.45 | (0.31) | (21.4) |
| WORLDWIDE
GAS SALES ( * ) | | 25.99 | 31.64 | (5.65) | (17.9) |
| of
which: LNG sales | | 5.20 | 5.20 | 0.00 | |
| (*)
Data include intercompany sales. | | | | | |

Field: Page; Sequence: 17

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 11

In the first half of 2023, natural gas sales were 25.99 bcm, down by 5.65 bcm from the first half of 2022, mainly due to lower volumes marketed in Italy and outside Italy. Sales in Italy were 12.83 bcm down by 3.45 bcm or 21.2% from the first half 2022 (16.28 bcm), due to lower sales marketed mainly to wholesalers and industrial segments and to hub. Sales in European markets (10.78 bcm) decreased by 15.8% as result of lower sales mainly in Iberian Peninsula, Turkey, United Kingdom and France partly offset by higher sales in Germany and Austria.

| (bcm) | First
half — 2023 | 2022 | Change | %Ch. |
| --- | --- | --- | --- | --- |
| Italy | 12.83 | 16.28 | (3.45) | (21.2) |
| Wholesalers | 5.87 | 7.09 | (1.22) | (17.2) |
| Italian
gas exchange and spot markets | 3.23 | 4.05 | (0.82) | (20.2) |
| Industries | 0.87 | 1.79 | (0.92) | (51.4) |
| Power
generation | 0.25 | 0.53 | (0.28) | (52.8) |
| Own
consumption | 2.61 | 2.82 | (0.21) | (7.4) |
| International
sales | 13.16 | 15.36 | (2.20) | (14.3) |
| Rest
of Europe | 12.02 | 13.91 | (1.89) | (13.6) |
| Importers
in Italy | 1.24 | 1.10 | 0.14 | 12.7 |
| European
markets: | 10.78 | 12.81 | (2.03) | (15.8) |
| Iberian
Peninsula | 1.29 | 2.09 | (0.80) | (38.3) |
| Germany/Austria | 1.09 | 0.83 | 0.26 | 31.3 |
| Benelux | 2.03 | 2.20 | (0.17) | (7.7) |
| United
Kingdom | 0.71 | 1.13 | (0.42) | (37.2) |
| Turkey | 3.67 | 4.24 | (0.57) | (13.4) |
| France | 1.95 | 2.27 | (0.32) | (14.1) |
| Other | 0.04 | 0.05 | (0.01) | (20.0) |
| Extra
European markets | 1.14 | 1.45 | (0.31) | (21.4) |
| WORLDWIDE
GAS SALES | 25.99 | 31.64 | (5.65) | (17.9) |

| (bcm) | First
half — 2023 | 2022 | Change | %Ch. |
| --- | --- | --- | --- | --- |
| Total
sales of subsidiaries | 25.99 | 31.64 | (5.65) | (17.9) |
| Italy
(including own consumption) | 12.83 | 16.28 | (3.45) | (21.2) |
| Rest
of Europe | 12.02 | 13.91 | (1.89) | (13.6) |
| Outside
Europe | 1.14 | 1.45 | (0.31) | (21.4) |
| Total
sales of Eni’s affiliates (net to Eni) | 0.00 | 0.00 | 0.00 | |
| WORLDWIDE
GAS SALES | 25.99 | 31.64 | (5.65) | (17.9) |

LNG SALES

| (bcm) | First
half — 2023 | 2022 | Change | %Ch. |
| --- | --- | --- | --- | --- |
| Europe | 4.0 | 3.8 | 0.2 | 5.3 |
| Outside
Europe | 1.2 | 1.4 | (0.2) | (14.3) |
| TOTAL
LNG SALES | 5.2 | 5.2 | 0.0 | |

LNG sales (included in worldwide gas sales) amounted to 5.2 bcm and were unchanged from the comparative period. In the first half of 2023, the main sources of LNG supply were Qatar, Egypt, Nigeria and Indonesia.

Field: Page; Sequence: 18

Field: /Page

12 ENI INTERIM CONSOLIDATED REPORT 2023

SUSTAINABLE MOBILITY, REFINING AND CHEMICALS

| | | First
half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- | --- |
| Standard
Eni Refining Margin (SERM) | ($/bbl) | 8.9 | 8.2 | 0.7 | 8.6 |
| Throughputs in Italy
on own account | (mmtonnes) | 8.33 | 8.13 | 0.20 | 2.5 |
| Throughputs in the rest
of World on own account | | 5.07 | 5.35 | (0.28) | (5.2) |
| Total
throughputs on own account | | 13.40 | 13.48 | (0.08) | (0.6) |
| Average oil refineries
utilization rate | (%) | 76 | 80 | | |
| Bio throughputs | (ktonnes) | 276 | 235 | 41 | 17.4 |
| Average
bio refineries utilization rate | (%) | 54 | 46 | | |
| MARKETING | | | | | |
| Retail
sales of petroleum products in Europe | mmtonnes | 3.64 | 3.55 | 0.09 | 2.5 |
| Retail sales in Italy | | 2.58 | 2.55 | 0.03 | 1.2 |
| Retail sales in the
rest of Europe | | 1.06 | 1.00 | 0.06 | 6.0 |
| Retail market share
in Italy | (%) | 21.2 | 21.7 | | |
| Wholesale
sales in Europe | (mmtonnes) | 3.97 | 4.11 | (0.14) | (3.5) |
| Wholesale sales in Italy | | 3.08 | 2.92 | 0.16 | 5.5 |
| Wholesale
sales in the rest of Europe | | 0.89 | 1.19 | (0.30) | (25.3) |
| CHEMICALS | | | | | |
| Sales
of petrochemical products | (mmtonnes) | 1.54 | 2.16 | (0.62) | (28.7) |
| Average
plant utilization rate | (%) | 54 | 69 | | |

ST. BERNARD RENEWABLES LLC (SBR) ACQUISITION

Eni Sustainable Mobility Spa and PBF Energy Inc. (PBF) finalized the 50-50 joint venture partnership in St. Bernard Renewables LLC (SBR), an operating biorefinery in Chalmette, Louisiana (US). The biorefinery started operations in June and is currently targeted to have processing capacity of about 1.1 million tonnes/year of raw materials, with full pretreatment capabilities. It will produce mainly HVO Diesel using the Ecofining™ process developed by Eni in cooperation with Honeywell UOP.

NOVAMONT ACQUISITION

Finalized the purchase of the 64% remaining interest in Novamont, announced in April. The acquisition of Novamont, a leading company in sustainable and circular bioplastics and biochemistry, is in line with Eni’s strategy to develop chemicals from renewable sources. The effectiveness of the transaction is subject to the approval of the competent antitrust Authorities.

SUSTAINABLE MOBILITY AND REFINING

In the first half of 2023, Eni’s Standard Refining Margin – SERM – amounted to 8.9 $/barrel, reporting an increase of 8.6% compared to the values reported in the same period of 2022 (8.2 $/barrel).

Eni refining throughputs on own account were 13.40 mmtonnes, substantially unchanged from the first half of 2022. In Italy, the increase in throughputs processed at the Livorno refinery, thanks to higher volumes processed in the first quarter, was partially absorbed by the reduction at the Taranto and Sannazzaro refineries. Throughputs in the rest of world decreased by 5.2% compared to the first half of 2022, due to lower volumes processed in Germany. Decreased by 4 percentage points the average plant utilization rate (76%).

Bio throughputs were 276 ktonnes, up by 17.4% from the same period of 2022. The higher volumes processed at the biorefinery in Gela, due to the shutdown occurred in the first half 2022, more than offset the reduction in volumes at the Venice biorefinery following the planned standstill.

In the first half of 2023, sales volumes of refined products (12.54 mmtonnes) were down by 0.78 mmtonnes or by 5.9% from the first half of 2022.

Field: Page; Sequence: 19

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 13

| (mmtonnes) | First
half — 2023 | 2022 | Change | %Ch. |
| --- | --- | --- | --- | --- |
| Retail | 2.58 | 2.55 | 0.03 | 1.2 |
| Wholesale | 3.08 | 2.92 | 0.16 | 5.5 |
| Petrochemicals | 0.20 | 0.24 | (0.04) | (16.7) |
| Other
sales | 3.65 | 4.41 | (0.76) | (17.2) |
| Sales
in Italy | 9.51 | 10.12 | (0.61) | (6.0) |
| Retail
rest of Europe | 1.06 | 1.00 | 0.06 | 6.0 |
| Wholesale
rest of Europe | 0.89 | 1.19 | (0.30) | (25.2) |
| Wholesale
outside Europe | 0.26 | 0.25 | 0.01 | 4.0 |
| Other
sales | 0.82 | 0.76 | 0.06 | 7.9 |
| Sales
outside Italy | 3.03 | 3.20 | (0.17) | (5.3) |
| TOTAL
SALES OF REFINED PRODUCTS | 12.54 | 13.32 | (0.78) | (5.9) |

Retail sales in Italy were 2.58 mmtonnes, showing a slight increase of 1.2% due to higher volumes of gasoline, partially offset by lower sales of gasoil. Eni’s retail market share of the first half 2023 was 21.2% (21.7% in the first half 2022). As of June 30, 2023, Eni’s retail network in Italy consisted of 3,985 service stations, recording a decrease from June 30, 2022 (4,051 service stations), resulting from the negative balance of acquisitions/releases of lease concessions (72 units) and the negative balance of network owned stations (10 units) partially balanced by the growth of the lease stations (15 units) and motorway concession (1 unit). Average throughput in Italy (712 kliters) increased by 39 kliters from the first half of 2022 (673 kliters). Wholesale sales in Italy were 3.08 mmtonnes, up by 5.5% from the first half of 2022 mainly due to higher sales of jet fuel and gasoil, which more than offset lower sales of bunkers. Supplies of feedstock to the petrochemical industry (0.20 mmtonnes) down by 16.7% from the comparative period due to the contraction of the production activities recorded in the sector. Retail and wholesale sales in the rest of Europe of 1.95 mmtonnes decreased by 0.24 mmtonnes from the first half of 2022. This decrease mainly reflects lower volumes marketed in Germany, Spain and Austria, partly offset by higher sales in Switzerland. Other sales in Italy and outside Italy were 4.47 mmtonnes, down by 13.5% from the first half of 2022.

| Retail
and wholesale sales of refined products — (mmtonnes) | First
half — 2023 | 2022 | Change | %Ch. |
| --- | --- | --- | --- | --- |
| ITALY | 5.66 | 5.47 | 0.19 | 3.4 |
| Retail
sales | 2.58 | 2.55 | 0.03 | 1.2 |
| Gasoline | 0.74 | 0.68 | 0.06 | 8.8 |
| Gasoil | 1.66 | 1.70 | (0.04) | (2.4) |
| LPG | 0.16 | 0.16 | (0.01) | (3.1) |
| Other | 0.02 | 0.01 | 0.01 | 110.0 |
| Wholesale
sales | 3.08 | 2.92 | 0.16 | 5.4 |
| Gasoil | 1.49 | 1.46 | 0.03 | 1.9 |
| Fuel
Oil | 0.01 | 0.01 | | |
| LPG | 0.08 | 0.09 | (0.01) | (9.1) |
| Gasoline | 0.21 | 0.20 | 0.01 | .. |
| Lubricants | 0.03 | 0.02 | 0.00 | 17.4 |
| Bunker | 0.22 | 0.25 | (0.03) | (10.4) |
| Jet
Fuel | 0.78 | 0.71 | 0.07 | .. |
| Other | 0.26 | 0.18 | 0.08 | 44.4 |
| OUTSIDE
ITALY (RETAIL + WHOLESALE) | 2.21 | 2.44 | (0.23) | (9.4) |
| Gasoline | 0.53 | 0.52 | 0.01 | 1.9 |
| Gasoil | 1.20 | 1.43 | (0.23) | (16.2) |
| Jet
Fuel | 0.07 | 0.05 | 0.02 | .. |
| Fuel
Oil | 0.05 | 0.06 | (0.01) | .. |
| Lubricants | 0.05 | 0.04 | 0.01 | 17.5 |
| LPG | 0.26 | 0.25 | 0.00 | 1.6 |
| Other | 0.05 | 0.09 | (0.04) | (40.0) |
| TOTAL
RETAIL AND WHOLESALE SALES | 7.87 | 7.91 | (0.04) | (0.5) |

Field: Page; Sequence: 20; Options: NewSection

Field: /Page

14 ENI INTERIM CONSOLIDATED REPORT 2023

CHEMICALS

| (ktonnes) | First
half — 2023 | 2022 | Change | %Ch. |
| --- | --- | --- | --- | --- |
| Intermediates | 1,934 | 3,076 | (1,142) | (37.1) |
| Polymers | 895 | 1,111 | (216) | (19.4) |
| Biochem | 5 | 4 | 1 | 25.0 |
| Petrochemicals
production | 2,834 | 4,191 | (1,357) | (32.4) |
| Moulding
& Compounding | 44 | 46 | (2) | .. |
| Total
productions | 2,878 | 4,237 | (1,359) | (32.1) |
| Consumption
and losses | (1,686) | (2,315) | 629 | 27.2 |
| Purchases
and change in inventories | 387 | 282 | 105 | 37.2 |
| TOTAL
AVAILABILITY | 1,579 | 2,204 | (625) | (28.4) |
| Intermediates | 824 | 1,303 | (479) | (36.8) |
| Polymers | 704 | 846 | (142) | (16.8) |
| Oilfield
chemicals | 13 | 11 | 2 | 18.2 |
| Biochem | 0 | 1 | (1) | (100.0) |
| Petrochemicals
sales | 1,541 | 2,161 | (620) | (28.7) |
| Moulding &
Compounding | 38 | 43 | (5) | .. |
| TOTAL
SALES | 1,579 | 2,204 | (625) | (28.4) |

Petrochemicals production of 2,834 ktonnes decreased by 1,357 ktonnes (down by 32.4%). The main reduction were reported in the intermediates segment, due to the standstill for reconversion at Porto Marghera and the prolonged planned standstill at Dunkerque plant.

Petrochemicals sales of 1,541 ktonnes decreased by 620 ktonnes (down by 28.7%). In particular, lower volumes sales concerned polymers segment (-142 ktonnes) and intermediates (-479 ktonnes) due to lower product availability following the unfavorable scenario.

Moulding & Compounding sales of 38 ktonnes are related to semi-finished and products of the Finproject Group, particularly the last generation compound based on expandable polyolefins under the Levirex ® brand and the ultra-light plastic material under the XL Extralight ® brand.

Elastomers and styrenics margins decreased due to lower prices as a result of a significant drop in demand, particularly in the durable goods, packaging and thermal insulation segments.

Field: Page; Sequence: 21

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 15

PLENITUDE & POWER

| | | First
half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- | --- |
| Plenitude | | | | | |
| Retail and business gas sales | bcm | 3.79 | 4.37 | (0.58) | (13.3) |
| Retail and business power sales to end customers | TWh | 8.81 | 9.58 | (0.77) | (8.1) |
| Retail/business customers | mln
pod | 10.09 | 9.95 | 0.14 | 1.4 |
| Energy production from renewable sources | GWh | 1,970 | 1,220 | 750 | 61.5 |
| Renewable installed capacity at period end | MW | 2,465 | 1,524 | 941 | 61.7 |
| of which: -
photovoltaic (including installed storage capacity) | % | 58 | 58 | | |
| -
wind | | 42 | 42 | | |
| EV charging points at period end | thousand | 16.6 | 8.5 | 8.1 | 95.3 |
| Power | | | | | |
| Power sales in the open market | TWh | 10.06 | 11.34 | (1.28) | (11.3) |
| Thermoelectric
production | | 10.34 | 11.06 | (0.72) | (6.5) |

PLENITUDE

RETAIL GAS & POWER

| (bcm) | First
half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- |
| Italy | 2.54 | 2.94 | (0.40) | (13.6) |
| Retail | 1.89 | 2.21 | (0.32) | (14.6) |
| Business | 0.65 | 0.73 | (0.08) | (10.5) |
| International
sales | 1.25 | 1.43 | (0.18) | (12.6) |
| European
markets: | | | | |
| France | 0.99 | 1.08 | (0.09) | (8.4) |
| Greece | 0.17 | 0.24 | (0.07) | (30.5) |
| Other | 0.09 | 0.11 | (0.02) | (16.7) |
| RETAIL
AND BUSINESS GAS SALES | 3.79 | 4.37 | (0.58) | (13.2) |

In the first half of 2023, retail and business gas sales in Italy and the rest of Europe amounted to 3.79 bcm, down by 0.58 bcm or 13.2% from the first half of 2022, mainly due to lower consumptions. Gas sales in Italy amounted to 2.54 bcm down by 13.6% from the comparative period, mainly reflecting lower volumes marketed at retail segment. Gas sales in the European markets (1.25 bcm) reported a decrease of 12.6% or 0.18 bcm compared to the first half of 2022 as result of lower volumes sold in particular in France and Greece.

In the first half of 2023, retail and business power sales to end customers , managed by Plenitude and the subsidiaries outside Italy (France, Iberian Peninsula and Greece) amounted to 8.81 TWh, a decrease of 8.1% from the first half of 2022, mainly due to lower consumptions, partially offset by higher sales to residential segment in Italy.

RENEWABLES

Production

| | | First
half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- | --- |
| Energy
production from renewable sources | (GWh) | 1,970 | 1,220 | 750 | 61.5 |
| of
which: photovoltaic | | 814 | 505 | 309 | 61.1 |
| wind | | 1,153 | 715 | 438 | 61.3 |
| biogas | | 3 | 0 | 3 | .. |
| of
which: Italy | | 762 | 443 | 319 | 72.0 |
| outside
Italy | | 1,208 | 777 | 431 | 55.5 |

Energy production from renewable sources amounted to 1,970 GWh (of which 1,153 GWh wind, 814 GWh photovoltaic and 3 GWh biogas) up by 750 GWh compared to the first half of 2022, benefitting from the asset acquisitions and from the entry in operations of the organic projects.

Field: Page; Sequence: 22

Field: /Page

16 ENI INTERIM CONSOLIDATED REPORT 2023

Installed capacity

Follows breakdown of the installed capacity from renewables by technology:

| | | First
half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- | --- |
| Installed
capacity from renewables at period end | (MW) | 2,465 | 1,524 | 941 | 61.7 |
| of
which: photovoltaic (including installed storage capacity) | | 1,425 | 878 | 547 | 62.3 |
| wind | | 1,039 | 646 | 393 | 60.8 |
| biogas | | 1 | 0 | 1 | |

Breakdown by Country:

| (MW) | First
half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- |
| ITALY | 908 | 522 | 386 | 73.9 |
| OUTSIDE
ITALY | 1,557 | 1,002 | 555 | 55.4 |
| Australia | 64 | 64 | | |
| France | 114 | 111 | 3 | 2.7 |
| Kazakhstan | 108 | 96 | 12 | 12.5 |
| Spain | 393 | 129 | 264 | .. |
| United
States | 878 | 602 | 276 | 45.8 |
| Total
installed capacity from renewables at period end (including installed storage power) | 2,465 | 1,524 | 941 | 61.7 |
| of
which installed storage power | 21 | 7 | 14 | .. |

As of June 30, 2023, the total renewable installed capacity was 2,465 MW. Compared to June 30, 2022, the capacity increased by 941 MW, mainly thanks to the acquisition in Italy (PLT Group), in Spain (Boreas and Helios), in the USA (Kellam) and to the organic development in the USA (Brazoria), Spain (Cerillares) and Kazakhstan (first tranche of Shaulder), as well as the construction of the first energy storage plant in Italy, at the Assemini site.

E-MOBILITY

As of June 30, 2023, the installed charging points for electric vehicles amounted to 16.6 thousand units (of which 98% in Italy) and were doubled compared to June 30, 2022 (8.5 thousand units). When compared with the end of 2022, the increase amounted to over 3,500 units.

POWER

| | | First
half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- | --- |
| Purchases of natural gas | (mmcm) | 2,037 | 2,219 | (182) | (8.2) |
| Purchases
of other fuels | (ktoe) | 94 | 81 | 13 | 16.0 |
| Power generation | (TWh) | 10.34 | 11.06 | (0.72) | (6.5) |
| Steam | (ktonnes) | 3,608 | 3,734 | (126) | (3.4) |

| Availability
of electricity — (TWh) | First
half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- |
| Power generation | 10.34 | 11.06 | (0.72) | (6.5) |
| Trading
of electricity (a) | 3.39 | 4.42 | (1.03) | (23.3) |
| Availability | 13.73 | 15.48 | (1.75) | (11.3) |
| Power
sales in the open market | 10.06 | 11.34 | (1.28) | (11.3) |
| Power
sales to Plenitude | 3.67 | 4.14 | (0.47) | (11.4) |

(a) Includes positive and negative imbalances (difference between the electricity effectively fed-in and as scheduled).

Eni’s power generation sites are located in Brindisi, Ferrera Erbognone, Ravenna, Mantova, Ferrara and Bolgiano. As of June 30, 2023, installed operational capacity of EniPower’s power plants was 2.3 GW (net to Eni). In the first half of 2023, thermoelectric power generation was 10.34 TWh, decreasing from the first half of 2022. Electricity trading (3.39 TWh) reported a decrease of 23.3% from the comparative period, continuing the optimization of inflows and outflows of power. In the first half of 2023, power sales in the open market were 10.06 TWh, representing a decrease of 11.3%, following the lower volumes sold to the open market and to Power Exchange.

Field: Page; Sequence: 23

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 17

Financial review

PROFIT AND LOSS ACCOUNT

| (€
million) | First
Half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- |
| Sales from operations | 46,776 | 63,685 | (16,909) | (26.6) |
| Other income and revenues | 414 | 618 | (204) | (33.0) |
| Operating expenses | (38,707) | (48,595) | 9,888 | 20.3 |
| Other
operating income (expense) | 41 | (774) | 815 | .. |
| Depreciation,
depletion, amortization | (3,725) | (3,390) | (335) | (9.9) |
| Net
impairment reversals (losses) of tangible and intangible and right-of-use assets | (389) | (175) | (214) | .. |
| Write-off
of tangible and intangible assets | (135) | (47) | (88) | .. |
| Operating
profit (loss) | 4,275 | 11,322 | (7,047) | (62.2) |
| Finance income (expense) | (243) | (528) | 285 | 54.0 |
| Income
(expense) from investments | 1,606 | 1,509 | 97 | 6.4 |
| Profit
(loss) before income taxes | 5,638 | 12,303 | (6,665) | (54.2) |
| Income taxes | (2,917) | (4,895) | 1,978 | 40.4 |
| Tax
rate (%) | 51.7 | 39.8 | 11.9 | |
| Net
profit (loss) | 2,721 | 7,408 | (4,687) | (63.3) |
| attributable
to: | | | | |
| -
Eni's shareholders | 2,682 | 7,398 | (4,716) | (63.7) |
| -
Non-controlling interest | 39 | 10 | 29 | .. |

reported RESULTS

The results for the first half of 2023 were achieved in a context characterized by a weakening commodities price scenario: Brent decreased from 108 $/barrel in the first half of 2022, to 80 $/barrel in the first half of 2023 (down 26%); gas prices in Europe reported a lager decrease (down approximately 50% from the first half of 2022); in the chemical business, weak fundamentals were due to low dynamism in European demand, competitive pressure from geographies with competitive cost structure as well as the impact of the Chinese post-COVID re-opening. In the first half of 2023, Eni's refining business benefited from still generally favourable market conditions after the record year of 2022, thanks to the positive trend in fuel demand driven in particular by the civil aviation and road transport segments, bottlenecks in the system/delays in start-ups (SERM of 8.9 $/bbl on average in the first half of 2023, up 9% from the same period of 2022).

In the first half of 2023, net profit attributable to Eni’s shareholders was €2,682 million compared to €7,398 million in the first half of 2022, a decrease of €4.7 billion driven by lower operating performance due to a less supportive environment and higher tax rate impacted by the UK and Italian extraordinary contributions partly offset by improved balance between finance expense/income from investments also affected by a gain in connection to the sale of a 49.9% stake in the equity interests of Eni’s subsidiaries managing the TTPC/Transmed pipelines and the relevant transportation rights following the agreement with Snam.

Net cash provided by operating activities increased by 2% to €7,425 million, while net borrowings before IFRS 16 increased by €1,189 million from December 31, 2022, to €8,215 million.

Field: Page; Sequence: 24

Field: /Page

18 ENI INTERIM CONSOLIDATED REPORT 2023

The following table shows the main scenario indicators reported in the first half of 2023:

| | First
Half — 2023 | 2022 | %
Ch. |
| --- | --- | --- | --- |
| Average price of Brent dated crude oil in U.S.
dollars (a) | 79.83 | 107.59 | (25.8) |
| Average EUR/USD exchange rate (b) | 1.081 | 1.093 | (1.1) |
| Average price of Brent dated crude oil in euro | 73.85 | 98.44 | (25.0) |
| Standard Eni Refining Margin (SERM) (c) | 8.9 | 8.2 | 8.6 |
| PSV (d) | 500 | 1,037 | (51.8) |
| TTF (d) | 471 | 1,014 | (53.6) |

(a) Price per barrel. Source: Platt’s Oilgram.

(b) Source: ECB.

(c) In $/bbl. Source: Eni calculations. Approximates the margin of Eni's refining system in consideration of material balances and refineries' product yields.

(d) €/kcm.

ADJUSTED RESULTS AND BREAKDOWN OF SPECIAL ITEMS

| (€
million) | First
Half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- |
| Operating
profit (loss) | 4,275 | 11,322 | (7,047) | (62.2) |
| Exclusion of inventory holding (gains) losses | 609 | (1,351) | | |
| Exclusion of special items | 3,138 | 1,061 | | |
| Adjusted
operating profit (loss) | 8,022 | 11,032 | (3,010) | (27.3) |
| Breakdown by segment: | | | | |
| Exploration & Production | 4,855 | 9,248 | (4,393) | (47.5) |
| Global Gas & LNG
Portfolio | 2,459 | 917 | 1,542 | .. |
| Sustainable Mobility,
Refining and Chemicals | 241 | 1,013 | (772) | (76.2) |
| Plenitude & Power | 351 | 325 | 26 | 8.0 |
| Corporate and other
activities | (230) | (294) | 64 | 21.8 |
| Impact of unrealized
intragroup profit elimination and other consolidation adjustments | 346 | (177) | 523 | |
| Net
profit (loss) attributable to Eni's shareholders | 2,682 | 7,398 | (4,716) | (63.7) |
| Exclusion of inventory holding (gains) losses | 436 | (962) | | |
| Exclusion of special items | 1,724 | 642 | | |
| Adjusted
net profit (loss) attributable to Eni's shareholders | 4,842 | 7,078 | (2,236) | (31.6) |

In the first half of 2023, the Group adjusted operating profit of €8,022 million was robust despite the 30% fall in the marker Brent price and with gas price down approximately 50%. The lower performance in the E&P segment (down 48% to €4,855 million) was impacted by the reclassification of Angolan subsidiaries to equity accounted entities as the Azule joint-venture became operational in the third quarter of 2022, and lower realized prices of equity production due to declining benchmark crude oil and natural gas prices. The Sustainable Mobility and Refining business (down 58% to €420 million) impacted by scenario conditions not fully captured by the SERM, crude differentials and turnaround activity at important upgrading refinery units. Results were supported by a strong GGP performance (up €1,542 million from the first half of 2022) mostly driven by specific benefits relating to contractual triggers, renegotiations and settlements related to previous periods that are a feature of the business as well as by the trend in the results of the Plenitude & Power businesses (up 8% compared to the first half of 2022).

The Group reported an adjusted net profit of €4,842 million (down 32% from the first half of 2022) affected by the weaker scenario partly offset by robust underlying business performance and the Group adjusted tax rate below 50%.

In the first half of 2023 the Group adjusted tax rate, which did not include Italian extraordinary contributions, was 44%, up by 6 percentage points from the same period of 2022, as a result of the impact of the UK energy profit levy which is recognized as a recurring item, adverse scenario effects and the impact of E&P non-deductible expenses, partly offset by a higher proportion of the taxable profit earned by Italian subsidiaries.

Field: Page; Sequence: 25

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 19

| (€
million) | First
Half — 2023 | 2022 |
| --- | --- | --- |
| Special
items of operating profit (loss) | 3,138 | 1,061 |
| - environmental charges | 289 | 224 |
| - impairment losses (impairment reversals), net | 389 | 175 |
| - net gains on disposal of assets | | (9) |
| - risk provisions | 16 | 12 |
| - provisions for redundancy incentives | 30 | 106 |
| - commodity derivatives | 1,384 | 490 |
| - exchange rate differences and derivatives | 30 | 90 |
| - other | 1,000 | (27) |
| Net
finance (income) expense | (24) | (91) |
| of which: | | |
| - exchange rate differences
and derivatives reclassified to operating profit (loss) | (30) | (90) |
| Net
income (expense) from investments | (707) | (467) |
| of which: | | |
| - gain on the divestment
of Vår Energi | | (432) |
| - SeaCorridor operation | (824) | |
| Income
taxes | (683) | 139 |
| Total
special items of net profit (loss) | 1,724 | 642 |

The breakdown of special items recorded in operating profit by segment (net charges of €3,138 million) is as follows:

• E&P : net charges of €341 million mainly related to impairment losses of €209 million recorded at certain Italian properties driven by lower natural gas prices and alignment to fair value of held-for-sale assets, credits impairment losses (€61 million) and environmental charges (€36 million);

• GGP : net charges of €1,645 million mainly including the accounting effect of certain fair-valued commodity derivatives lacking the formal criteria to be classified as hedges or to be elected under the own use exemption (charge of €687 million); and the difference between the value of gas inventories accounted for under the weighted-average cost method provided by IFRS and management’s own measure of inventories, which moves forward at the time of inventory drawdown, the margins captured on volumes in inventories above normal levels leveraging the seasonal spread in gas prices net of the effects of the associated commodity derivatives (charge of €946 million). The reclassification to adjusted operating profit of the negative balance of €8 million related to derivatives used to manage margin exposure to foreign currency exchange rate movements and exchange translation differences of commercial payables and receivables.

• Sustainable Mobility, Refining and Chemicals : net charges of €289 million mainly related to the write-down of capital expenditures made for compliance and stay-in-business at certain CGU with expected negative cash flows (€171 million), environmental provisions (€79 million) risk provisions (€15 million) and the accounting effect of certain fair-valued commodity derivatives lacking the formal criteria to be classified as hedges (charge of €37 million).

• Plenitude & Power : net charges of €662 million mainly related to the fair values of commodity derivatives lacking the formal criteria to be classified as hedges under IFRS, and, to a lower extent, some derivatives part of a general annual hedging program prorated over the 2023 quarters.

The other special items in the first half of 2023 related to a gain of €0.8 billion (including the fair value evaluation of stake retained in the company) in connection to the sale of a 49.9% stake in the equity interests of Eni’s subsidiaries managing the TTPC/Transmed pipelines and the relevant transportation rights of natural gas volumes imported from Algeria following the agreement with Snam SpA.

Field: Page; Sequence: 26

Field: /Page

20 ENI INTERIM CONSOLIDATED REPORT 2023

REVENUES

| (€
million) | First
Half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- |
| Exploration & Production | 11,559 | 16,196 | (4,637) | (28.6) |
| Global Gas & LNG Portfolio | 11,688 | 22,837 | (11,149) | (48.8) |
| Sustainable Mobility, Refining and Chemicals | 24,620 | 29,685 | (5,065) | (17.1) |
| -
Sustainable Mobility and Refining | 22,828 | 27,245 | (4,417) | (16.2) |
| -
Chemicals | 2,245 | 3,720 | (1,475) | (39.7) |
| -
Consolidation adjustments | (453) | (1,280) | 827 | |
| Plenitude & Power | 7,724 | 9,967 | (2,243) | (22.5) |
| -
Plenitude | 5,970 | 6,889 | (919) | (13.3) |
| -
Power | 2,208 | 3,945 | (1,737) | (44.0) |
| - Consolidation adjustments | (454) | (867) | 413 | |
| Corporate and other activities | 935 | 860 | 75 | 8.7 |
| Consolidation adjustments | (9,750) | (15,860) | 6,110 | |
| Sales
from operations | 46,776 | 63,685 | (16,909) | (26.6) |
| Other
income and revenues | 414 | 618 | (204) | (33.0) |
| Total
revenues | 47,190 | 64,303 | (17,113) | (26.6) |

Total revenues amounted to €47,190 million, down 27% from the first half of 2022.

Eni’s sales from operations in the first half of 2023 (€46,776 million), reflecting the effect of the downward trend in all energy commodities (the Brent price decreased from 108 $/bbl in the first half of 2022 to 80 $/bbl in the first half of 2023; natural gas spot prices in Italy and Europe reported a decrease of approximately 50%) as well as the exceptional demand dynamic reported in the first half of 2022. The Chemicals business segment was impacted by low dynamism in European demand and strong pressure from geographies with competitive cost structure. The refining business was affected by lower crack spread of products and planned turnaround activity, partly offset by still generally favourable market conditions thanks to the positive trend in fuel demand partly offset.

operatiNG EXPENSES

| (€
million) | First
Half — 2023 | 2022 | Change |
| --- | --- | --- | --- |
| Purchases, services and other | 37,107 | 46,882 | (9,775) |
| Impairment losses (impairment reversals) of trade
and other receivables, net | 60 | 165 | (105) |
| Payroll and related costs | 1,540 | 1,548 | (8) |
| of
which: provision for redundancy incentives and other | 30 | 106 | (76) |
| | 38,707 | 48,595 | (9,888) |

Operating expenses in the first half of 2023 (€38,707 million) decreased by €9,888 million from the first half of 2022.

Purchases, services and other (€37,107 million) decreased by €9,775 million from the same period of 2022, reflecting lower costs for hydrocarbon supplies (gas from long-term supply contracts and refinery and chemical feedstocks).

Payroll and related costs (€1,540 million) unchanged from the first half of 2022.

Field: Page; Sequence: 27

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 21

Finance income (expense)

| (€
million) | First
Half — 2023 | 2022 | Change |
| --- | --- | --- | --- |
| Finance
income (expense) related to net borrowings | (259) | (549) | 290 |
| - Interest expense
on corporate bonds | (315) | (241) | (74) |
| - Net income from
financial activities held for trading | 113 | (91) | 204 |
| - Net income from financial assets measured at
fair value through profit or loss | 12 | | 12 |
| - Interest expense
for banks and other financing istitutions | (111) | (59) | (52) |
| - Interest expense
for lease liabilities | (125) | (171) | 46 |
| - Interest from
banks | 161 | 5 | 156 |
| - Interest and other income from receivables and
securities for non-financing operating activities | 6 | 8 | (2) |
| Income
(expense) on derivative financial instruments | (12) | (88) | 76 |
| - Derivatives on
exchange rate | (20) | (139) | 119 |
| - Derivatives on
interest rate | 8 | 49 | (41) |
| - Options on securities | | 2 | (2) |
| Exchange
differences, net | 104 | 180 | (76) |
| Other
finance income (expense) | (108) | (84) | (24) |
| - Interest and
other income from receivables and securities for financing operating activities | 65 | 47 | 18 |
| - Finance expense
due to the passage of time (accretion discount) | (151) | (70) | (81) |
| - Other finance
income (expense) | (22) | (61) | 39 |
| | (275) | (541) | 266 |
| Finance
expense capitalized | 32 | 13 | 19 |
| | (243) | (528) | 285 |

Net finance expense (€243 million) decreased €285 million from the first half of 2022 mainly due to: (i) expense related to net borrowings reducing by €290 million, partly offset by the negative change recognized in fair value evaluation of certain derivative instruments on interest rates (€41 million) which did not meet the formal criteria to be designated as hedges under IFRS 9; (ii) recognition of higher losses on exchange rate (down €76 million) offset by the positive change of fair-valued currency derivatives (up €119 million) lacking the formal criteria to be designated as hedges under IFRS 9.

Net income (expense) from investments

| (€
million) | First
Half — 2023 | 2022 | Change |
| --- | --- | --- | --- |
| Share of gains (losses)
from equity-accounted investments | 691 | 850 | (159) |
| Dividends | 92 | 151 | (59) |
| Net gains (losses) on
disposals | 418 | 434 | (16) |
| Other income (expense),
net | 405 | 74 | 331 |
| Income
(expense) from investments | 1,606 | 1,509 | 97 |

Net income from investments amounted to €1,606 million, barely unchanged compared to the same period of 2022 (up €97 million) and related to:

• gains from equity-accounted investments (€691 million) mainly relating to the share profit of the Vår Energi, Azule Energy and ADNOC Refinery;

• dividends of €92 million paid by minor investments in certain entities which were designated at fair value through OCI under IFRS 9 except for dividends which are recorded through profit. These entities mainly comprised Nigeria LNG (€60 million) and Saudi European Petrochemical Co. (€19 million);

• net gains (including the fair value evaluation of stake retained in the company) in connection to the sale of a 49.9% stake in the equity interests of Eni’s subsidiaries managing the TTPC/Transmed pipelines and the relevant transportation rights of natural gas volumes imported from Algeria following the agreement with Snam SpA (€824 million).

Field: Page; Sequence: 28

Field: /Page

22 ENI INTERIM CONSOLIDATED REPORT 2023

SUMMARIZED GROUP BALANCE SHEET 1

| (€
million) | Jun.
30, 2023 | Dec.
31, 2022 | Change |
| --- | --- | --- | --- |
| Fixed
assets | | | |
| Property, plant
and equipment | 57,289 | 56,332 | 957 |
| Right
of use | 4,233 | 4,446 | (213) |
| Intangible
assets | 5,499 | 5,525 | (26) |
| Inventories
- Compulsory stock | 1,397 | 1,786 | (389) |
| Equity-accounted
investments and other investments | 14,287 | 13,294 | 993 |
| Receivables
and securities held for operating purposes | 2,062 | 1,978 | 84 |
| Net
payables related to capital expenditure | (2,580) | (2,320) | (260) |
| | 82,187 | 81,041 | 1,146 |
| Net
working capital | | | |
| Inventories | 6,074 | 7,709 | (1,635) |
| Trade
receivables | 10,644 | 16,556 | (5,912) |
| Trade
payables | (11,122) | (19,527) | 8,405 |
| Net
tax assets (liabilities) | (3,866) | (2,991) | (875) |
| Provisions | (15,198) | (15,267) | 69 |
| Other
current assets and liabilities | 355 | 316 | 39 |
| | (13,113) | (13,204) | 91 |
| Provisions
for employee benefits | (783) | (786) | 3 |
| Assets
held for sale including related liabilities | 178 | 156 | 22 |
| CAPITAL
EMPLOYED, NET | 68,469 | 67,207 | 1,262 |
| Eni's
shareholders equity | 55,107 | 54,759 | 348 |
| Non-controlling
interest | 421 | 471 | (50) |
| Shareholders'
equity | 55,528 | 55,230 | 298 |
| Net
borrowings before lease liabilities ex IFRS 16 | 8,215 | 7,026 | 1,189 |
| Lease
liabilities | 4,726 | 4,951 | (225) |
| -
of which Eni working interest | 4,247 | 4,457 | (210) |
| -
of which Joint operators' working interest | 479 | 494 | (15) |
| Net
borrowings post lease liabilities ex IFRS 16 | 12,941 | 11,977 | 964 |
| TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY | 68,469 | 67,207 | 1,262 |
| Leverage
before lease liability ex IFRS 16 | 0.15 | 0.13 | 0.02 |
| Leverage
after lease liability ex IFRS 16 | 0.23 | 0.22 | 0.01 |
| Gearing | 0.19 | 0.18 | 0.01 |

As of June 30, 2023, fixed assets (€82,187 million) increased by €1,146 million from December 31, 2022, due to capital expenditure and acquisitions and the increased book value of equity-accounted investments reflecting the net effect of Eni’s share of investees results and of the derecognition of Eni’s natural gas transport assets, which were contributed to the newly established “SeaCorridor” entity, jointly controlled by Eni and Snam (50.1% and 49.9%, respectively), the acquisition of a 50% stake in the St. Bernard Bio-refinery, offset by dividends distributed by investees. Negative exchange rate translation differences reduced the book values of dollar-denominated assets (the period-end exchange rate of EUR vs. USD was 1.085, up 1.7% compared to 1.067 as of December 31, 2022) as well as DD&A, impairment charges and write-offs recorded in the first half of 2023 (€4,249 million).

Net working capital (-€13,113 million) almost unchanged from December 31, 2022. Increased balance between trade receivables and trade payables (approximately up by €2,493 million), partly offset by the lower value of oil and product inventories due to the weighted-average cost method of accounting in an environment of declining prices (down by €1,635 million) and increased net tax liabilities (up by €875 million).

Shareholders’ equity (€55,528 million) was almost unchanged compared to December 31, 2022, due to the net profit for the period (€2,721 million), the positive change in the cash flow hedge reserve of €499 million, partly offset by negative foreign currency translation differences (€994 million) reflecting the appreciation of the Euro vs the USD as well as dividend distributed to shareholders (€1,472 million) and share repurchase (€437 million).

Net borrowings 2 before lease liabilities as of June 30, 2023, amounted to €8,215 million, up by €1,189 million from December

Field: Rule-Page

Field: /Rule-Page

1 For a reconciliation to the statutory statement of cash flow see the paragraph “Reconciliation of Summarized Group Balance Sheet and Statement of Cash Flows to Statutory Schemes”.

2 Details on net borrowings are furnished on page 32.

Field: Page; Sequence: 29; Options: NewSection

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 23

31, 2022. Leverage 3 – the ratio of the borrowings to total equity calculated before the impact of IFRS 16 – was 0.15 on June 30, 2023 (compared to 0.13 as of December 31, 2022).

SUMMARIZED GROUP CASH FLOW STATEMENT 4

| (€
million) | First
Half — 2023 | 2022 | Change |
| --- | --- | --- | --- |
| Net
profit (loss) | 2,721 | 7,408 | (4,687) |
| Adjustments
to reconcile net profit (loss) to net cash provided by operating activities: | | | |
| -
depreciation, depletion and amortization and other non monetary items | 3,161 | 2,765 | 396 |
| -
net gains on disposal of assets | (418) | (444) | 26 |
| -
dividends, interests, taxes and other changes | 3,071 | 5,185 | (2,114) |
| Changes
in working capital related to operations | 1,294 | (3,840) | 5,134 |
| Dividends
received by investments | 1,340 | 305 | 1,035 |
| Taxes
paid | (3,389) | (3,664) | 275 |
| Interests
(paid) received | (355) | (434) | 79 |
| Net
cash provided by operating activities | 7,425 | 7,281 | 144 |
| Capital
expenditure | (4,676) | (3,193) | (1,483) |
| Investments
and purchase of consolidated subsidiaries and businesses | (1,810) | (1,267) | (543) |
| Disposal
of consolidated subsidiaries, businesses, tangible and intangible assets and investments | 489 | 904 | (415) |
| Other
cash flow related to investing activities and disinvestments | 299 | 256 | 43 |
| Free
cash flow | 1,727 | 3,981 | (2,254) |
| Net
cash inflow (outflow) related to financial activities | 666 | 1,670 | (1,004) |
| Changes
in short and long-term financial debt | 1,428 | (706) | 2,134 |
| Repayment
of lease liabilities | (475) | (556) | 81 |
| Dividends
paid and changes in non-controlling interests and reserves | (2,008) | (1,713) | (295) |
| Net
issue (repayment) of perpetual hybrid bond | (87) | (87) | |
| Effect
of changes in consolidation and exchange differences of cash and cash equivalent | (15) | 79 | (94) |
| NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT | 1,236 | 2,668 | (1,432) |
| Adjusted
net cash before changes in working capital at replacement cost | 9,523 | 10,797 | (1,274) |

| Change
in net borrowings — (€
million) | First
Half — 2023 | 2022 | Change |
| --- | --- | --- | --- |
| Free
cash flow | 1,727 | 3,981 | (2,254) |
| Repayment
of lease liabilities | (475) | (556) | 81 |
| Net
borrowings of acquired companies | | (88) | 88 |
| Net
borrowings of divested companies | (147) | | (147) |
| Exchange
differences on net borrowings and other changes ⁽ᵃ⁾ | (199) | (422) | 223 |
| Dividends
paid and changes in non-controlling interest and reserves | (2,008) | (1,713) | (295) |
| Net
issue (repayment) of perpetual hybrid bond | (87) | (87) | |
| CHANGE
IN NET BORROWINGS BEFORE LEASE LIABILITIES | (1,189) | 1,115 | (2,304) |
| Repayment
of lease liabilities | 475 | 556 | (81) |
| Inception
of new leases and other changes | (250) | (124) | (126) |
| Change
in lease liabilities | 225 | 432 | (207) |
| CHANGE
IN NET BORROWINGS AFTER LEASE LIABILITIES | (964) | 1,547 | (2,511) |

(a) Includes expenditures to purchase plant and equipment from suppliers whose payment terms matched classification as financing payables (€189 million and €18 million in the first half 2023 and the first half 2022, respectively).

Net cash provided by operating activities for the first half of 2023 reached €7,425 million and included €1,340 million of dividends distributed from investments, mainly Azule Energy and Vår Energi and was impacted by lower amount of trade receivables due in subsequent reporting periods divested to financing institutions, down by approximately €1 billion compared to the amount divested at the end of 2022.

Cash flow from operating activities before changes in working capital at replacement cost was €9,523 million in the first half

Field: Rule-Page

Field: /Rule-Page

3 Non-GAAP financial measures and other alternative performance indicators disclosed throughout this press release are accompanied by explanatory notes and tables in line with guidance provided by ESMA guidelines on alternative performance measures (ESMA/2015/1415), published on October 5, 2015. For further information, see the section “Non-GAAP measures” of this press release. See pages 28 and subsequent.

4 For a reconciliation to the statutory statement of cash flow see the paragraph “Reconciliation of Summarized Group Balance Sheet and Statement of Cash Flows to Statutory Schemes”.

Field: Page; Sequence: 30

Field: /Page

24 ENI INTERIM CONSOLIDATED REPORT 2023

of 2023 and was net of the following items: inventory holding gains or losses relating to oil and products, the reversing timing difference between gas inventories accounted at weighted average cost and management’s own measure of performance leveraging inventories to optimize margin, and the fair value of commodity derivatives lacking the formal criteria to be designated as hedges or prorated on an accrual basis. It also excluded the cash-out of approximately €0.4 billion relating to the payment of part of the Italian extraordinary tax contribution enacted by the Italian Budget Law for 2023, calculated on the pre-tax income 2022 and accrued in the financial statements 2022.

A reconciliation of cash flow from operations before changes in working capital at replacement cost to net cash provided by operating activities is provided below:

| (€
million) | First
Half — 2023 | 2022 |
| --- | --- | --- |
| Net
cash provided by operating activities | 7,425 | 7,281 |
| Changes
in working capital related to operations | (1,294) | 3,840 |
| Exclusion
of commodity derivatives | 1,384 | 490 |
| Exclusion
of inventory holding (gains) losses | 609 | (1,351) |
| Net
cash before changes in working capital at replacement cost | 8,124 | 10,260 |
| Provisions
for extraordinary credit losses, other charges and other items | 1,399 | 537 |
| Adjusted
net cash before changes in working capital at replacement cost | 9,523 | 10,797 |

Capital expenditure, investments and business combinations

| (€
million) | First
Half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- |
| Exploration
& Production | 3,978 | 2,551 | 1,427 | 55.9 |
| of
which: - acquisition of proved and unproved properties | | 153 | (153) | (100.0) |
| -
exploration | 366 | 285 | 81 | 28.4 |
| -
oil and gas development | 3,511 | 2,044 | 1,467 | 71.8 |
| -
CCUS and agro-biofeedstock projects | 79 | 53 | 26 | 49.1 |
| -
other | 22 | 16 | 6 | 37.5 |
| Global
Gas & LNG Portfolio | 6 | 9 | (3) | (33.3) |
| Sustainable
Mobility, Refining and Chemicals | 354 | 231 | 123 | 53.2 |
| -
Sustainable Mobility and Refining | 285 | 171 | 114 | 66.7 |
| -
Chemicals | 69 | 60 | 9 | 15.0 |
| Plenitude
& Power | 307 | 322 | (15) | (4.7) |
| -
Plenitude | 259 | 258 | 1 | 0.4 |
| -
Power | 48 | 64 | (16) | (25.0) |
| Corporate
and other activities | 35 | 81 | (46) | (56.8) |
| Impact
of unrealized intragroup profit elimination | (4) | (1) | (3) | |
| Capital
expenditure ⁽ᵃ⁾ | 4,676 | 3,193 | 1,483 | 46.4 |
| Investments
and purchase of consolidated subsidiaries and businesses | 1,810 | 1,267 | 543 | 42.9 |
| Total
capex and investments and purchase of consolidated subsidiaries and businesses | 6,486 | 4,460 | 2,026 | 45.4 |

(a) Expenditures to purchase plant and equipment from suppliers whose payment terms matched classification as financing payables, have been recognized among other changes of the cash flow statement (€189 million and €18 million in the first half 2023 and the first half 2022, respectively).

Cash outflows for capital expenditure, investments and business combinations were €6,486 million, including the acquisition of bp’s activities in Algeria, the St. Bernard bio-refinery in Chalmette and Plenitude’s renewable assets. These outflows were partly offset by the divestment of a 49.9% stake in the equity interests of Eni’s subsidiaries managing the TTPC/Transmed pipelines following the deal with Snam and other non-strategic assets.

In the first half of 2023, capital expenditure amounted to €4,676 million (€3,193 million in the first half of 2022) up 46% and mainly related to:

• oil and gas development activities (€3,511 million) mainly in Côte d'Ivoire, Italy, Congo, Egypt, the United Arab Emirates, the United States and Iraq;

Field: Page; Sequence: 31

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 25

• traditional refining activity in Italy and outside Italy (€248 million) mainly relating to the activities to maintain plants’ integrity and stay-in-business, as well as HSE initiatives; marketing activity (€37 million) for regulation compliance and stay-in-business initiatives in the retail network in Italy and in the rest of Europe;

• Plenitude (€259 million) mainly relating to development activities in the renewable business, acquisition of new customers as well as development of electric vehicles network infrastructure.

RESULTS BY SEGMENT 5

EXPLORATION & PRODUCTION

| (€
million) | First
Half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- |
| Operating
profit (loss) | 4,514 | 9,123 | (4,609) | (50.5) |
| Exclusion
of special items | 341 | 125 | | |
| Adjusted
operating profit (loss) | 4,855 | 9,248 | (4,393) | (47.5) |
| of
which: - CCUS and agro-biofeedstock | (30) | (16) | (14) | |
| Net
finance (expense) income | (129) | (115) | (14) | |
| Net
income (expense) from investments | 665 | 884 | (219) | |
| of
which: Vår Energi | 280 | 455 | | |
| Azule | 293 | | | |
| Income
taxes | (2,863) | (3,869) | 1,006 | |
| Tax
rate (%) | 53.1 | 38.6 | 14.5 | |
| Adjusted
net profit (loss) | 2,528 | 6,148 | (3,620) | (58.9) |
| Results
also include: | | | | |
| Exploration
expenses: | 228 | 160 | 68 | 42.5 |
| -
prospecting, geological and geophysical expenses | 119 | 105 | 14 | 13.3 |
| -
write-off of unsuccessful wells | 109 | 55 | 54 | 98.2 |

In the first half of 2023, the Exploration & Production reported an adjusted operating profit of €4,855 million, a decrease of 48% compared to the first half of 2022 due to: (i) lower crude oil prices in USD (the marker Brent was down by 26%) and lower benchmark gas prices in all geographies, which negatively affected realized prices of equity production, particularly in Europe. Appreciation of the EUR/USD exchange rate (up by 1%) partly alleviated the impact of lower prices, which were also mitigated by positive volumes/mix effects and cost discipline actions; (ii) the missing contribution of the former Angolan subsidiaries that were contributed to the Azule joint-venture in the third quarter 2022, whose results are now recognized below the operating profit line.

The segment reported an adjusted net profit of €2,528 million, a decrease of €3,620 million compared to the first half of 2022 due to weaker operating performance and lower performance of investments, particularly Vår Energi (€280 milion, a decrease of €175 million compared to the same period of 2022). In the first half of 2023 tax rate increased by approximately 15 percentage points when compared to the comparative period due to: (i) the impact of lower oil and gas prices; (ii) the impact of the UK energy profit levy which is recognized as a recurring item; and (iii) the impact of certain non-deductible tax expenses (i.e. exploration write-offs).

Field: Rule-Page

Field: /Rule-Page

5 Explanatory notes and tables detail certain other alternative performance indicators in line with guidance provided by ESMA guidelines on Alternative performance measures (ESMA/2015/1415), published on October 5, 2015. For a detailed explanation, see section “Alternative performance measures” in the following pages of this interim report.

Field: Page; Sequence: 32

Field: /Page

26 ENI INTERIM CONSOLIDATED REPORT 2023

GLOBAL GAS & LNG PORTFOLIO

| (€
million) | First
Half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- |
| Operating
profit (loss) | 814 | (2,060) | 2,874 | .. |
| Exclusion
of special items | 1,645 | 2,977 | | |
| Adjusted
operating profit (loss) | 2,459 | 917 | 1,542 | .. |
| Net
finance (expense) income | (1) | (20) | 19 | |
| Net
income (expense) from investments | 30 | 2 | 28 | |
| of
which: SeaCorridor | 30 | | | |
| Income
taxes | (681) | (301) | (380) | |
| Adjusted
net profit (loss) | 1,807 | 598 | 1,209 | .. |

In the first half of 2023, the Global Gas & LNG Portfolio segment achieved an adjusted operating profit of €2,459 million, well above the same period in 2022 (up €1,542 million). The result was mostly driven by specific benefits relating to contractual triggers, renegotiations and settlements related to previous periods that are a feature of the business. Additionally, in a market environment still characterized by some degree of volatility and arbitrage opportunities, the continued asset optimization and trading activities aimed at capturing value from price movements and spread differentials in particular in the first quarter, leveraging the portfolio of gas and LNG assets, have also contributed to the performance.

The segment reported an adjusted net profit of €1,807 million increased by €1,209 million from the first half of 2022 mainly due to higher operating performance.

SUSTAINABLE MOBILITY, REFINING AND CHEMICALS

| (€
million) | First
Half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- |
| Operating
profit (loss) | (575) | 2,279 | (2,854) | .. |
| Exclusion
of inventory holding (gains) losses | 527 | (1,388) | | |
| Exclusion
of special items | 289 | 122 | | |
| Adjusted
operating profit (loss) | 241 | 1,013 | (772) | (76.2) |
| -
Sustainable Mobility | 340 | 246 | 94 | 38.2 |
| -
Refining | 80 | 757 | (677) | (89.4) |
| -
Chemicals | (179) | 10 | (189) | .. |
| Net
finance (expense) income | (18) | (29) | 11 | |
| Net
income (expense) from investments | 222 | 218 | 4 | |
| of
which: ADNOC R&GT | 224 | 196 | | |
| Income
taxes | (125) | (324) | 199 | |
| Adjusted
net profit (loss) | 320 | 878 | (558) | (63.6) |

In the first half of 2023, the Sustainable Mobility, Refining and Chemicals segment reported an adjusted operating profit of €241 million, a decrease of €722 million compared to the same period of 2022.

The Sustainable Mobility business delivered an adjusted operating profit of €340 million, up by 38% compared to the proforma adjusted operating profit of the first half of 2022 following the restatement of the 2022 comparative period to take into account the spin out of the new business effective January 1, 2023 6 , reflecting the positive trend in fuel demand driven in particular by the civil aviation and road transport segments.

Field: Rule-Page

Field: /Rule-Page

6 Following the establishment of Eni Sustainable Mobility that operates Eni’ biorefineries and the retail marketing of fuels and of smart mobility solutions, the management has resolved to break-down the adjusted operating profit of the former reporting segment Refining & Marketing “R&M” into two operating sub-segments: Sustainable Mobility “SM” and Refining. In the first half of 2022 the SM business is restated in €246 million (€672 million for the full year 2022) and the Refining business is restated in €757 million (€1,511 million for the full year 2022). No change has been made to the Group statutory segment information as per IFRS 8 “Segment Reporting”, which will continue to feature the Sustainable Mobility, Refining and Chemicals segment (formerly R&M and Chemicals).

Field: Page; Sequence: 33

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 27

The Refining business posted an adjusted operating profit of €80 million, a decrease compared to a profit of €757 million in the first half of 2022 due to lower crack spread of products not captured by the SERM, narrowing heavy-light crude differentials and planned turnaround activity.

In the first half of 2023, the Chemical business, managed by Versalis, reported an adjusted operating loss of €179 million (adjusted operating profit of €10 million in the first half of 2022) reflecting exceptionally adverse market conditions.

The Sustainable Mobility, Refining and Chemicals reported an adjusted net profit of €320 million (adjusted net profit of €878 million in the same period of 2022), decreasing by 64% due to lower operating performance.

PLENITUDE & POWER

| (€
million) | First
Half — 2023 | 2022 | Change | %
Ch. |
| --- | --- | --- | --- | --- |
| Operating
profit (loss) | (311) | 2,613 | (2,924) | .. |
| Exclusion
of special items | 662 | (2,288) | | |
| Adjusted
operating profit (loss) | 351 | 325 | 26 | 8.0 |
| -
Plenitude | 265 | 251 | 14 | 5.6 |
| -
Power | 86 | 74 | 12 | 16.2 |
| Net
finance (expense) income | (4) | (7) | 3 | |
| Net
income (expense) from investments | (11) | (2) | (9) | |
| Income
taxes | (107) | (102) | (5) | |
| Adjusted
net profit (loss) | 229 | 214 | 15 | 7.0 |

In the first half of 2023 Plenitude reported an adjusted operating profit of €265 million, a 6% increase compared to same period of 22. The positive performance was achieved thanks to good results on retail business and to a ramp-up in renewable installed capacity and production volumes, confirming the value of the integrated business model.

The Power generation business from gas-fired plants reported an adjusted operating profit of €86 million in the first half of 2023, up 16.2% compared to the same period in 2022, thanks to optimizations and lower fuel expenses.

Plenitude & Power reported an adjusted net profit of €229 million, up 7% due to an improved operating performance.

Field: Page; Sequence: 34

Field: /Page

28 ENI INTERIM CONSOLIDATED REPORT 2023

ALTERNATIVE PERFORMANCE MEASURES (NON-GAAP MEASURES)

Management evaluates underlying business performance on the basis of Non-GAAP financial measures, which are not provided by IFRS (“Alternative performance measures”), such as adjusted operating profit, adjusted net profit, which are arrived at by excluding from reported results certain gains and losses, defined special items, which include, among others, asset impairments, including impairments of deferred tax assets, gains on disposals, risk provisions, restructuring charges, the accounting effect of fair-valued derivatives used to hedge exposure to the commodity, exchange rate and interest rate risks, which lack the formal criteria to be accounted as hedges, and analogously evaluation effects of assets and liabilities utilized in a relation of natural hedge of the above mentioned market risks.

Furthermore, in determining the business segments’ adjusted results, finance charges on finance debt and interest income are excluded (see below). In determining adjusted results, inventory holding gains or losses are excluded from base business performance, which is the difference between the cost of sales of the volumes sold in the period based on the cost of supplies of the same period and the cost of sales of the volumes sold calculated using the weighted average cost method of inventory accounting as required by IFRS, except in those business segments where inventories are utilized as a lever to optimize margins. Finally, the same special charges/gains are excluded from the Eni’s share of results at JVs and other equity accounted entities, including any profit/loss on inventory holding.

Management is disclosing Non-GAAP measures of performance to facilitate a comparison of base business performance across periods, and to allow financial analysts to evaluate Eni’s trading performance on the basis of their forecasting models.

Non-GAAP financial measures should be read together with information determined by applying IFRS and do not stand in for them. Other companies may adopt different methodologies to determine Non-GAAP measures.

Follows the description of the main alternative performance measures adopted by Eni. The measures reported below refer to the performance of the reporting periods disclosed in this press release:

Adjusted operating and net profit

Adjusted operating and net profit are determined by excluding inventory holding gains or losses, special items and, in determining the business segments’ adjusted results, finance charges on finance debt and interest income. The adjusted operating profit of each business segment reports gains and losses on derivative financial instruments entered into to manage exposure to movements in foreign currency exchange rates, which impact industrial margins and translation of commercial payables and receivables. Accordingly, also currency translation effects recorded through profit and loss are reported within business segments’ adjusted operating profit. The taxation effect of the items excluded from adjusted operating or net profit is determined based on the specific rate of taxes applicable to each of them. Finance charges or income related to net borrowings excluded from the adjusted net profit of business segments are comprised of interest charges on finance debt and interest income earned on cash and cash equivalents not related to operations. Therefore, the adjusted net profit of business segments includes finance charges or income deriving from certain segment operated assets, i.e., interest income on certain receivable financing and securities related to operations and finance charge pertaining to the accretion of certain provisions recorded on a discounted basis (as in the case of the asset retirement obligations in the Exploration & Production segment).

Inventory holding gain or loss

This is the difference between the cost of sales of the volumes sold in the period based on the cost of supplies of the same period and the cost of sales of the volumes sold calculated using the weighted average cost method of inventory accounting as required by IFRS.

Special items

These include certain significant income or charges pertaining to either: (i) infrequent or unusual events and transactions, being identified as non-recurring items under such circumstances; (ii) certain events or transactions which are not considered to be representative of the ordinary course of business, as in the case of environmental provisions, restructuring charges, asset impairments or write ups and gains or losses on divestments even though they occurred in past periods or are likely to occur in future ones. Exchange rate differences and derivatives relating to industrial activities and commercial payables and receivables, particularly exchange rate derivatives to manage commodity pricing formulas which are quoted in a currency other than the functional currency are reclassified in operating profit with a corresponding adjustment to net finance charges, notwithstanding the handling of foreign currency exchange risks is made centrally by netting off naturally-occurring opposite positions and then dealing with any residual risk exposure in the derivative market. Finally, special items include the accounting effects of fair-valued commodity derivatives relating to commercial exposures, in addition to those which lack the criteria to be designed as hedges, also those which are not eligible for the own use exemption, including the

Field: Page; Sequence: 35

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 29

ineffective portion of cash flow hedges, as well as the accounting effects of commodity and exchange rates derivatives whenever it is deemed that the underlying transaction is expected to occur in future reporting periods.

Correspondently, special charges/gains also include the evaluation effects relating to assets/liabilities utilized in a natural hedge relation to offset a market risk, as in the case of accrued currency differences at finance debt denominated in a currency other than the reporting currency, where the cash outflows for the reimbursement are matched by highly probable cash inflows in the same currency. The deferral of both the unrealized portion of fair-valued commodity and other derivatives and evaluation effects are reversed to future reporting periods when the underlying transaction occurs.

As provided for in Decision No. 15519 of July 27, 2006 of the Italian market regulator (CONSOB), non-recurring material income or charges are to be clearly reported in the management’s discussion and financial tables.

EBITDA

Earnings Before Interest, Taxes, Depreciation and Amortization, is calculated summing up the operating profit and DD&A. Represents the company’s profitability as a result of operations management.

Leverage

Leverage is a Non-GAAP measure of the Company’s financial condition, calculated as the ratio between net borrowings and shareholders’ equity, including non-controlling interest. Leverage is the reference ratio to assess the solidity and efficiency of the Group balance sheet in terms of incidence of funding sources including third-party funding and equity as well as to carry out benchmark analysis with industry standards.

Gearing

Gearing is calculated as the ratio between net borrowings and capital employed net and measures how much of capital employed net is financed recurring to third-party funding.

Cash flow from operations before changes in working capital at replacement cost

This is defined as net cash provided from operating activities before changes in working capital at replacement cost. It also excludes certain non-recurring charges such as extraordinary credit allowances and, considering the high market volatility, changes in the fair value of commodity derivatives lacking the formal criteria to be designed as hedges, including derivatives which were not eligible for the own use exemption, the ineffective portion of cash flow hedges, as well as the effects of certain settled commodity derivatives whenever it is deemed that the underlying transaction is expected to occur in future reporting periods.

Free cash flow

Free cash flow represents the link existing between changes in cash and cash equivalents (deriving from the statutory cash flows statement) and in net borrowings (deriving from the summarized cash flow statement) that occurred from the beginning of the period to the end of period. Free cash flow is the cash in excess of capital expenditure needs. Starting from free cash flow it is possible to determine either: (i) changes in cash and cash equivalents for the period by adding/deducting cash flows relating to financing debts/receivables (issuance/repayment of debt and receivables related to financing activities), shareholders’ equity (dividends paid, net repurchase of own shares, capital issuance) and the effect of changes in consolidation and of exchange rate differences; (ii) changes in net borrowings for the period by adding/deducting cash flows relating to shareholders’ equity and the effect of changes in consolidation and of exchange rate differences.

Net borrowings

Net borrowings is calculated as total finance debt less cash, cash equivalents and certain very liquid investments not related to operations, including among others non-operating financing receivables and securities not related to operations. Financial activities are qualified as “not related to operations” when these are not strictly related to the business operations.

Coverage

Financial discipline ratio, calculated as the ratio between operating profit and net finance charges.

Current ratio

Measures the capability of the company to repay short-term debt, calculated as the ratio between current assets and current liabilities.

Field: Page; Sequence: 36

Field: /Page

30 ENI INTERIM CONSOLIDATED REPORT 2023

Debt coverage

Rating companies use the debt coverage ratio to evaluate debt sustainability. It is calculated as the ratio between net cash provided by operating activities and net borrowings, less cash and cash-equivalents, securities held for non-operating purposes and financing receivables for non-operating purposes.

| | | Global
Gas & LNG Portfolio | Sustainable
Mobility, Refining and Chemicals | Plenitude
& Power | Corporate
and other activities | Impact
of unrealized intragroup profit elimination | Group |
| --- | --- | --- | --- | --- | --- | --- | --- |
| First
Half 2023 | (€
million) | | | | | | |
| Reported
operating profit (loss) | 4,514 | 814 | (575) | (311) | (431) | 264 | 4,275 |
| Exclusion
of inventory holding (gains) losses | | | 527 | | | 82 | 609 |
| Exclusion
of special items: | | | | | | | |
| -
environmental charges | 36 | | 79 | | 174 | | 289 |
| -
impairment losses (impairment reversals), net | 209 | | 171 | | 9 | | 389 |
| -
net gains on disposal of assets | 3 | | (3) | | | | |
| -
risk provisions | (7) | | 15 | | 8 | | 16 |
| -
provision for redundancy incentives | 8 | 1 | 7 | 1 | 13 | | 30 |
| -
commodity derivatives | | 687 | 37 | 660 | | | 1,384 |
| -
exchange rate differences and derivatives | 15 | (8) | 23 | | | | 30 |
| -
other | 77 | 965 | (40) | 1 | (3) | | 1,000 |
| Special
items of operating profit (loss) | 341 | 1,645 | 289 | 662 | 201 | | 3,138 |
| Adjusted
operating profit (loss) | 4,855 | 2,459 | 241 | 351 | (230) | 346 | 8,022 |
| Net
finance (expense) income ⁽ᵃ⁾ | (129) | (1) | (18) | (4) | (115) | | (267) |
| Net
income (expense) from investments ⁽ᵃ⁾ | 665 | 30 | 222 | (11) | (7) | | 899 |
| Adjusted
profit (loss) before taxes | 5,391 | 2,488 | 445 | 336 | (352) | 346 | 8,654 |
| Income
taxes ⁽ᵃ⁾ | (2,863) | (681) | (125) | (107) | 99 | (96) | (3,773) |
| Tax
rate (%) | | | | | | | 43.6 |
| Adjusted
net profit (loss) | 2,528 | 1,807 | 320 | 229 | (253) | 250 | 4,881 |
| of
which attributable to: | | | | | | | |
| -
non-controlling interest | | | | | | | 39 |
| -
Eni's shareholders | | | | | | | 4,842 |
| Reported
net profit (loss) attributable to Eni's shareholders | | | | | | | 2,682 |
| Exclusion
of inventory holding (gains) losses | | | | | | | 436 |
| Exclusion
of special items | | | | | | | 1,724 |
| Adjusted
net profit (loss) attributable to Eni's shareholders | | | | | | | 4,842 |
| (a)
Excluding special items. | | | | | | | |

Field: Page; Sequence: 37

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 31

| | | Global
Gas & LNG Portfolio | Sustainable
Mobility, Refining and Chemicals | Plenitude
& Power | Corporate
and other activities | Impact
of unrealized intragroup profit elimination | Group |
| --- | --- | --- | --- | --- | --- | --- | --- |
| First
Half 2022 | (€
million) | | | | | | |
| Reported
operating profit (loss) | 9,123 | (2,060) | 2,279 | 2,613 | (419) | (214) | 11,322 |
| Exclusion
of inventory holding (gains) losses | | | (1,388) | | | 37 | (1,351) |
| Exclusion
of special items: | | | | | | | |
| - environmental charges | 2 | | 124 | | 98 | | 224 |
| - impairment losses (impairment
reversals), net | 43 | 3 | 103 | 3 | 23 | | 175 |
| - net gains on disposal
of assets | (2) | | (7) | | | | (9) |
| - risk provisions | 7 | | | | 5 | | 12 |
| - provision for redundancy
incentives | 17 | 3 | 10 | 69 | 7 | | 106 |
| - commodity derivatives | | 2,874 | (27) | (2,357) | | | 490 |
| - exchange rate differences
and derivatives | (14) | 148 | (41) | (3) | | | 90 |
| - other | 72 | (51) | (40) | | (8) | | (27) |
| Special
items of operating profit (loss) | 125 | 2,977 | 122 | (2,288) | 125 | | 1,061 |
| Adjusted
operating profit (loss) | 9,248 | 917 | 1,013 | 325 | (294) | (177) | 11,032 |
| Net finance (expense)
income ⁽ᵃ⁾ | (115) | (20) | (29) | (7) | (448) | | (619) |
| Net income (expense)
from investments ⁽ᵃ⁾ | 884 | 2 | 218 | (2) | (60) | | 1,042 |
| Adjusted
profit (loss) before taxes | 10,017 | 899 | 1,202 | 316 | (802) | (177) | 11,455 |
| Income
taxes ⁽ᵃ⁾ | (3,869) | (301) | (324) | (102) | 178 | 51 | (4,367) |
| Tax
rate (%) | | | | | | | 38.1 |
| Adjusted
net profit (loss) | 6,148 | 598 | 878 | 214 | (624) | (126) | 7,088 |
| of
which attributable to: | | | | | | | |
| - non-controlling interest | | | | | | | 10 |
| -
Eni's shareholders | | | | | | | 7,078 |
| Reported
net profit (loss) attributable to Eni's shareholders | | | | | | | 7,398 |
| Exclusion of inventory
holding (gains) losses | | | | | | | (962) |
| Exclusion of special
items | | | | | | | 642 |
| Adjusted
net profit (loss) attributable to Eni's shareholders | | | | | | | 7,078 |

(a) Excluding special items.

Field: Page; Sequence: 38

Field: /Page

32 ENI INTERIM CONSOLIDATED REPORT 2023

LEVERAGE AND NET BORROWINGS

Leverage is a measure used by management to assess the Company’s level of indebtedness. It is calculated as a ratio of net borrowings to shareholders’ equity, including non-controlling interest. Management periodically reviews leverage in order to assess the soundness and efficiency of the Group balance sheet in terms of optimal mix between net borrowings and net equity, and to carry out benchmark analysis with industry standards.

| (€
million) | June
30, 2023 | December 31, 2022 | Change |
| --- | --- | --- | --- |
| Total
finance debt | 28,737 | 26,917 | 1,820 |
| - Short-term
debt | 6,694 | 7,543 | (849) |
| - Long-term
debt | 22,043 | 19,374 | 2,669 |
| Cash
and cash equivalents | (11,417) | (10,155) | (1,262) |
| Financial
assets measured at fair value through profit or loss | (8,283) | (8,251) | (32) |
| Financing
receivables held for non-operating purposes | (822) | (1,485) | 663 |
| Net
borrowings before lease liabilities ex IFRS 16 | 8,215 | 7,026 | 1,189 |
| Lease
Liabilities | 4,726 | 4,951 | (225) |
| -
of which Eni working interest | 4,247 | 4,457 | (210) |
| -
of which Joint operators’ working interest | 479 | 494 | (15) |
| Net
borrowings post lease liabilities ex IFRS 16 | 12,941 | 11,977 | 964 |
| Shareholders’
equity including non-controlling interest | 55,528 | 55,230 | 298 |
| Leverage
before lease liability ex IFRS 16 | 0.15 | 0.13 | 0.02 |
| Leverage
after lease liability ex IFRS 16 | 0.23 | 0.22 | 0.01 |

Field: Page; Sequence: 39

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 33

COMPREHENSIVE INCOME

| (€
million) | First
Half — 2023 | 2022 |
| --- | --- | --- |
| Net
profit (loss) | 2,721 | 7,408 |
| Items
that are not reclassified to profit or loss in later periods | 15 | 98 |
| Remeasurements
of defined benefit plans | | 71 |
| Change
in the fair value of interests with effects on other comprehensive income | 15 | 41 |
| Share
of other comprehensive income on equity accounted entities | | 1 |
| Taxation | | (15) |
| Items
that may be reclassified to profit or loss in later periods | (431) | 1,611 |
| Currency
translation differences | (994) | 3,522 |
| Change
in the fair value of cash flow hedging derivatives | 706 | (2,735) |
| Share
of other comprehensive income on equity-accounted entities | 64 | 36 |
| Taxation | (207) | 788 |
| Total
other items of comprehensive income (loss) | (416) | 1,709 |
| Total
comprehensive income (loss) | 2,305 | 9,117 |
| attributable
to: | | |
| -
Eni’s shareholders | 2,266 | 9,106 |
| -
Non-controlling interest | 39 | 11 |

CHANGES IN SHAREHOLDERS’ EQUITY

| (€
million) | |
| --- | --- |
| Shareholders’
equity at January 1, 2022 | 44,519 |
| Total
comprehensive income (loss) | 9,117 |
| Dividends
paid to Eni’s shareholders | (1,522) |
| Dividends
distributed by consolidated subsidiaries | (13) |
| Net
purchase of treasury shares | (212) |
| Coupon
of perpetual subordinated bonds | (87) |
| Other
changes | 210 |
| Total
changes | 7,493 |
| Shareholders’
equity at June 30, 2022 | 52,012 |
| attributable
to: | |
| -
Eni’s shareholders | 51,917 |
| -
Non-controlling interest | 95 |
| Shareholders’
equity at January 1, 2023 | 55,230 |
| Total
comprehensive income (loss) | 2,305 |
| Dividends
paid to Eni’s shareholders | (1,472) |
| Dividends
distributed by consolidated subsidiaries | (31) |
| Coupon
on perpetual subordinated bonds | (87) |
| Taxes
on hybrid bond | 25 |
| Net
purchase of treasury shares | (437) |
| Other
changes | (5) |
| Total
changes | 298 |
| Shareholders’
equity at June 30, 2023 | 55,528 |
| attributable
to: | |
| -
Eni’s shareholders | 55,107 |
| -
Non-controlling interest | 421 |

Field: Page; Sequence: 40

Field: /Page

34 ENI INTERIM CONSOLIDATED REPORT 2023

RECONCILIATION OF SUMMARIZED GROUP BALANCE SHEET AND SUMMARIZED GROUP CASH FLOW STATEMENT TO STATUTORY SCHEMES

SUMMARIZED GROUP BALANCE SHEET

| Items
of Summarized Group Balance Sheet — (where
not expressly indicated, the item derives directly from the statutory scheme) | Notes
to the Consolidated Financial Statement | June
30, 2023 — Partial amounts from statutory scheme | Amounts
of the summarized Group scheme | December
31, 2022 — Partial amounts from statutory scheme | Amounts
of the summarized Group scheme |
| --- | --- | --- | --- | --- | --- |
| (€
million) | | | | | |
| Fixed
assets | | | | | |
| Property,
plant and equipment | | | 57,289 | | 56,332 |
| Right
of use | | | 4,233 | | 4,446 |
| Intangible
assets | | | 5,499 | | 5,525 |
| Inventories
- Compulsory stock | | | 1,397 | | 1,786 |
| Equity-accounted
investments and other investments | | | 14,287 | | 13,294 |
| Receivables
and securities held for operating activities | (see
note 14) | | 2,062 | | 1,978 |
| Net
payables related to capital expenditure, made up of: | | | (2,580) | | (2,320) |
| -liabilities
for current investment assets | (see
note 8) | (20) | | (4) | |
| -liabilities
for no current investment assets | (see
note 8) | (78) | | (79) | |
| -
receivables related to disposals | (see
note 6) | 408 | | 301 | |
| -
receivables related to disposals non-current | (see
note 8) | 23 | | 23 | |
| -
payables for purchase of non-current assets | (see
note 15) | (2,913) | | (2,561) | |
| Total
fixed assets | | | 82,187 | | 81,041 |
| Net
working capital | | | | | |
| Inventories | | | 6,074 | | 7,709 |
| Trade
receivables | (see
note 6) | | 10,644 | | 16,556 |
| Trade
payables | (see
note 15) | | (11,122) | | (19,527) |
| Net
tax assets (liabilities), made up of: | | | (3,866) | | (2,991) |
| -
current income tax payables | | (1,775) | | (2,108) | |
| -
non-current income tax payables | | (213) | | (253) | |
| -
other current tax liabilities | (see
note 8) | (2,375) | | (1,463) | |
| -
deferred tax liabilities | | (5,565) | | (5,094) | |
| -
other non-current tax liabilities | (see
note 8) | (26) | | (34) | |
| -
current income tax receivables | | 644 | | 317 | |
| -
non-current income tax receivables | | 110 | | 114 | |
| -
other current tax assets | (see
note 8) | 665 | | 807 | |
| -
deferred tax assets | | 4,509 | | 4,569 | |
| -
other non-current tax assets | (see
note 8) | 159 | | 157 | |
| -
receivables for Italian consolidated accounts | (see
note 6) | 8 | | 3 | |
| -
payables for Italian consolidated accounts | (see
note 15) | (7) | | (6) | |
| Provisions | | | (15,198) | | (15,267) |
| Other
current assets and liabilities, made up of: | | | 355 | | 316 |
| -
short-term financial receivables for operating purposes | (see
note 14) | 8 | | 8 | |
| -
receivables vs. partners for exploration and production activities and other | (see
note 6) | 3,785 | | 3,980 | |
| -
other current assets | (see
note 8) | 5,520 | | 12,014 | |
| -
other receivables and other assets non-current | (see
note 8) | 2,183 | | 2,056 | |
| -
advances, other payables, payables vs. partners for exploration and production activities and other | (see
note 15) | (3,424) | | (3,615) | |
| -
other current liabilities | (see
note 8) | (4,411) | | (11,006) | |
| -
other payables and other liabilities non-current | (see
note 8) | (3,306) | | (3,121) | |
| Total
net working capital | | | (13,113) | | (13,204) |
| Provisions
for employee benefits | | | (783) | | (786) |
| Assets
held for sale including related liabilities | | | 178 | | 156 |
| made
up of: | | | | | |
| -
assets held for sale | | 391 | | 264 | |
| -
liabilities directly associated with held for sale | | (213) | | (108) | |
| CAPITAL
EMPLOYED, NET | | | 68,469 | | 67,207 |
| Shareholders’
equity including non-controlling interest | | | 55,528 | | 55,230 |
| Net
borrowings | | | | | |
| Total
debt, made up of: | | | 28,737 | | 26,917 |
| -
long-term debt | | 22,043 | | 19,374 | |
| -
current portion of long-term debt | | 4,084 | | 3,097 | |
| -
short-term debt | | 2,610 | | 4,446 | |
| less: | | | | | |
| Cash
and cash equivalents | | | (11,417) | | (10,155) |
| Financial
assets measured at fair value through profit or loss | | | (8,283) | | (8,251) |
| Financing
receivables for non-operating purposes | (see
note 14) | | (822) | | (1,485) |
| Net
borrowings before lease liabilities ex IFRS 16 | | | 8,215 | | 7,026 |
| Lease
liabilities, made up of: | | | 4,726 | | 4,951 |
| -
long-term lease liabilities | | 3,873 | | 4,067 | |
| -
current portion of long-term lease liabilities | | 853 | | 884 | |
| Total
net borrowings post lease libilities ex IFRS 16 ⁽ᵃ⁾ | | | 12,941 | | 11,977 |
| TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | 68,469 | | 67,207 |

(a) For details on net borrowings see also note 17 to the condensed consolidated interim financial statements.

Field: Page; Sequence: 41

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 35

SUMMARIZED GROUP CASH FLOW STATEMENT

| Items
of Summarized Cash Flow Statement and confluence/reclassification of items in the statutory scheme | First
Half 2023 — Partial amounts from statutory scheme | Amounts
of the summarized Group scheme | First
Half 2022 — Partial amounts from statutory scheme | Amounts
of the summarized Group scheme |
| --- | --- | --- | --- | --- |
| (€
million) | | | | |
| Net
profit (loss) | | 2,721 | | 7,408 |
| Adjustments to reconcile
net profit (loss) to net cash provided by operating activities: | | | | |
| Depreciation, depletion
and amortization and other non monetary items | | 3,161 | | 2,765 |
| -
depreciation, depletion and amortization | 3,725 | | 3,390 | |
| -
impairment losses (impairment reversals) of tangible, intangible and right of use, net | 389 | | 175 | |
| -
write-off of tangible and intangible assets | 135 | | 47 | |
| -
share of profit (loss) of equity-accounted investments | (691) | | (850) | |
| -
other changes | (420) | | (52) | |
| -
net change in the provisions for employee benefits | 23 | | 55 | |
| Gains on disposal of
assets, net | | (418) | | (444) |
| Dividends, interests, income taxes and other changes | | 3,071 | | 5,185 |
| -
dividend income | (92) | | (151) | |
| -
interest income | (236) | | (49) | |
| -
interest expense | 482 | | 490 | |
| -
income taxes | 2,917 | | 4,895 | |
| Cash flow from changes in working capital | | 1,294 | | (3,840) |
| -
inventories | 2,063 | | (3,073) | |
| -
trade receivables | 6,043 | | (147) | |
| -
trade payables | (8,444) | | (645) | |
| -
provisions for contingencies | (140) | | 108 | |
| -
other assets and liabilities | 1,772 | | (83) | |
| Dividends received | | 1,340 | | 305 |
| Income taxes paid, net
of tax receivables received | | (3,389) | | (3,664) |
| Interests (paid) received | | (355) | | (434) |
| -
interest received | 153 | | 13 | |
| -
interest paid | (508) | | (447) | |
| Net
cash provided by operating activities | | 7,425 | | 7,281 |
| Investing activities | | (4,676) | | (3,193) |
| -
tangible assets | (4,551) | | (3,072) | |
| -
intangible assets | (125) | | (121) | |
| Investments and purchase of consolidated subsidiaries
and businesses | | (1,810) | | (1,267) |
| -
investments | (1,182) | | (1,097) | |
| -
consolidated subsidiaries and businesses net of cash and cash equivalent acquired | (628) | | (170) | |
| Disposals | | 489 | | 904 |
| -
tangible assets | 42 | | 7 | |
| -
intangible assets | 32 | | 12 | |
| -
Consolidated subsidiaries and businesses net of cash and cash equivalent disposed of | 380 | | 4 | |
| -
investments | 35 | | 881 | |
| Other cash flow related to capital expenditure,
investments and disposals | | 299 | | 256 |
| -
investment of securities and financing receivables held for operating purposes | (148) | | (146) | |
| -
change in payables in relation to investing activities | 356 | | 297 | |
| -
disposal of securities and financing receivables held for operating purposes | 24 | | 80 | |
| -
change in receivables in relation to disposals | 67 | | 25 | |
| Free
cash flow | | 1,727 | | 3,981 |

Field: Page; Sequence: 42

Field: /Page

36 ENI INTERIM CONSOLIDATED REPORT 2023

SUMMARIZED GROUP CASH FLOW STATEMENT (continued)

| Items
of Summarized Cash Flow Statement and confluence/reclassification of items in the statutory scheme — (€
million) | First
Half 2023 — Partial amounts from statutory scheme | Amounts
of the summarized Group scheme | First
Half 2022 — Partial amounts from statutory scheme | Amounts
of the summarized Group scheme |
| --- | --- | --- | --- | --- |
| Free
cash flow | | 1,727 | | 3,981 |
| Borrowings (repayment) of debt related to financing
activities | | 666 | | 1,670 |
| -
net change of securities and financing receivables held for non-operating purposes | 666 | | 1,670 | |
| Changes in short and long-term finance debt | | 1,428 | | (706) |
| -
increase in long-term debt | 4,050 | | 129 | |
| -
repayments of long-term debt | (509) | | (3,694) | |
| -
increase (decrease) in short-term debt | (2,113) | | 2,859 | |
| Repayment of lease liabilities | | (475) | | (556) |
| Dividends paid and changes in non-controlling
interest and reserves | | (2,008) | | (1,713) |
| -
net reimbursement (capital contribution) to (by) non-controlling interest | (16) | | 20 | |
| -
net purchase of treasury shares | (406) | | (195) | |
| -
acquisition of additional interests in consolidated subsidiaries | (57) | | (5) | |
| -
dividends paid to Eni’s shareholders | (1,509) | | (1,520) | |
| -
dividends paid to non-controlling interest | (20) | | (13) | |
| Net
issue (repayment) of perpetual hybrid bond | | (87) | | (87) |
| -
payments on perpetual subordinated bonds | (87) | | (87) | |
| Effect of changes in
consolidation, exchange differences and cash and cash equivalent | | (15) | | 79 |
| - effect of exchange
rate changes on cash and cash equivalents and other changes | (15) | | 79 | |
| NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT | | 1,236 | | 2,668 |

Field: Page; Sequence: 43

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 37

Risk factors and uncertainties

RISKS RELATED TO THE CICLICALITY OF THE OIL&GAS SECTOR

The price of crude oil is the main driver of the Company’s results of operations and cash flow, and business prospects. It has a history of volatility because, like other commodities, it is influenced by the ups and downs in the economic cycle.

In the short term, crude oil prices are mainly determined by the balance between global oil supplies and demand, the global levels of commercial inventories and producing countries’ spare capacity, as well as expectations of financial operators who trade crude oil derivatives contracts (futures and options) influencing short-term price movements via their positioning.

Worldwide demand for crude oil is highly correlated to the global macroeconomic cycle, trends in monetary variables (inflation, interest rates, money supply), geopolitical developments such as wars, pandemics, tensions in the Gulf area, relations between the USA and China and other factors.

Long-term demand for crude oil is driven, on the positive side, by demographic growth, improving living standards and GDP (Gross Domestic Product) expansion; on the negative side, by availability of alternative sources of energy (e.g., nuclear and renewables), technological breakthroughs, shifts in consumer preferences, and finally measures and other initiatives adopted or planned by governments to tackle climate change and to curb carbon dioxide emissions (CO 2 emissions).

According to Eni’s management, the push to reduce worldwide CO 2 emissions and an ongoing energy transition towards a low carbon economy are likely to materially affect the worldwide energy mix in the long-term and may lead to structural lower crude oil demands and prices.

Immediately after the start of Russia’s military operations in Ukraine in February 2022, the price of the Brent crude oil benchmark spiked, approaching all-time highs. Then, the oil market entered a downturn phase that has continued uninterrupted since July 2022 (for exactly twelve months as of the closing date of this first-half report, June 30, 2023).

During this period, Brent crude oil benchmark price reduced by 30% (from an average of approximately 110 $/bbl in the first half 2022 to 80 $/bbl on average in the first half 2023).

This negative trend reflected recessionary expectations in the global economy, also due to restrictive monetary policies adopted by central banks to fight post-COVID inflation, driving financial operators to gradually reduce long positions in the future market. The default of certain US regional banks significantly increased the perceived systemic risk by market participants leading to mass liquidation of long positions on WTI and Brent futures.

The physical market has continued to be supported by sound fundamentals leveraging on the demand resilience held up by the reopening of the Chinese economy and increased consumption in developing economies (India, Brazil), more than offsetting a slowdown in the Europe and US economies, as well as by a reduction, albeit at an uneven pace, of global crude oil and product inventories, despite the continuation of an emergency plan by the US authorities to release crude oil from the national Strategic Petroleum Reserve.

However, operators’ expectations for a more consistent decline in inventories levels failed to materialize as a result of production upsides of Russia, Iran and Venezuela exporting large quantities of crude oil to Asian Countries not adhering to Western sanctioning regimes, as well as growth in Brazil.

The alliance of petroleum producers OPEC+ has continued supporting the oil market by means of effective production management, through a production cut of 1.16 million barrel/d in April, in addition to the 2 million barrels of reduction in production quotas implemented last October. Furthermore, at the beginning of June, a further voluntary cut of 1 million barrels by Saudi Arabia entered in force by July with a possible extension, as well as the confirmed reduced production levels by all the Countries joining OPEC+ until December 2024. A factor of uncertainty for the very cohesion of the cartel is represented by Russia which has maintained record exports so far in 2023, while adhering to the cartel commitments to production cuts.

Listed international oil companies have maintained the financial discipline adopted in response to the market crisis caused by COVID, characterized by a prudent approach to capital budgeting and capex plan aimed principally at supporting production plateaus and less commitment to growth capital, prioritizing the restructuring of balance sheet and shareholder remuneration in allocating cash flows generated in a still supportive price environment.

In addition, the underestimation of oil companies’ shares (in terms of common stock market multiples compared to the average of stock indices) has made share buyback programs more attractive than other investments options.

The outlook for the second half of 2023 remains uncertain, due to fears of an economic hard landing, in particular referring to the US economy, a less robust than expected post-pandemic recovery of the Chinese economy as well as the risks of financial instability due to the restrictive monetary policies adopted by the central banks.

Field: Page; Sequence: 44

Field: /Page

38 ENI INTERIM CONSOLIDATED REPORT 2023

Brent prices are expected to benefit from demand recovery estimated to grow by approximately 2.4 million barrels/d marking a new record at over 102 million, also leveraging on the upcoming travel season and on the reduced supply by the OPEC+.

However there still remains a systemic risk relating to the evolution of Russia-Ukraine conflict, which could negatively affect the macroeconomic scenario.

This impact has been factored in Eni’s management price scenario forecasting 80 $/bbl for the 2023/2024 Brent price, a lower bar compared to the 2023-2026 strategic plan, while retaining a long-term nominal value of 80 $/bbl based on a mid-cycle scenario to 2030-2035 with a nominal growth rate of 2% p.a.. Beyond this time horizon, Brent price is expected to decline reflecting the decarbonization of the economy.

Natural gas prices experienced a much higher degree of volatility than that of crude oil.

During 2022 summer months, prices reached all time-highs at spot markets in Europe peaking at values of about 300 €/MWh, driven by increased demand to replenish natural gas inventories in preparation of the heating season, also considering a progressive reduction in the flows of gas imported via pipeline from Russia.

In the subsequent months, market fundamentals changed substantially as a result of a mild winter season, record increase in US production and exports due to the availability of new liquefaction capacity in the Gulf of Mexico, the structural reduction of industrial consumption reflecting the definitive shut-down of certain energy-intensive plants in Europe, the relocation of production as well as adequate storage levels.

In the first half of 2023, the spot price at the European reference hub Title Transfer Facility “TTF” averaged about 45 €/MWh (down by approximately 50% compared to about 96 €/MWh in the first half of 2022), almost an 80% decrease versus the historical peak of August 2022.

For the second half of 2023, natural gas prices are expected to average the same level of the first half of 2023. In the long-term, prices are forecast to about 35 €/MWh reflecting expected material additions to worldwide LNG capacity.

The volatility of hydrocarbons prices significantly affects the Group’s financial performance, mainly the Exploration & Production segment. Lower hydrocarbon prices from one year to another negatively affect the Group’s consolidated results of operations and cash flow; the opposite occurs in case of a rise in prices. In the first half of 2023 the E&P adjusted operating profit was down by 48% from the same period of the previous year driving a 27% reduction in the Group consolidated adjusted Ebit. In the current Eni portfolio, the volumes of production affected by movements in hydrocarbons prices represents about 40% of our Group oil and gas production. The remaining part of the Group’s production is not exposed to the price risk, since it is regulated by the contractual scheme of Production Sharing Agreement ("PSA") which guarantees the recovery of a fixed amount of the costs incurred through the allocation of a corresponding number of barrels, thus exposing it to a risk linked to the number of barrels. With respect to price assumptions for 2023 (our Brent crude oil price forecast for 2023 is 80 $/bbl), we estimate our cash flow from operations to vary by approximately €0.13 billion for each one-dollar change in the price of the Brent crude oil applied to liquids and oil-linked gas. It should be noted that this sensitivity analysis is valid for limited price changes compared to the estimate.

The Oil & Gas industry is a capital-intensive business and needs large amount of funds to find and develop reserves.

Historically, Eni’s capital expenditures have been financed with cash generated from operations, proceeds from asset disposals, borrowings under its credit facilities and proceeds from the issuance of debt and bonds.

Eni’s cash flows from operations and access to capital markets are subject to several variables, including but not limited to:

(i) the amount of Eni’s proved reserves;

(ii) the volume of crude oil and natural gas Eni is able to produce and sell from existing wells;

(iii) the prices at which crude oil and natural gas are marketed;

(iv) Eni’s ability to acquire, find and produce new reserves;

(v) and the ability and willingness of Eni’s lenders to extend credit or of participants in the capital markets to invest in Eni’s bonds.

A decline in oil and gas prices for prolonged periods could have material adverse effects on the Group’s performance and earnings prospects, as a downturn scenario could limit the Group’s ability to finance development projects, reducing its ability to grow in future production and revenues and to meet contractual obligations.

Should this occur, the Group may be forced to review investment decisions and the feasibility of development projects and investment plans and may reschedule, postpone, reduce or cancel development projects.

A structural decline in hydrocarbon prices could lead to a revision of oil and gas properties book values, resulting in significant asset write-off, as well as negative debooking of hydrocarbon reserves, should they become no more profitable in this scenario. Although Eni adopts measures to control projects’ profitability to assess their sustainability even in low price scenarios, as well as a financial framework based on selectivity in investment decisions and on maintaining an adequate level of leverage and cash reserves, the occurrence of such risks could negatively affect business activities, operating results,

Field: Page; Sequence: 45

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 39

cash generation, cash and shareholder returns.

Eni’s Refining & Marketing and Chemical businesses are cyclical. Their results are impacted by trends in the supply and demand of oil products and plastic commodities, which are influenced by the macro-economic scenario and by product margins. Generally speaking, margins for refined and chemical products depend upon the speed at which products’ prices adjust to reflect movements in oil prices, depending on the competitive dynamics of the downstream markets.

In the first half of 2023, Eni’s refining business benefited from still generally favourable market conditions after the record year of 2022, thanks to the positive trend in fuel demand driven in particular by the civil aviation and road transport segments, bottlenecks in the system/delays in start-ups and the significant reduction in the cost of gas.

These positives were offset by reduced profitability of gasoil, effected by the slowdown in the industrial activities. In the first half of 2023, the Standard Eni Refining Margin (SERM) was on average at 9 $/bbl.

However, due to the start-up of new refining capacity in the Middle East and China, management does not expect that level of refining margin to be sustainable in the future. Furthermore, the European refining sector is affected by structural weakness due to competition from producers benefiting from greater economies of scale and lower operating costs due to environmental charges, as well as the expected decline in demand for gasoil in Europe as a result of the EU’s decarbonization policies. Eni’s Chemical business has been facing for years (i) strong competition from well-established international players, particularly in the most commoditized market segments, many of which based in the Middle East and the USA, (ii) lower demand in nearer geographies (Italy and Europe) mainly due to customer awareness in relation to environmental issues. In the first half of 2023, in line with the same period of the previous year, this segment underperformed due to weak market fundamentals reflecting low dynamics in European demand, competitive pressure from producers based in the United States and the Far East leveraging competitive cost structure, as well as the impact of the post-COVID re-opening of China.

In addition, wholesalers postponed orders, minimizing inventory due to macroeconomic uncertainties, thereby increasing product availability on the market. These negative trends were mitigated by lower cost of feedstock and natural gas. No significant improvements are expected in the second half of the year.

Eni’s management is implementing a strategic path of repositioning these two businesses with the aim of reducing in its portfolio the commodity segments characterized by weak fundamentals and exposed to the volatility of hydrocarbon margins, leveraging on biofuels, renewable and recycled chemical businesses, as well as on increasing polymers with high value added, characterized by greater stability and interesting growth outlook.

RISKS ASSOCIATED WITH CLIMATE CHANGE

The energy transition, as well as increasingly stricter regulations in the field of CO 2 emission, could adversely and materially affect demands for the Group’s products and hence our business, results of operations and prospects.

Those risks may emerge in the short, medium and long term.

Eni expects that the achievement of the Paris Agreement goal of limiting the rise in temperature to well below 2° C above pre-industrial levels in this century, or the more ambitious goal of limiting global warming to 1.5° C, will strengthen the global response to the issue of climate change and spur governments to introduce measures and policies targeting the reduction of GHG emissions, which are expected to bring about a gradual reduction in the use of fossil fuels over the medium to long-term, notably through the diversification of the energy mix, likely reducing local demand for fossil fuels and negatively affecting global demand for oil and natural gas.

Although the Company is investing a significant amount of resources to develop decarbonized products and to grow the generation capacity of renewable power and other low and zero carbon technologies to produce power or absorb carbon dioxide (CO 2 ) from the atmosphere, the Group’s financial performance and business prospects still depends in a substantial way on the legacy business of Exploration & Production. In case demands for hydrocarbons decline rapidly due to widespread adoption of regulations, rules or international treaties designed to reduce GHG emissions, our results of operations and business prospects may be significantly and negatively affected.

Eni expects its operating and compliance expenses to increase in the short term due to the likely growing adoption of carbon tax mechanisms. Currently, about half of the direct GHG emissions coming from Eni’s operated assets are included in national or supranational Carbon Pricing Mechanisms, such as the European Emission Trading Scheme (ETS), which provides an obligation to purchase, on the open market, emission allowances in case GHG emissions exceed a pre-set amount of emission allowances allotted for free. In 2022 to comply with this carbon emissions scheme, Eni purchased on the open market allowances corresponding to 16.73 million tons of CO 2 emissions incurring expenses of around €950 million and we expect a similar amount in 2023. Due to the likelihood of new regulations in this area and expectations of a reduction in free allowances under the European ETS and the likely adoption of similar schemes by a rising number of governments, Eni is aware of the risk that a growing share of the Group’s GHG emissions could be subject to carbon-pricing and other forms of climate regulation in the near future, leading to additional compliance and cost obligations with respect to the

Field: Page; Sequence: 46

Field: /Page

40 ENI INTERIM CONSOLIDATED REPORT 2023

release in the atmosphere of carbon dioxide.

In the long term, the role of hydrocarbons in satisfying a large portion of the energy needs of the global economy may be displaced by the emergence of new products and technologies, as well as by changing consumers’ preferences, as the mass adoption of electric vehicles (EVs). This trend could disrupt in the long term the consumption of gasoline which is one of the main drivers of global crude oil demand. Other potentially disruptive technologies designated to produce clean energy and fuels are emerging, driven by the development of hydrogen-based solutions as an energy vector or the utilization of renewables feedstock to manufacture fuels and other goods replacing oil-based products. Production of hydrogen by means of green technologies will also reduce hydrocarbons demands. The electricity generation from wind power or solar technologies is projected to grow massively in line with the stated targets by several governments and institutions like the EU, the USA and the UK to decarbonize the electricity sector in the next one or two decades, replacing gas-fired generation.

These trends could disrupt demand for hydrocarbons in the future, with many forecasters, both within the industry, or state agencies and independent observers predicting peak oil demand in the next ten years or earlier.

A large portion of Eni’s business depends on the global demand for oil and natural gas. If existing or future laws, regulations, treaties, or international agreements related to GHG and climate change, including state incentives to conserve energy or use alternative energy sources, technological breakthroughs in the field of renewable energies, hydrogen, production of nuclear energy or mass adoption of electric vehicles trigger a structural decline in worldwide demand for oil and natural gas, Eni’s results of operations and business prospects may be materially and adversely affected.

In recent years, there has been a marked increase in climate-based litigation. Courts could be more likely to hold companies who have allegedly made the most significant contributions to climate change to account. Oil&gas companies are particularly exposed to that risk. In 2021, a Dutch court ordered an international oil company to reduce their worldwide emissions (Scope 1, 2, and 3) by a significant amount within a preset timeframe. This indicates that oil and gas companies may have an individual legal responsibility to reduce emissions to address climate change and confirms the risk of liability, including liability for human rights violations. Courts may condemn oil and gas companies to compensate individuals, communities, and states for the economic losses due to global warming as a consequence of their alleged responsibility in supporting hydrocarbons and knowingly hurting the environment. For example, we are defending in California against claims brought to us by local administrations and certain associations of individuals who are seeking compensation for alleged economic losses and environmental damage due to climate change.

Board’s directors may be summoned before courts for having failed to implement a climate strategy in line with the goals of the Paris Agreement or for not having acted quickly to reduce emissions of greenhouse gases “GHG”.

Private individuals, associations and NGOs may also bring legal actions against states to get them condemned to adopt stricter national targets of reduction in the absolute level of GHG emissions and that could entail more restrictive measures on businesses. For example, an association of private individuals have sued the Italian state for allegedly violating human rights and have claimed the Italian State to increase the national targets of reduction of GHG emissions and that could have negative consequences for Eni.

There are also risks that governments, regulators, organizations, NGOs and individuals may sue us for alleged crimes against the environment in connection with past and present GHG emissions related to our operations and the use of the products we have manufactured. For example, in the first half 2023 certain NGOs and Italian private citizens have summoned us before an Italian court, claiming that Eni be held liable for climate change in connection with its past and present activities in the fossil fuels. As such, climate litigation constitutes a material risk for the company and its investors. In case the Company is condemned to reduce its GHG emissions at a much faster rate than planned by management or to compensate for damage related to climate change due to ongoing or potential lawsuits, we could incur a material adverse effect on our results of operations and business’s prospects. Many professional investors like asset managers, mutual funds, global allocation funds, generalist investors and pensions funds have been reducing their exposure to the fossil fuel industry due to the adoption of stricter ESG criteria in selecting investing opportunities. In some cases, those investors have adopted climate change targets in determining their policies of asset allocations. Many of them have announced plans to completely divest from the fossil fuel industry. This trend could reduce the market for our share, increase the cost of capital to us and negatively affect shareholders’ returns. Likewise, banks, financing institutions, lenders and also insurance companies are cutting exposure to the fossil fuel industry due to the need to comply with ESG mandate or to reach emission reduction targets in their portfolios and this could limit our ability to access new financing, could drive a rise in borrowing costs to us or increase the costs of insuring our assets. As a result of those developments, we expect the cost of capital to the Company to rise in the future and reduced ability on part of Eni to obtain financing for future projects in the oil&gas business or to obtain it at competitive rates, which may curb our investment opportunities or drive an increase in financing expenses, negatively affecting our results of operations and business prospects. Shareholders and activist funds may have resolutions passed at annual general meetings of listed oil&gas companies, which would force management to implement faster than

Field: Page; Sequence: 47

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 41

planned actions to curb emissions or to revise industrial plans to obtain a quicker pace of emissions reduction and that could interfere with management’s long-term goals, strategies and capital allocation processes leading to unplanned cost increases and sub-optimal investment decisions.

These events underscore the growing pressure from investors and capital markets on oil&gas companies towards a future based on renewables energies and an acceleration in the phase-out of investments into fossil fuels. We believe that our company could be exposed to that kind of risk.

There is a reputational risk linked to the fact that oil companies are increasingly perceived by governments, financial institutions, and the general public as entities primarily responsible for global warming and as poorly performing players alongside ESG dimensions. This could make Eni’s shares and debt instruments less attractive to banks, funds and individual investors who have been increasingly applying ESG criteria and have been growing cautions in assessing the risk profile of oil and gas companies, due to their carbon footprint, when making investment and lending decisions.

The scientific community has concluded that increasing global average temperature produces significant physical effects, such as the increased frequency and severity of hurricanes, storms, droughts, floods, or other extreme climatic events that could interfere with Eni’s operations and damage Eni’s facilities. Extreme and unpredictable weather phenomena can result in material disruption to Eni’s operations, and consequent loss of or damage to properties and facilities, as well as a loss of output, loss of revenues, increasing maintenance and repair expenses and cash flow shortfall.

RISKS RELATED TO THE GLOBAL MACROECONOMIC SITUATION, MILITARY EVENTS, AND GEOPOLITICAL CONSEQUENCES OF RUSSIAN MILITARY AGGRESSION OF UKRAINE

The Group’s expected earnings and cash flows in 2023 are exposed to the risks of a global economic slowdown or a possible recession which could trigger reduced growth expectations for hydrocarbon demand. The outlook is also compounded by the restrictive monetary policies being implemented by central banks to counter the shooting in inflation that could lead to a "hard landing" of the economy, particularly the U.S., with negative consequences for oil demand due to both the direct effect of higher interest rates on business growth and the possible appreciation of the U.S. dollar that would make crude oil more expensive in other currencies. Geopolitical tensions at the international level caused by the Russian invasion of Ukraine, as well as the imposition of sanctions of various orders against Russia and Russian actors, increase systemic risks. Risks of a prolonged conflict, of an escalation in military operations and of a geopolitical crisis, as well as the impacts of economic sanctions imposed by the international community against Russia may affect global manufacturing activity, supply chains, and consumer, business, and investor confidence resulting in delays or pauses in spending and investment decisions. The occurrence of such events could trigger a macroeconomic cycle slowdown, stagnation or, in the worst case, a global recession. Such conditions could lead to a reduction in demand for energy commodities and a consequent reduction in prices, which would adversely affect the Group’s economic performance, cash flow, and implementation of its business plans.

Eni’s main exposure to Russia concerns long-term natural gas supply contracts with Russian Gazprom Export. In the first half of 2023, gas supplies from Gazprom Export to Eni were effectively reduced to zero as part of various trade disputes between the parties (in 2022 they had covered 18% of the Group’s total natural gas purchases serving the European market). Eni, having fulfilled its contractual commitments, expects this situation to continue in the second half of the year also considering that the external context has not undergone any changes. The Group’s business plans for the current year had discounted this possibility, consistently limiting sales commitments. To cope with this situation, the Group through various commercial initiatives, such as using contractual flexibilities to increase withdrawals from other geographies and increasing production, has significantly reduced its dependence on Russian gas and intends to continue with this strategy with the aim of being able to be fully enfranchised as soon as possible, particularly by leveraging the development of major projects to monetize equity reserves. The overall process of replacing Russian gas in Eni’s portfolio could bring out possible operational and financial risks.

MARKET RISK

Eni is exposed to the risks of fluctuations in commodity prices, exchange rates of the euro with major currencies, particularly the USD, and interest rates that could result in a decrease in the carrying value of assets or an increase in liabilities or a negative impact on cash flows. These exposures are normally managed by the Group through use of derivative instruments. The Group strategic exposures to the market risks have been left unhedged; those include price commodity exposures deriving from the production of hydrocarbons reserves, refining margins and a share of the volumes of natural gas supplied by long-term contracts, sold to the wholesale market. In certain specific market or business conditions, the Group may elect to hedge part of the above-mentioned commodity risks. The Group is also exposed to exchange rate movement risks in relation to the translation into euros of the financial statements of companies in the E&P sector that have the US dollar as

Field: Page; Sequence: 48

Field: /Page

42 ENI INTERIM CONSOLIDATED REPORT 2023

their functional currency. With regard to the latter, the sensitivity analysis for the year 2023 forecasts a change in operating cash flow before working capital at replacement cost of about €0.58 billion against changes of 5 cents in the USD/EUR exchange rate compared to management’s assumption for 2023 of a USD/EUR exchange rate of 1.08.

For more information, please refer to the Annual Report 2022.

COUNTRY RISK

As of December 31, 2022, about 81% of the Group’s proven hydrocarbon reserves were located in non-OECD countries, mainly in Africa, Central Asia, and the Middle East, which, for various reasons, are characterized by a lower degree of stability not only political, social, and economic but also regulatory than OECD countries. Such instability and uncertainty, even of the legislative framework, can cause destabilizing events such as internal conflicts, revolutions, establishment of non-democratic regimes, social unrest, strikes, vandalism to infrastructure, theft of oil from pipelines and other forms of civil unrest and similar phenomena such as to temporarily or permanently compromise Eni’s ability to operate under economic conditions and secure access to hydrocarbon reserves. The main risks associated with business conducted in such foreign countries are: (i) lack of a stable legislative framework and uncertainties about the protection of the foreign company’s rights in the event of contractual defaults by private parties or State Entities; (ii) penalizing developments or applications of laws, regulations, unilateral contractual changes resulting in the impairment of the Group’s assets, forced disinvestments, nationalizations and expropriations; (iii) restrictions of various kinds on exploration, production, import, and export activities; (iv) increases in applicable taxation; (v) complex issuance/renewal processes of authorizations and permits that impact the time-to-market of development projects; and (vi) sanctions imposed by the U.S. and the EU against certain countries that may jeopardize the Issuer’s ability to continue to carry out its activities or to carry them out with certain limitations. In the current scenario, the Eni Group is exposed to a higher risk profile in relation to its operations in Venezuela and Nigeria due to the financial difficulties in these countries, which have extended to state-owned oil companies and local companies that are partners of the Group in the execution of oil & gas projects or that purchase the Group’s equity production.

As for Libya, one of the countries with the highest political risk in the recent past, the situation of greater internal stability has allowed for the smooth running of mining activities, as well as the verification of opportunities with the state company NOC for possible future developments of gas reserves in the country and elsewhere.

Venezuela is experiencing a structural economic and financial crisis caused by shrinking oil sector revenues that have been affected by both the COVID-19-related crisis and U.S. sanctions aimed at targeting the country’s oil sector, the Venezuelan government and state-owned oil companies. The country’s financial outlook poses a risk to the recovery of Eni’s investment in the Perla project, a large offshore gas field operated by local company Cardón IV, a 50-50 joint venture with another international oil company. Investments and reserves in other Eni projects in the country have been fully written down in previous reporting periods due to risks associated with the operating environment. Currently, Eni’s invested capital in the country amounts to approximately €1 billion, mainly related to overdue trade receivables from the state-owned company Petróleos de Venezuela SA ("PDVSA") for supplies of equity gas from the Perla field, the recoverability of which is made difficult by the U.S. sanctions regime. During the first half of 2023, the increase in receivables related to natural gas supplies in the period was partially offset by some in kind repayments through the allocation of PDVSA-owned crude oil cargoes in compliance with the current sanctions framework.

In Nigeria, the Group has credit exposures related to the financing of oil & gas projects in the country, for which Eni, as operator, bears the development costs by charging them, in proportion to their respective shares in the initiative, to the state oil company NNPC and any local partners. The amount of overdue receivables from the state counterpart shows a decreasing trend, while the exposure to the local oil company partner continues to deteriorate, which has suspended payments for calls for funds for several years given the ongoing arbitration related to the dispute over the amount of Eni charges. Other country risks in Nigeria are related to the operating environment in connection with the phenomenon of continuous oil withdrawals from pipelines carrying Eni-owned crude oil, resulting in lost revenues, damage to infrastructure, and spills into the ground. In addition, Eni is a party to an arbitration proceeding in connection with the conversion of the Nigerian mineral title OPL 245 relating to the exploration of the offshore block of the same name, for which Eni had requested conversion to a development license. Changes in the economic, financial, and political environment of the countries in which the Group operates could affect Eni’s operating and investment choices, which could also ultimately decide to downsize the Group’s presence in certain areas, with possible negative repercussions on the Issuer’s and the Group’s economic, equity, and financial situation.

Field: Page; Sequence: 49

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 43

RISKS ASSOCIATED WITH HYDROCARBON EXPLORATION AND PRODUCTION ACTIVITIES

Conventional hydrocarbon exploration and production activities require high level of capital expenditures with medium to long lead times and are subject to the mining risk, that is the risk of discovering uncommercial quantities of hydrocarbons to justify their economic exploitation or producing less reserves than initially estimated, the implementation complexities of development projects with risks of delayed start-up and cost overruns, develop and produce hydrocarbons reserves with adverse consequences on the return on capital employed. These risks have not changed significantly from what was represented in the Annual Report 2022, to which we refer.

OPERATION AND RELATED RISKS IN HSE

Eni’s industrial activities in hydrocarbon exploration, development and production, refining, petrochemical production, and hydrocarbon transportation are inherently exposed to operational risks related to the chemical and physical characteristics of raw materials and products (including flammability, toxicity, instability). Technical failures, equipment and plant malfunctions, human errors, acts of sabotage, containment leaks, well accidents, refinery and petrochemical plant accidents, and adverse weather phenomena can trigger damaging events of even major proportions such as explosions, fires, spills of crude oil, gas, and products (from wells, platforms, tankers, pipelines, storage facilities, and pipelines). It may happen that such events can assume catastrophic proportions for the environment, human safety and property, as in the case of the Macondo well oil accident that occurred in 2010 in the Gulf of Mexico to an international oil company. These risks are influenced by the specifics of the spatial environments in which operations are conducted (onshore vs. offshore, sensitive ecosystems such as the Arctic, the Gulf of Mexico, and the Caspian Sea, facilities located near urban areas), the complexity of industrial activities, and the objective technical difficulties in carrying out the recovery and containment of hydrocarbons or other liquid chemicals spilled into the environment or harmful emissions into the atmosphere, the closure and safety operations of damaged wells or in the event of blowouts, of extinguishing fires that occurred at refineries, petrochemical complexes or pipelines, serious pollution of soil, groundwater or air caused even in day-to-day operations could result in modest spills of oil or other contaminants or small gas spills (so-called fugitive) due to lack of maintenance, corroded or obsolete pipelines or infrastructure, lack of controls or other factors, which if protracted over time could cause the release of contaminants into the environment, and harmful emissions. For these reasons, activities in the petroleum, refining, hydrocarbon transportation and chemical industries are subject to strict regulations to protect the environment and the health and safety of people, both at the national/local level and through international protocols and conventions. The charges and costs associated with the necessary actions to be put in place to comply with obligations under regulations governing industrial activities in the hydrocarbon field constitute a significant recurring cost item on the balance sheet. Eni has integrated management systems, safety standards, and operating practices of high quality and reliability to ensure compliance with environmental regulations and to protect the integrity of people, of the environment, of operations, of property and affected communities. However, despite these measures and precautions, it is not possible to completely rule out the risk of accidents and other harmful events, such as those described above, or of incurring environmental liabilities that could have potentially significant impacts on the Group’s business, financial performance, development prospects and reputation, and shareholder returns. In relation to historical contamination, with particular regard to Italy, Eni continues to be exposed to the risk of environmental liabilities and liabilities related to some sites now inactive where it conducted in the past mining-metallurgical and chemical activities that were later closed decommissioned or liquidated; at these sites, concentration levels of pollutants have emerged to be not in line with current environmental regulations. Eni has begun projects for the remediation and restoration of soils and groundwater in the areas of its property contaminated by the now discontinued industrial activities, in agreement with the relevant administrative authorities. Despite the fact that Eni has made a "not guilty owner" declaration because the Company believes that it is not responsible for exceeding pollution parameters tolerated by the laws of the time or for pollution situations caused by previous operators to whom it has taken over the management of such sites, Eni has been sued by various public bodies (Ministry of the Environment, Local Authorities or others) and private parties for carrying out remediation and compensation for any damages according to the standards and parameters provided by current legislation. In some cases, Eni’s managers and staff are parties to criminal proceedings, such as for alleged environmental crimes (the failure to clean up and environmental disaster) or for alleged crimes against public safety, triggering Eni’s administrative liability. Eni’s financial statements include the costs it will have to incur in the future to carry out the remediation and restoration of areas contaminated as a result of its industrial activities where there is a legal or other obligation and for which it is possible to reliably estimate the amount of the related charges (even this, however, constitutes a factor of uncertainty in the implementation phases in relation to the complexity of the matter), regardless of the possible share of responsibility of other operators to which Eni has taken over. It is possible that additional liabilities may be detected in the future in relation to the results of ongoing environmental characterizations on sites of interest, based on current environmental regulations or future regulatory developments, the outcome of ongoing

Field: Page; Sequence: 50

Field: /Page

44 ENI INTERIM CONSOLIDATED REPORT 2023

administrative or judicial proceedings, the emergence of new environmental liabilities, and other risk factors. In addition, failure to comply with environmental regulations (which are, moreover, in rapid and continuous evolution) or failure to comply with measures and impositions to adapt the activities carried out, may expose the Group to the risk of being held civilly liable for any damages and consequent claims for compensation. Any loss in relation to ongoing proceedings could lead in relation to the administrative liability of the Entity to the application of pecuniary and/or disqualifying sanctions, such as disqualification from conducting business, suspension or revocation of authorizations, licenses or concessions, with possible consequent negative effects on the Group’s business, prospects, reputation as well as its economic, equity and financial situation.

RISKS ASSOCIATED WITH INCREASED INCOME TAXES AND ROYALTIES

Oil & Gas operations are subject to payment of royalties and income taxes, which tend to be higher than those payable in other commercial activities. Management believes that the marginal tax rate in the oil & gas industry tends to increase in correlation with higher oil prices, which could make it more difficult for Eni to translate higher oil prices into increased net profit. However, the Company does not expect that the marginal tax rate will decrease in response to falling oil prices. Adverse changes in the tax rate applicable to the Group’s profit before income taxes in its oil and gas operations would have a negative impact on Eni’s future results of operations and cash flows.

In 2022, the tax pressure on European oil companies was significantly tightened due to the perception by political institutions and the public that they were disproportionately benefiting from the climate of economic and financial uncertainty related to the Russian-Ukrainian war that had led to high volatility in energy prices, and with a view to alleviating the cost of the energy bill for businesses and households by redistributing profits from the oil and gas sector. Eni experienced increases in the tax pressure in the UK, having a structural character, and through one-time levies in Italy and Germany. The latest in chronological order was the Italian state’s Budget Law 2023, which introduced a solidarity contribution to be paid by energy companies in 2023, calculated by applying a 50% rate to the 2022 IRES taxable income that exceeds an amount equal to 110% of the average taxable income recorded in the previous four years. Any further tightening of the tax pressure or any extraordinary one-off levies on the basis of measures that might be issued by the governments of the countries in which the Group operates-including Italy-could lead to an increase, even a significant one, in the taxes to which the Group is subject, with a consequent significant impact on the Group’s economic, asset and financial situation.

RISKS RELATED TO THE COMPETITIVE ENVIRONMENT IN THE INDUSTRY IN WHICH THE GROUP OPERATES

The current competitive environment in which Eni operates is characterized by volatile energy commodity prices and margins, limited product differentiation, and complex relationships with state companies and national agencies in countries where hydrocarbon reserves are located to obtain mining rights. Because commodity prices are beyond Eni’s control, the company’s competitiveness in this context requires a continued focus on technological innovation, achieving and maintaining operating cost efficiencies, effective management of capital resources, and the ability to provide services to energy buyers. In the event that the Group is not able to effectively manage competitive risks, which may increase in the event of a weaker-than-expected economic recovery resulting from the implications of the Russia-Ukraine conflict or in the event that restrictive monetary policies of central banks cause a "hard landing" of the economy, the Group may be unable to maintain or increase its sales volumes and profitability, which could have an adverse effect on the Group’s business, prospects, economic, capital and financial position.

RISKS ASSOCIATED WITH GROUP LEGAL AND ARBITRATION PROCEEDINGS

Eni is part of even long-lasting civil or criminal judicial or arbitration proceedings, resulting in the use of resources, costs and legal fees. For some of these proceedings Eni has been sued under Legislative Decree 231/01 on corporate liability. Environmental liability proceedings are an emerging area of risk in connection with the Group’s fossil fuel business and climate-changing gas emissions. Eni has recognized in its financial statements’ liabilities associated with proceedings for which it is probable that it will lose, and the burden can be reliably estimated. These charges are not a significant item in the consolidated financial statements to date. However, considering that the provisions made relating to pending proceedings prove should be insufficient to fully meet the charges, expenses, penalties, and claims for damages and restitution made in the event of a loss, there could be adverse effects on the Group’s business, financial position, and results of operations. It cannot be ruled out that, if Eni’s administrative liability is concretely ascertained, in addition to the consequent application of the relevant sanctions, there would be negative repercussions on the Group’s reputation, operations, and economic, equity, and financial situation.

Field: Page; Sequence: 51

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 45

RISKS RELATED TO THE LEGAL AND REGULATORY FRAMEWORK

The Regulatory Authority for Energy Networks and Environment (ARERA), by virtue of its founding Law No. 481/95, carries out regulation and control activities in the sectors of electricity, natural gas, water services, waste cycle and telecalore. Among other things, ARERA performs the function of monitoring the price levels of natural gas and defines the economic conditions of gas supply to customers who have the right to access the tariff conditions established by the Authority itself (so-called protected customers). The Authority’s decisions in this matter may limit the ability of gas operators to pass on increases in the cost of the raw material in the final price or limit the recognition of costs and risks typical of doing business with protected customers. Customers entitled to the gas safeguard service are residential and household customers with consumption not exceeding 200,000 standard cubic meters (Smc)/year. In response to the context of rising prices that occurred between 2021 and 2022 and with the aim of reducing the cost of the energy bill, ARERA intervened with Resolution 374/2022/R/GAS by which it determined the transition of the reference of the raw material from TTF to PSV with monthly updating of the component to cover the cost of wholesale natural gas supply for customers under protection conditions. The termination of the Authority’s price protection for the electricity under a statutory provision (for domestic customers and small businesses connected to low voltage) and natural gas (for domestic customers as defined above) sectors initially expected in 2019 has been subject to successive extensions. This termination was last regulated with regard to the gas sector by DL November 18, 2022, No. 176 (Aid Quater), which established:

• the postponement to January 10, 2024 of the deadline for the removal of price safeguard in the gas sector provided in the Annual Law for Competition No. 124/2017 (Article 1 paragraph 59);

• the postponement to January 10, 2024 (instead of January 1, 2023) of the deadline from which suppliers and operators of the service are required to offer vulnerable customers a subsidized tariff for the supply of natural gas (amendment Art. 22, para. 2-bis.1, Legislative Decree 164/2000).

As for the electricity sector, the Decree of the Minister of the Environment and Energy Security No. 169 of May 18, 2023, which provides measures for the informed entry of domestic customers into the free market, stipulates by January 10, 2024: the conclusion of the competitive procedures for the graduated protection service for non-vulnerable domestic customers; that the Authority shall ensure that the transition from the current greater protection regime takes place in accordance with the provisions of the unitary euro law for vulnerable customers (Article 1, paragraph 3).

Thus, there is currently an ex lege override of price safeguard as of January 2024 in both markets. However, an amendment has recently been approved that binds the companies that won the competitive procedures for the service with gradual protections to take on the relevant call center contractors per awarded area. This, in the vison of ARERA, would be incompatible with the definition and conduct of the tender procedures in time to target the deadline of January 10, 2024, so it is possible that a further postponement of the overshooting of protection in the electricity market will be established, a postponement that could be replicated in the gas sector. Regarding micro-enterprise electricity customers, with Resolution 491/2021/R/eel, ARERA regulated the competition procedure to assign graduated protection service effective from January 1, 2023 (later slipped to April 1, 2023). On September 8, 2022, MiTE (Ministero della Transizione Energetica) published the DM on criteria and modalities for overcoming regulated price regimes and on criteria for ensuring the supply of electricity to micro-enterprises (≤ 15 kW) that, as of January 1, 2023 (later slipped regulatorily to April 1), do not have a supplier in the free market. The same DM (Art. 3 paragraph 5) provided that upon the expiration of the period of provision of the Gradual Protection Service (STG), the customer who has not opted for a free-market offer will be supplied by the same STG operator on the basis of its most convenient free market offer. In view of the goal of overcoming gas and power protection tariffs, measures have been introduced to follow the consumer’s choice on the free market with adequate information supports and by providing tools to compare market offers among operators. To this end, ARERA has provided that operators, in addition to their market offers, will also provide customers, as of March 2018, with a variable-price proposal and a fixed-price proposal for gas and electricity at free prices but with comparable contractual conditions regulated by ARERA ("PLACET" offers). A special web portal managed by Acquirente Unico on behalf of ARERA (Offers Portal) is also operational, which allows for the comparison of all available gas and electricity offers; on this area of regulation ARERA recently proposed guidelines - not yet officially decided - aimed at increasing the possibility of comparing commercial offers on the basis of price. In the area of costs and criteria to access to the main logistical infrastructures of the gas system, the main risk factors for the business are related to the processes of defining the economic conditions and rules to have access to transportation services, LNG regasification, and storage, which periodically affect all European countries in which Eni operates. Regarding gas transportation tariffs, in Italy as well as in the main European countries, a review of the criteria for determining these tariffs and the recovery of shippers’ costs for the 2020-2023 regulatory period was implemented in 2020, with overall positive effects on the costs of the logistics portfolio. However, the periodic redefinition of transportation tariff criteria is scheduled

Field: Page; Sequence: 52

Field: /Page

46 ENI INTERIM CONSOLIDATED REPORT 2023

to take place at set intervals in the various European countries - the next one is expected to take place starting in 2024 in most countries - and may still lead to impacts on logistics costs in the future. Further rule changes could affect the regasification and storage sector, partly as a result of the market environment and potential critical issues for European security of supply that have arisen as a result of the Russian-Ukrainian conflict, representing risk factors as well as opportunities for business. In addition, the recent energy crisis context has directed legislators, at the European and individual country level, toward evolutions - albeit temporary - of legislation and consequent regulation that may affect market dynamics, with the aim of containing prices for end customers and improving security of supply (e.g., obligations to reduce end-use consumption, caps on wholesale gas product derivative prices traded in regulated markets, obligations to fill storage facilities, ex ante notification obligations to the European Commission of new supply contracts). In the medium term, it is expected that gas demand at the European level may be supported by policies geared toward accelerating the phase-out of coal in power generation - in view of decarbonization targets - and, in some countries, the phase-out of nuclear generation. On the other hand, with the implementation of the European Green Deal, the regulation of the gas sector may be affected by potentially even significant changes in the coming years, as a result of adjustments in the design of markets and/or new obligations or constraints on gas operators, which may accompany the evolution of European regulations in a context of energy transition and consistent with the decarbonization goals of the energy sector (including the related goals of developing renewable or decarbonized gas, promoting enabling technologies for greater integration between the electricity and gas sectors, and reducing methane emissions). These changes will lead to pressures on the natural gas sector but at the same time will open up and support new business opportunities in decarbonized and renewable gas, which Eni is ready to pursue. As for the electricity sector, the electricity capacity market auctions (so-called. "Capacity Market"), which were held in November 2019 and February 2022 with the allocation for existing plants of an annual product with a delivery period relating to the years 2022, 2023 and 2024, and for new plants of a fifteen-year product, will entail positive results for Eni as a result of the recognition of a premium as assignee of capacity for existing plants, of which it is the owner as a Group, and for the project of a new plant to be developed by EniPower at the Ravenna site delivery starting from the second half of 2023). For the years 2022, 2023 and 2024, there remains a risk that the auctions could be cancelled due to appeals filed with the Regional Administrative Court by some operators (the European Court has already ruled rejecting the operators’ appeals). There is uncertainty as to whether auctions can be held for the years after 2024 because, also in accordance with European regulations, the mechanism will be proposed again downstream of a new assessment by Terna on the state of adequacy of the electricity system. It is also possible that the auctions will be held but with a reduction in the premium recognized to participating entities as a result of one or more of the following events: Terna reduces the adequacy requirement, there is more competition in the auctions, ARERA revises the parameters of the mechanism.

In addition, significant regulatory developments are taking place, which may pose risk factors for the business: these include reforms in market mechanisms resulting from the need to comply with EU regulations (the negative pricing and reform of the Infra-Day Market introduced in September 2021, further cross-border integration of national markets for both energy and grid services, completion of the reform of the dispatching services market, and the emergence of the new storage market) and emergency interventions by the government to compensate for the phenomenon of high energy prices.

Interventions focused on the regulation of corporate tax credits, suspended since the third quarter of 2023; the zeroing of system charges, still in place for the third quarter of 2023 for gas and reinstated since the second quarter of 2023 for electricity; and the 5% VAT for gas still in place for the third quarter of 2023.

RISKS RELATED TO THE OPERATION OF INFORMATION SYSTEMS AND INFORMATION SECURITY

This risk has not developed from what was represented in the Annual Report 2022 to which we refer.

RISKS ASSOCIATED WITH THE POSSIBLE NON-RENEWAL OF EXPIRING PERMITS AND/OR CONCESSIONS

This risk has not developed from what was represented in the Annual Report 2022 to which we refer.

RISKS RELATED TO DATA PROTECTION REGULATIONS

This risk has not developed from what was represented in the Annual Report 2022 to which we refer.

Field: Page; Sequence: 53

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 47

Outlook

The Company is issuing the following updated operational and financial guidance.

• E&P: Hydrocarbon production for 2023 is confirmed in the range of 1.63-1.67 million boe/d in a price scenario of $80/bbl. In Q3 2023 production is forecast to be about 1.63 million boe/d.

• E&P: Exploration target of 700 million boe of discovered resources is confirmed.

• GGP: Adjusted EBIT guidance is raised to €2.7 billion - €3.0 billion for the year versus the previous guidance of €2.0 billion - €2.2 billion.

• Plenitude & Power: Plenitude proforma adjusted EBITDA guidance is raised to around €0.8 billion, higher than €0.7 billion previously.

• Sustainable Mobility, Refining and Chemicals: Sustainable Mobility proforma adjusted EBITDA is confirmed at more than €0.9 billion. Downstream proforma adjusted EBIT is now expected to be €0.8 billion, lower than €1.0 billion - €1.1 billion reflecting market conditions not captured by the benchmark SERM.

• Financials: We confirm Group adjusted EBIT guidance of €12 billion even at the lowered reference scenario, an underlying raise in guidance of around €2 billion. At the lowered scenario 1 assumptions we expect cash flow from operations before working capital to be between €15.5-€16 billion, similarly reflecting an improvement in underlying performance.

• Capex: Now expected to be under €9.0 billion, lower than previous guidance of €9.2 billion and original guidance of €9.5 billion and resulting from continuing optimization and efficiency measures.

• Balance Sheet: Leverage is expected to remain within the stated range of 10% - 20%.

• Shareholders Remuneration: Full year 2023 dividend of €0.94 per share was approved by the Shareholders Annual General Meeting (AGM) on May 10, 2023, with the first quarterly installment of €0.24 per share due to be paid on September 20, 2023 2 . The planned €2.2 billion share buyback, commenced in May after authorization at the AGM of a total of up to €3.5 billion, and is expected to be completed within April 2024.

Field: Rule-Page

Field: /Rule-Page

1 Updated 2023 Scenario is: Brent 80 $/bbl (from $85/bbl); SERM 8 $/bbl (unchanged); PSV 484 €/kmc (from 529 €/kmc); and average EUR/USD exchange rate of 1.08 (unchanged).

2 Ex-dividend date: September 18, 2023; record date: September 19, 2023.

Field: Page; Sequence: 54

Field: /Page

48 ENI INTERIM CONSOLIDATED REPORT 2023

Other information

Article No. 15 (former Article No. 36) of Italian regulatory exchanges (Consob Resolution No. 20249 published on December 28, 2017). Continuing listing standards about issuers that control subsidiaries incorporated or regulated in accordance with laws of extra-EU countries.

Certain provisions have been enacted to regulate continuing Italian listing standards of issuers controlling subsidiaries that are incorporated or regulated in accordance with laws of extra-EU Countries, also having a material impact on the consolidated financial statements of the parent company.

Regarding the aforementioned provisions, the Company discloses that:

• as of June 30, 2023, twelve of Eni’s subsidiaries: NAOC – Nigerian Agip Oil Co. Ltd, Eni Petroleum Co Inc, Eni Congo SA, Nigerian Agip Exploration Ltd, Eni Canada Holding Ltd, Eni Ghana Exploration and Production Ltd, Eni Trading & Shipping Inc, Eni UK Ltd, Eni México S. de RL de CV, Eni Investments Plc, Eni Lasmo Plc and Eni ULX Ltd;

• the Company has already adopted adequate procedures to ensure full compliance with the new regulations.

Subsequent events

Subsequent business developments are described in Note 35 of the Condensed consolidated interim financial statements.

Transactions with related parties

For the description of the main transactions with related parties, see Note 32 of the Condensed consolidated interim financial statements.

Start of the buy-back program

Following the authorization granted by the Shareholders Meeting on May 10, 2023, concerning €2.2 billion up to a maximum of €3.5 billion for the year, the 2023 buy-back program commenced at the end of May and through July 28, 2023, 48 million shares have been purchased for a cash outlay of €635 million.

Field: Page; Sequence: 55

Field: /Page

Field: Page; Sequence: 56

Field: /Page

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2023 Financial statements 51 Notes on consolidated financial statements 57 Management’s certification 90

Field: Page; Sequence: 57

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 51

Consolidated balance sheet

| (€
million) | Note | June
30, 2023 — Total amount | of
which with related parties | December
31, 2022 — Total amount | of
which with related parties |
| --- | --- | --- | --- | --- | --- |
| ASSETS | | | | | |
| Current
assets | | | | | |
| Cash
and cash equivalents | | 11,417 | 4 | 10,155 | 10 |
| Financial
assets at fair value through profit or loss | (5) | 8,283 | | 8,251 | |
| Other
current financial assets | (14) | 849 | 17 | 1,504 | 16 |
| Trade
and other receivables | (6) | 14,845 | 1,812 | 20,840 | 2,427 |
| Inventories | (7) | 6,074 | | 7,709 | |
| Income
tax receivables | | 644 | | 317 | |
| Other
current assets | (8)
(20) | 6,185 | 118 | 12,821 | 341 |
| | | 48,297 | | 61,597 | |
| Non-current
assets | | | | | |
| Property,
plant and equipment | (9) | 57,289 | | 56,332 | |
| Right-of-use
assets | (10) | 4,233 | | 4,446 | |
| Intangible
assets | (11) | 5,499 | | 5,525 | |
| Inventory
- Compulsory stock | (7) | 1,397 | | 1,786 | |
| Equity-accounted
investments | (13) | 13,022 | | 12,092 | |
| Other
investments | (13) | 1,265 | | 1,202 | |
| Other
non-current financial assets | (14) | 2,043 | 1,686 | 1,967 | 1,631 |
| Deferred
tax assets | (19) | 4,509 | | 4,569 | |
| Income
tax receivables | | 110 | | 114 | |
| Other
non-current assets | (8)
(20) | 2,365 | 24 | 2,236 | 26 |
| | | 91,732 | | 90,269 | |
| Assets
held for sale | (21) | 391 | | 264 | |
| TOTAL
ASSETS | | 140,420 | | 152,130 | |
| LIABILITIES
AND EQUITY | | | | | |
| Current
liabilities | | | | | |
| Short-term
debt | (16) | 2,610 | 143 | 4,446 | 307 |
| Current
portion of long-term debt | (16) | 4,084 | 24 | 3,097 | 36 |
| Current
portion of long-term lease liabilities | (10) | 853 | 31 | 884 | 35 |
| Trade
and other payables | (15) | 17,466 | 2,811 | 25,709 | 3,203 |
| Income
tax payables | | 1,775 | | 2,108 | |
| Other
current liabilities | (8)
(20) | 6,806 | 124 | 12,473 | 232 |
| | | 33,594 | | 48,717 | |
| Non-current
liabilities | | | | | |
| Long-term
debt | (16) | 22,043 | 96 | 19,374 | 26 |
| Long-term
lease liabilities | (10) | 3,873 | 11 | 4,067 | 28 |
| Provisions | (18) | 15,198 | | 15,267 | |
| Provisions
for employee benefits | | 783 | | 786 | |
| Deferred
tax liabilities | (19) | 5,565 | | 5,094 | |
| Income
tax payables | | 213 | | 253 | |
| Other
non-current liabilities | (8)
(20) | 3,410 | 474 | 3,234 | 462 |
| | | 51,085 | | 48,075 | |
| Liabilities
directly associated with assets held for sale | (21) | 213 | | 108 | |
| TOTAL
LIABILITIES | | 84,892 | | 96,900 | |
| Share
capital | | 4,005 | | 4,005 | |
| Retained
earnings | | 35,429 | | 23,455 | |
| Cumulative
currency translation differences | | 6,570 | | 7,564 | |
| Other
reserves and equity instruments | | 7,395 | | 8,785 | |
| Treasury
shares | | (974) | | (2,937) | |
| Profit | | 2,682 | | 13,887 | |
| Equity
attributable to equity holders of Eni | | 55,107 | | 54,759 | |
| Non-controlling
interest | | 421 | | 471 | |
| TOTAL
EQUITY | (22) | 55,528 | | 55,230 | |
| TOTAL
LIABILITIES AND EQUITY | | 140,420 | | 152,130 | |

Field: Page; Sequence: 58; Options: NewSection

Field: /Page

52 ENI INTERIM CONSOLIDATED REPORT 2023

Consolidated profit and loss account

| (€
million) | Note | First
Half 2023 — Total amount | of
which with related parties | First
Half 2022 — Total amount | of
which with related parties |
| --- | --- | --- | --- | --- | --- |
| Sales
from operations | (25) | 46,776 | 2,283 | 63,685 | 3,497 |
| Other
income and revenues | | 414 | 73 | 618 | 72 |
| REVENUES
AND OTHER INCOME | | 47,190 | | 64,303 | |
| Purchases,
services and other | (26) | (37,107) | (7,349) | (46,882) | (6,536) |
| Net
(impairments) reversals of trade and other receivables | (6) | (60) | (2) | (165) | |
| Payroll
and related costs | (26) | (1,540) | (3) | (1,548) | (9) |
| Other
operating income (expense) | (20) | 41 | (15) | (774) | 1,365 |
| Depreciation
and amortization | (9)
(10) (11) | (3,725) | | (3,390) | |
| Net
(impairments) reversals of tangible, intangible and right-of-use assets | (12) | (389) | | (175) | |
| Write-off
of tangible and intangible assets | (9) | (135) | | (47) | |
| OPERATING
PROFIT | | 4,275 | | 11,322 | |
| Finance
income | (27) | 3,196 | 69 | 3,456 | 66 |
| Finance
expense | (27) | (3,552) | (17) | (3,805) | (79) |
| Net
finance income (expense) from financial assets at fair value through profit or loss | (27) | 125 | | (91) | |
| Derivative
financial instruments | (20)
(27) | (12) | | (88) | |
| FINANCE
INCOME (EXPENSE) | | (243) | | (528) | |
| Share
of profit (loss) from equity-accounted investments | | 691 | | 850 | |
| Other
gain (loss) from investments | | 915 | 410 | 659 | |
| INCOME
(EXPENSE) FROM INVESTMENTS | (13)
(28) | 1,606 | | 1,509 | |
| PROFIT
BEFORE INCOME TAXES | | 5,638 | | 12,303 | |
| Income
taxes | (29) | (2,917) | | (4,895) | |
| PROFIT | | 2,721 | | 7,408 | |
| Attributable
to Eni | | 2,682 | | 7,398 | |
| Attributable
to non-controlling interest | | 39 | | 10 | |
| Earnings
per share (€ per share) | (30) | | | | |
| Basic | | 0.79 | | 2.08 | |
| Diluted | | 0.78 | | 2.07 | |

Field: Page; Sequence: 59

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 53

Consolidated statement of comprehensive income

| (€
million) | First
Half 2023 | First
Half 2022 |
| --- | --- | --- |
| Profit | 2,721 | 7,408 |
| Other
items of comprehensive income | | |
| Items
that are not reclassified to profit or loss in later periods | | |
| Remeasurements
of defined benefit plans | | 71 |
| Share
of other comprehensive income on equity-accounted investments | | 1 |
| Change
of minor investments measured at fair value with effects to OCI | 15 | 41 |
| Tax
effect | | (15) |
| | 15 | 98 |
| Items
that may be reclassified to profit or loss in later periods | | |
| Currency
translation differences | (994) | 3,522 |
| Change
in the fair value of cash flow hedging derivatives | 706 | (2,735) |
| Share
of other comprehensive income on equity-accounted investments | 64 | 36 |
| Tax
effect | (207) | 788 |
| | (431) | 1,611 |
| Total
other items of comprehensive income | (416) | 1,709 |
| Total
comprehensive income | 2,305 | 9,117 |
| Attributable
to Eni | 2,266 | 9,106 |
| Attributable
to non-controlling interest | 39 | 11 |

Field: Page; Sequence: 60

Field: /Page

54 ENI INTERIM CONSOLIDATED REPORT 2023

Consolidated statement of changes in equity

| (€
million) | Note | Equity
attributable to equity holders of Eni — Share
capital | Retained
earnings | Cumulative currency translation differences | Other
reserves and equity instruments | Treasury
shares | Net
profit (loss) for the period | Total | Non-controlling
interest | Total
equity |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Balance
at December 31, 2022 | (22) | 4,005 | 23,455 | 7,564 | 8,785 | (2,937) | 13,887 | 54,759 | 471 | 55,230 |
| Income
for the first six months of 2023 | | | | | | | 2,682 | 2,682 | 39 | 2,721 |
| Other
items of comprehensive income | | | | | | | | | | |
| Change
of minor investments measured at fair value with effects to OCI | | | | | 15 | | | 15 | | 15 |
| Items
that are not reclassified to profit or loss in later periods | | | | | 15 | | | 15 | | 15 |
| Currency
translation differences | | | | (994) | | | | (994) | | (994) |
| Change
in the fair value of cash flow hedge derivatives net of tax effect | | | | | 499 | | | 499 | | 499 |
| Share
of “Other comprehensive income” on equity-accounted investments | | | | | 64 | | | 64 | | 64 |
| Items
that may be reclassified to profit or loss in later periods | | | | (994) | 563 | | | (431) | | (431) |
| Total
comprehensive income of the period | | | | (994) | 578 | | 2,682 | 2,266 | 39 | 2,305 |
| Dividend
distribution of Eni SpA | | | (1,472) | | | | | (1,472) | | (1,472) |
| Dividend
distribution of other companies | | | | | | | | | (31) | (31) |
| Allocation
of 2022 income | | | 13,887 | | | | (13,887) | | | |
| Reimbursement
to third parties | | | | | | | | | (16) | (16) |
| Change
in non-controlling interest | | | 42 | | | | | 42 | (42) | |
| Cancellation
of treasury shares | | | | | (2,400) | 2,400 | | | | |
| Purchase
of trasury shares | | | (437) | | 437 | (437) | | (437) | | (437) |
| Long-term
incentive plan | | | 9 | | | | | 9 | | 9 |
| Coupon
on perpetual subordinated bonds | | | (87) | | | | | (87) | | (87) |
| Transactions
with holders of equity instruments | | | 11,942 | | (1,963) | 1,963 | (13,887) | (1,945) | (89) | (2,034) |
| Other
changes | | | 32 | | (5) | | | 27 | | 27 |
| Other
changes in equity | | | 32 | | (5) | | | 27 | | 27 |
| Balance
at June 30, 2023 | (22) | 4,005 | 35,429 | 6,570 | 7,395 | (974) | 2,682 | 55,107 | 421 | 55,528 |

(continued)

Field: Page; Sequence: 61

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 55

(continued) Consolidated statement of changes in equity

| (€
million) | Note | Equity
attributable to equity holders of Eni — Share
capital | Retained
earnings | Cumulative currency translation differences | Other
reserves and equity instruments | Treasury
shares | Net
profit (loss) for the period | Total | Non-controlling
interest | Total
equity |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Balance
at December 31, 2021 | | 4,005 | 22,750 | 6,530 | 6,289 | (958) | 5,821 | 44,437 | 82 | 44,519 |
| Profit
for the first six months of 2022 | | | | | | | 7,398 | 7,398 | 10 | 7,408 |
| Other
items of comprehensive income | | | | | | | | | | |
| Remeasurements
of defined benefit plans net of tax effect | | | | | 56 | | | 56 | | 56 |
| Share
of “Other comprehensive income” on equity-accounted investments | | | | | 1 | | | 1 | | 1 |
| Change
of minor investments measured at fair value with effects to OCI | | | | | 41 | | | 41 | | 41 |
| Items
that are not reclassified to profit or loss in later periods | | | | | 98 | | | 98 | | 98 |
| Currency
translation differences | | | | 3,521 | | | | 3,521 | 1 | 3,522 |
| Change
in the fair value of cash flow hedge derivatives net of tax effect | | | | | (1,947) | | | (1,947) | | (1,947) |
| Share
of “Other comprehensive income” on equity-accounted investments | | | | | 36 | | | 36 | | 36 |
| Items
that may be reclassified to profit or loss in later periods | | | | 3,521 | (1,911) | | | 1,610 | 1 | 1,611 |
| Total
comprehensive income of the period | | | | 3,521 | (1,813) | | 7,398 | 9,106 | 11 | 9,117 |
| Dividend
distribution of Eni SpA | | | | | | | (1,522) | (1,522) | | (1,522) |
| Dividend
distribution of other companies | | | | | | | | | (13) | (13) |
| Allocation
of 2021 profit | | | 4,299 | | | | (4,299) | | | |
| Capital
contribution by non-controlling interests | | | | | | | | | 20 | 20 |
| Change
in non-controlling interest | | | 21 | | | | | 21 | (8) | 13 |
| Cancellation
of treasury shares | | | | | (400) | 400 | | | | |
| Purchase
of treasury shares | | | (212) | | 212 | (212) | | (212) | | (212) |
| Long-term
share-based incentive plan | | | 11 | | | | | 11 | | 11 |
| Coupon
on perpetual subordinated bonds | | | (87) | | | | | (87) | | (87) |
| Transactions
with holders of equity instruments | | | 4,032 | | (188) | 188 | (5,821) | (1,789) | (1) | (1,790) |
| Other
changes | | | 36 | | 127 | | | 163 | 3 | 166 |
| Other
changes in equity | | | 36 | | 127 | | | 163 | 3 | 166 |
| Balance
at June 30, 2022 | | 4,005 | 26,818 | 10,051 | 4,415 | (770) | 7,398 | 51,917 | 95 | 52,012 |
| Profit
for the second six months of 2022 | | | | | | | 6,489 | 6,489 | 64 | 6,553 |
| Other
items of comprehensive income | | | | | | | | | | |
| Remeasurements
of defined benefit plans net of tax effect | | | | | (1) | | | (1) | | (1) |
| Share
of “Other comprehensive income” on equity-accounted investments | | | | | 2 | | | 2 | | 2 |
| Changes
of minor investments measured at fair value with effects to OCI | | | | | 15 | | | 15 | | 15 |
| Items
that are not reclassified to profit or loss in later periods | | | | | 16 | | | 16 | | 16 |
| Currency
translation differences | | | | (2,428) | 1 | | | (2,427) | | (2,427) |
| Change
in the fair value of cash flow hedge derivatives net of tax effect | | | | | 2,507 | | | 2,507 | | 2,507 |
| Share
of “Other comprehensive income” on equity-accounted investments | | | | | (48) | | | (48) | | (48) |
| Items
that may be reclassified to profit or loss in later periods | | | | (2,428) | 2,460 | | | 32 | | 32 |
| Total
comprehensive income of the period | | | | (2,428) | 2,476 | | 6,489 | 6,537 | 64 | 6,601 |
| Interim
dividend distribution of Eni SpA | | | (1,500) | | | | | (1,500) | | (1,500) |
| Dividend
distribution of other companies | | | | | | | | | (47) | (47) |
| Capital
contribution by non-controlling interests | | | | | | | | | 72 | 72 |
| Purchase
of trasury shares | | | (2,188) | | 2,188 | (2,188) | | (2,188) | | (2,188) |
| Long-term
incentive plan | | | 7 | | (21) | 21 | | 7 | | 7 |
| Coupon
on perpetual subordinated bonds | | | (51) | | | | | (51) | | (51) |
| Change
in non-controlling interest | | | 175 | | | | | 175 | 289 | 464 |
| Transactions
with holders of equity instruments | | | (3,557) | | 2,167 | (2,167) | | (3,557) | 314 | (3,243) |
| Other
changes | | | 194 | (59) | (273) | | | (138) | (2) | (140) |
| Other
changes in equity | | | 194 | (59) | (273) | | | (138) | (2) | (140) |
| Balance
at December 31, 2022 | (22) | 4,005 | 23,455 | 7,564 | 8,785 | (2,937) | 13,887 | 54,759 | 471 | 55,230 |

Field: Page; Sequence: 62

Field: /Page

56 ENI INTERIM CONSOLIDATED REPORT 2023

Consolidated statement of cash flows

| (€
million) — Profit
of the period | Note | 2,721 | 7,408 |
| --- | --- | --- | --- |
| Adjustments
to reconcile profit to net cash provided by operating activities | | | |
| Depreciation
and amortization | (9)
(10) (11) | 3,725 | 3,390 |
| Net
Impairments (reversals) of tangible, intangible and right-of-use assets | (12) | 389 | 175 |
| Write-off
of tangible and intangible assets | (9) | 135 | 47 |
| Share
of (profit) loss of equity-accounted investments | (13) | (691) | (850) |
| Net
gain on disposal of assets | | (418) | (444) |
| Dividend
income | (28) | (92) | (151) |
| Interest
income | | (236) | (49) |
| Interest
expense | | 482 | 490 |
| Income
taxes | (29) | 2,917 | 4,895 |
| Other
changes | | (420) | (52) |
| Cash
flow from changes in working capital: | | 1,294 | (3,840) |
| -
inventories | 2,063 | (3,073) | |
| -
trade receivables | 6,043 | (147) | |
| -
trade payables | (8,444) | (645) | |
| -
provisions | (140) | 108 | |
| -
other assets and liabilities | 1,772 | (83) | |
| Net
change in the provisions for employee benefits | | 23 | 55 |
| Dividend
received | | 1,340 | 305 |
| Interest
received | | 153 | 13 |
| Interest
paid | | (508) | (447) |
| Income
taxes paid, net of tax receivables received | | (3,389) | (3,664) |
| Net
cash provided by operating activities | | 7,425 | 7,281 |
| -
of which with related parties | (32) | (3,421) | (1,497) |
| Cash
flow from investing activities | | (6,278) | (4,309) |
| -
tangible assets | (9) | (4,551) | (3,072) |
| -
intangible assets | (11) | (125) | (121) |
| -
consolidated subsidiaries and businesses net of cash and cash equivalent acquired | (23) | (628) | (170) |
| -
investments | (13) | (1,182) | (1,097) |
| -
securities and financing receivables held for operating purposes | | (148) | (146) |
| -
change in payables in relation to investing activities | | 356 | 297 |
| Cash
flow from disposals | | 580 | 1,009 |
| -
tangible assets | | 42 | 7 |
| -
intangible assets | | 32 | 12 |
| -
consolidated subsidiaries and businesses net of cash and cash equivalent disposed of | (23) | 380 | 4 |
| -
investments | | 35 | 881 |
| -
securities and financing receivables held for operating purposes | | 24 | 80 |
| -
change in receivables in relation to disposals | | 67 | 25 |
| Net
change in securities and financing receivables held for non-operating purposes | | 666 | 1,670 |
| Net
cash used in investing activities | | (5,032) | (1,630) |
| -
of which with related parties | (32) | (892) | (353) |
| Increase in long-term
financial debt | (16) | 4,050 | 129 |
| Repayments
of long-term financial debt | (16) | (509) | (3,694) |
| Payments
of lease liabilities | (10) | (475) | (556) |
| Increase
(decrease) in short-term financial debt | (16) | (2,113) | 2,859 |
| Dividends
paid to Eni’s shareholders | | (1,509) | (1,520) |
| Dividends
paid to non-controlling interest | | (20) | (13) |
| Net
capital contribution by non-controlling interests | | (16) | 20 |
| Disposal
(acquisition) of additional interests in consolidated subsidiaries | | (57) | (5) |
| Purchase
of treasury shares | (22) | (406) | (195) |
| Coupon
payment on perpetual subordinated bonds | | (87) | (87) |
| Net
cash used in financing activities | | (1,142) | (3,062) |
| -
of which with related parties | (32) | (205) | (7) |
| Effect
of exchange rate changes and other changes on cash and cash equivalents | | (15) | 79 |
| Net
increase (decrease) in cash and cash equivalents | | 1,236 | 2,668 |
| Cash
and cash equivalents - beginning of the period | | 10,181 | 8,265 |
| Cash
and cash equivalents - end of the period (a) | | 11,417 | 10,933 |

(a) As of June 30, 2022, cash and cash equivalents included €33 million of cash and cash equivalents of consolidated subsidiaries held for sale that were reported in the item “Assets held for sale”.

Field: Page; Sequence: 63

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 57

Notes on Consolidated Financial Statements

1 Basis of preparation

The Condensed Consolidated Interim Financial Statements as of June 30, 2023 (hereinafter Interim Financial Statements) have been prepared on a going concern basis in accordance with the requirements of IAS 34 “Interim Financial Reporting” (hereinafter IAS 34).

The Interim Financial Statements have been prepared in accordance with the same principles of consolidation and accounting policies described in the last Consolidated Annual Financial Statements (see the related report for more information), except for applying the International Financial Reporting Standards (hereinafter also IFRSs) effective from January 1, 2023, disclosed in the note “IFRSs not yet effective” of the last Consolidated Annual Financial Statements.

Consistently with the requirements of IAS 34, the Interim Financial Statements include selected explanatory notes; conversely, the primary financial statements have been prepared in conformity to the requirements of IAS 1 “Presentation of Financial Statements” for a complete set of financial statements.

Current income taxes have been calculated based on the estimated taxable profit for the interim period. Current income tax assets and liabilities have been measured at the amount expected to be paid to/recovered from the taxation Authorities, using tax laws that have been enacted or substantively enacted by the end of the reporting period and the tax rates estimated on an annual basis.

Investments in subsidiaries, joint arrangements and associates as of June 30, 2023, are presented in the annex “List of companies owned by Eni SpA as of June 30, 2023”. This annex also includes the changes in the scope of consolidation.

On July 27, 2023, Eni’s Board of Directors approved the Interim Financial Statements as of June 30, 2023.

The external auditor PricewaterhouseCoopers SpA carried out a limited review of the Interim Financial Statements; a limited review is significantly less in scope than an audit performed in accordance with the generally accepted auditing standards.

The Interim Financial Statements are presented in euros and all values are rounded to the nearest million euros (€ million).

2 Changes in accounting policies

The amendments to IFRSs effective from January 1, 2023, disclosed in the note “IFRSs not yet effective” of the last Consolidated Annual Financial Statements and adopted by Eni, did not have a material impact on the Consolidated Financial Statements.

3 Significant accounting estimates and judgements

The significant accounting estimates and judgements made by management are disclosed in the last Consolidated Annual Financial Statements. The assumptions underlying the impairment review of assets are disclosed in the notes to the Interim Financial Statements.

4 IFRSs not yet effective

Besides the IFRSs not yet effective already disclosed in the last Consolidated Annual Financial Statements, a brief description of the recent pronouncements from the IASB is provided below.

IFRSs ISSUED BY THE IASB AND NOT YET ADOPTED BY THE EU

On May 23, 2023, the IASB issued the amendments to IAS 12 “International Tax Reform – Pillar Two Model Rules”, aimed to provide, in addition to specific disclosure requirements, a temporary exception from accounting for deferred taxes arising from enacted or substantially enacted tax laws that implement the Pillar Two model rules published by the OECD. The temporary exception is effective immediately upon the issue of these amendments and retrospectively. At European level, in December 2022, the EU Directive 2022/2523, on ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the Union, has been adopted. The Directive requires Member States to bring into force the laws, regulations and administrative provisions necessary to comply with the Directive by December 31, 2023 and to apply those measures in respect of the fiscal years beginning from that date; in Italy, the transposition process is still ongoing.

Field: Page; Sequence: 64

Field: /Page

58 ENI INTERIM CONSOLIDATED REPORT 2023

On May 25, 2023, the IASB issued the amendments to IAS 7 and IFRS 7 “Supplier Finance Arrangements”, aimed to introduce disclosure requirements about supplier finance arrangements (e.g. reverse factoring) that enable investors to assess the effects of those arrangements on the buyer’s liabilities, cash flows and exposure to liquidity risk. The amendments shall be applied for annual reporting periods beginning on or after January 1, 2024.

Eni is currently reviewing the International Financial Reporting Standards not yet effective in order to determine the likely impact on the Group’s financial statements.

5 Financial assets at fair value through profit or loss

| (€
million) | June
30, 2023 | December 31, 2022 |
| --- | --- | --- |
| Financial
assets held for trading | | |
| Bonds
issued by sovereign states | 1,370 | 1,244 |
| Other | 5,290 | 5,243 |
| | 6,660 | 6,487 |
| Other
financial assets at fair value through profit or loss | | |
| Other | 1,623 | 1,764 |
| | 8,283 | 8,251 |

The breakdown by issuing entity and credit rating of securities does not show significant changes compared to the Annual Report 2022.

The fair value hierarchy is level 1 for €5,650 million and level 2 for €2,633 million. During the first half 2023 there were no significant transfers between the different hierarchy levels of fair value.

6 Trade and other receivables

| (€
million) | June
30, 2023 | December 31, 2022 |
| --- | --- | --- |
| Trade
receivables | 10,644 | 16,556 |
| Receivables
from divestments | 408 | 301 |
| Receivables
from joint ventures in exploration and production activities | 1,601 | 1,645 |
| Other
receivables | 2,192 | 2,338 |
| | 14,845 | 20,840 |

The decrease in trade receivables of €5,912 million referred to the segments Global Gas & LNG Portfolio for €5,504 million and Plenitude & Power for €951 million and reflected the decrease in the prices of energy commodities resulting in a reduction of the nominal value of the receivables.

In the first half of 2023, Eni divested without recourse receivables, essentially trade receivables, due beyond June 30, 2023, with a nominal value of €1,163 million (€2,212 million at December 31, 2022, due in 2023). Derecognized receivables in the first half of 2023 related to the segments Sustainable Mobility, Refining and Chemicals for €861 million, Global Gas & LNG Portfolio for €287 million and Plenitude & Power for €15 million.

As of 30 June 2023, a trade receivable for the supply of natural gas to the customer Acciaierie d’Italia (ex-ILVA) was outstanding for an amount of €104 million (€373 million at December 31, 2022), past due and subject to a repayment plan. A parent company guarantee has been issued by the shareholders of the debtor covering the entire amount of the receivable.

Receivables due by joint ventures in exploration and production activities included amounts past due of €564 million (€611 million at December 31, 2022) in connection with Eni’s activities in Nigeria. Those receivables were in respect to the share of development costs of the joint operators in oil projects operated by Eni, where the Company is bearing upfront all the costs of the initiative and then is billing the partners’ share through a cash call mechanism. At the balance sheet date, the overdue amount relating to net receivables due to Eni by the Nigerian state oil company NNPC was €437 million (€475 million at December 31, 2022). Approximately a quarter of this amount related to past receivables covered by a repayment plan which was awarding Eni the share of profit oil of the state-owned company in low-risk “rig-less” development initiatives with total recovery collection expected by 2024. This receivable has been recognized in the financial statements net of a discounting factor determined by using the Country WACC.

A cash call exposure towards a privately held Nigerian oil company amounted to €227 million of overdue receivables (€242 million at December 31, 2022), whose amounts were stated net of a provision based on the percentage of expected loss

Field: Page; Sequence: 65

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 59

defined by Eni for defaulting international oil companies. The partner suspended the payments of the cash calls, which are therefore accumulating, claiming inaccuracy of the billed amounts. Arbitration procedures have been started for the resolution of the dispute.

Receivables from other counterparties comprised: (i) the recoverable amount of €606 million (€566 million at December 31, 2022) of overdue trade receivables owed to Eni by the state-owned oil company of Venezuela, PDVSA, in relation to equity volumes of natural gas supplied by the joint venture Cardón IV, equally participated by Eni and Repsol. Those trade receivables were divested by the joint venture to the two shareholders. The receivables were stated net of an allowance for doubtful accounts, calculated with an expected credit loss rate of about 53% to discount the sovereign default risk assuming a structural delay in collecting natural gas invoices. During the first half 2023, under the approval of US authorities within the context of the sanctions framework against Venezuela, the receivable was reimbursed in-kind by lifting loadings of PDVSA crude oil production; (ii) advances for suppliers for €314 million (€318 million at December 31, 2022) and prepayments for services of €211 million (€196 million at December 31, 2022); (iii) €235 million (€239 million at December 31, 2022) of the amounts to be received from customers following the triggering of the take-or-pay clause of long-term natural gas supply contracts.

Trade and other receivables were stated net of a valuation allowance for doubtful accounts of €2,776 million (€2,954 million at December 31, 2022).

The following table analyses the allowance for doubtful accounts for trade and other receivables:

| (€
million) | First
Half 2023 | First
Half 2022 |
| --- | --- | --- |
| New
provisions | (258) | (266) |
| Net
credit losses | (41) | (29) |
| Reversals
of unused provisions | 239 | 130 |
| Net
(impairments) reversals of trade and other receivables | (60) | (165) |

New provisions related to: (i) the Exploration & Production segment for €152 million for receivables towards joint operators, state oil companies and local private companies for cash calls in oil projects operated by Eni; (ii) the Plenitude business line for €68 million, particularly in the retail business.

Reversals of unused provisions mainly related to: (i) the Global Gas & LNG Portfolio segment for €98 million essentially following the reduction in credit exposures due to the changed market conditions; (ii) the Exploration & Production segment for €61 million of unused provisions of which €42 million in relation to operations of credit offsetting with the Venezuelan state company PDVSA carried out during the period.

Receivables with related parties are disclosed in note 32 – Transactions with related parties.

7 Current and non-current inventories

| (€
million) | Current inventories | Non-current inventories |
| --- | --- | --- |
| Gross
carrying amount at December 31, 2022 | 8,381 | 1,935 |
| Write
down provisions at December 31, 2022 | 672 | 149 |
| Net
carrying amount at December 31, 2022 | 7,709 | 1,786 |
| Changes
of the period | (1,691) | (385) |
| Other
changes | 56 | (4) |
| Net
carrying amount at June 30, 2023 | 6,074 | 1,397 |
| Gross
carrying amount at June 30, 2023 | 6,563 | 1,430 |
| Write
down provisions at June 30, 2023 | 489 | 33 |

Non-current inventories of €1,380 million (€1,764 million at December 31, 2022) are held for compliance purposes and related to Italian subsidiaries in accordance with minimum stock requirements for oil and petroleum products set forth by applicable laws.

The decrease in current and non-current inventories was essentially due to the decline in oil and hydrocarbons prices.

Field: Page; Sequence: 66

Field: /Page

60 ENI INTERIM CONSOLIDATED REPORT 2023

8 Other assets and liabilities

| | June
30, 2023 — Assets | | Liabilities | | December
31, 2022 — Assets | | Liabilities | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (€
million) | Current | Non- current | Current | Non- current | Current | Non- current | Current | Non- current |
| Fair
value of derivative financial instruments | 4,217 | 67 | 3,186 | 238 | 11,076 | 129 | 9,042 | 286 |
| Contract
liabilities | | | 464 | 696 | | | 1,145 | 706 |
| Other
taxes | 665 | 159 | 2,375 | 26 | 807 | 157 | 1,463 | 34 |
| Other | 1,303 | 2,139 | 781 | 2,450 | 938 | 1,950 | 823 | 2,208 |
| | 6,185 | 2,365 | 6,806 | 3,410 | 12,821 | 2,236 | 12,473 | 3,234 |

The fair value related to derivative financial instruments is disclosed in note 20 – Derivative financial instruments.

Other assets included: (i) current and non-current tax credits of €680 million (€366 million at December 31, 2022) and €1,167 million (€903 million at December 31, 2022), respectively, deriving from certain Italian tax measures to incentivize the renovation of residential buildings and energy saving; (ii) gas volumes prepayments that were made in previous years due to the take-or-pay obligations in relation to the Company’s long-term supply contracts, whose underlying current portion Eni plans to recover beyond 12 months for €346 million (within the next 12 months for €41 million and beyond 12 months for €357 million at December 31, 2022); (iii) underlifting positions of the Exploration & Production segment of €295 million (€239 million at December 31, 2022); (iv) non-current receivables for investing activities for €23 million (same amount as of December 31, 2022).

Contract liabilities included: (i) advances received from customers for future gas supplies for €44 million (€538 million at December 31, 2022); (ii) advances received from Società Oleodotti Meridionali SpA for the infrastructure upgrade of the crude oil transport system connecting Val d’Agri to the Taranto refinery for €446 million (€430 million at December 31, 2022); (iii) prepaid electronic fuel vouchers for €246 million (€338 million at December 31, 2022); (iv) advances received from Engie SA (former Suez) relating to a long-term agreement for supplying natural gas and electricity, of which current for €57 million and non-current for €246 million (€58 million and €275 million at December 31, 2022, respectively).

Other liabilities included: (i) non-current payables to factoring companies connected with the transfer of the tax credits deriving from incentives and energy saving for €1,017 million (€758 million at December 31, 2022); the current portion of €426 million (€246 million at December 31, 2022) is included in other payables (note 15 - Trade and other payables); (ii) current overlifting imbalances of the Exploration & Production segment for €380 million (€479 million at December 31, 2022); (iii) the value of gas paid and undrawn by customers due to the triggering of the take-or-pay clause provided for by the relevant long-term contracts of which the underlying volumes are expected to be drawn within the next 12 months for €10 million (€85 million at December 31, 2022) and beyond 12 months for €428 million (€358 million at December 31, 2022); (iv) prepaid revenues and deferred income, of which current for €106 million (€104 million at December 31, 2022) and non-current for €224 million (€247 million at December 31, 2022); (v) cautionary deposits for €238 million from retail customers for the supply of gas and electricity (€222 million at December 31, 2022); (vi) payables related to investing activities for €98 million (€83 million at December 31, 2022).

Transactions with related parties are described in note 32 — Transactions with related parties.

Field: Page; Sequence: 67

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 61

9 Property, plant and equipment

| (€
million) | Property,
plant and equipment |
| --- | --- |
| Gross
carrying amount at December 31, 2022 | 195,812 |
| Provisions
for depreciation and impairments at December 31, 2022 | 139,480 |
| Net
carrying amount at December 31, 2022 | 56,332 |
| Additions | 4,551 |
| Depreciation
capitalized | 97 |
| Depreciation (a) | (3,186) |
| Reversals | 14 |
| Impairments | (395) |
| Write-off | (135) |
| Currency
translation differences | (764) |
| Initial
recognition and changes in estimates | 305 |
| Changes
in the scope of consolidation | 659 |
| Other
changes | (189) |
| Net
carrying amount at June 30, 2023 | 57,289 |
| Gross
carrying amount at June 30, 2023 | 195,152 |
| Provisions
for depreciation and impairments at June 30, 2023 | 137,863 |

(a) Before capitalization of depreciation

Capital expenditures primarily related to the Exploration & Production segment for €3,965 million (€2,538 million in the first half 2022).

More information about Eni’s impairments and reversals is reported in note 12 – Reversals (Impairments) of tangible and intangible assets and right-of-use assets.

Currency translation differences essentially related to subsidiaries utilizing the US dollar as functional currency.

Initial recognition and change in estimates include the increase in the asset retirement cost of the tangible assets of the Exploration & Production segment, mainly due to the increase in abandonment cost estimates, the start-up of new projects and the decrease in discount rates.

Changes in the scope of consolidation related for €548 million to the acquisition of the BP business in Algeria, which included two mainly production gas concessions “In Amenas” (Eni In Amenas Ltd) and “In Salah” (Eni In Salah Ltd), jointly operated with Sonatrach and Equinor.

Capital expenditures for the purchase of property, plant and equipment, whose extensions of payment terms were negotiated resulting in a reclassification as financial debt, were recognized under the item Other changes (€189 million).

Other changes included the reclassification to held-for-sale assets of certain oil concessions in Congo for €331 million.

Property, plant and equipment included capitalized costs related to wells, plant and machinery, pending exploration and appraisal activities and tangible assets in progress of the Exploration & Production segment as follows:

| (€
million) | Wells,
plant and machinery | Exploration assets and appraisal | Tangible
assets in progress | Total |
| --- | --- | --- | --- | --- |
| Carrying
amount at December 31, 2022 | 40,492 | 1,345 | 7,627 | 49,464 |
| Additions | | 355 | 3,590 | 3,945 |
| Depreciation
capitalized | | 11 | 86 | 97 |
| Depreciation (a) | (2,879) | | | (2,879) |
| Impairments | (165) | | (43) | (208) |
| Write-off | | (128) | (7) | (135) |
| Changes
in the scope of consolidation | 508 | | 40 | 548 |
| Currency
translation differences | (606) | (20) | (119) | (745) |
| Initial
recognition and changes in estimates | 221 | 12 | 65 | 298 |
| Transfers | 1,322 | (10) | (1,312) | |
| Other
changes | (280) | (2) | 82 | (200) |
| Carrying
amount at June 30, 2023 | 38,613 | 1,563 | 10,009 | 50,185 |

(a) Before capitalization of depreciation.

Transfers from E&P tangible assets in progress to E&P UOP wells, plant and machinery related for €1,275 million to the commissioning of wells, plants and machinery primarily in United States, Mexico, Egypt, Iraq, Congo, Italy and United Arab

Field: Page; Sequence: 68

Field: /Page

62 ENI INTERIM CONSOLIDATED REPORT 2023

Emirates.

In the first half 2023, €128 million of capitalized exploration costs were written off as the underlying initiatives were assessed to have not found commercial quantities of hydrocarbons, mainly relating to an initiative in Egypt.

Unproved mineral interests, comprised in assets in progress of the Exploration & Production segment, included the purchase price allocated to unproved reserves following business combinations or acquisition of individual properties. Unproved mineral interests were as follows:

| (€
million) | Congo | Nigeria | Turkmenistan | USA | Algeria | Egypt | United
Arab Emirates | Italy | Total |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Carrying
amount at the December 31, 2022 | 198 | 958 | 95 | 16 | 211 | 3 | 520 | 2 | 2,003 |
| Reclassification
to Proved Mineral Interest | | | | | (11) | | | | (11) |
| Changes
in the scope of consolidation | | | | | 40 | | | | 40 |
| Currency
differences and other changes | (5) | (16) | (2) | | 13 | | (9) | | (19) |
| Carrying
amount at June 30, 2023 | 193 | 942 | 93 | 16 | 253 | 3 | 511 | 2 | 2,013 |

Unproved mineral interests comprised the Oil Prospecting License 245 property (“OPL 245”), offshore Nigeria, whose exploration period expired on May 11, 2021, with an initial value of €904 million corresponding to the price paid in 2011 to the Nigerian Government to acquire a 50% interest in the asset. As of June 30, 2023, the net book value of the property was €1,230 million, including capitalized exploration costs and pre-development costs. The complex criminal proceeding before the Court of Milan related to alleged crimes of international corruption regarding the acquisition of the license has been resolved in favor of Eni during 2022 (see note 28 – Guarantees, Commitments and Risks – Legal proceedings of the Annual Report 2022). The request for the conversion of the license into an Oil Mining Lease (OML) before the relevant Nigerian authorities to start the development of the reserves after having verified the contractual requirements and compliance with all terms and conditions is still pending. Given the inaction of the Nigerian authorities and a continuing deadlock, in 2020 Eni started an arbitration before an ICSID tribunal, the International Centre for Settlement of Investment Disputes, to preserve the value of the investment. Eni believes to have solid arguments to support its claims and, on this basis, management has evaluated the book value of the assets to be recoverable. The asset recoverability has been also tested by estimating the asset’s value-in-use assuming its conversion and the development of the reserves and discounting the expected cash flows at the country WACC, also stress-testing the outcome by assuming further delays in the start-up of the activities. In case of refusal to conversion or a continuing deadlock by the Nigerian authorities or other action suggesting an expropriation, in the next financial reports the Company will consider a reclassification of the asset and the evaluation of the underlying right for compensation.

10 Right-of-use assets and lease liabilities

| (€
million) | Right-of-use assets | Lease Liabilities |
| --- | --- | --- |
| Gross
carrying amount at December 31, 2022 | 6,862 | |
| Provisions
for amortization and impairment at December 31, 2022 | 2,416 | |
| Net
carrying amount at December 31, 2022 | 4,446 | 4,951 |
| Additions | 348 | 348 |
| Decreases | | (475) |
| Depreciation (a) | (469) | |
| Net
impairments | (2) | |
| Currency
translation differences | (40) | (44) |
| Change
in the scope of consolidation | 8 | 8 |
| Other
changes | (58) | (62) |
| Net
carrying amount at June 30, 2023 | 4,233 | 4,726 |
| Gross
carrying amount at June 30, 2023 | 6,951 | |
| Provisions
for depreciation and impairment at June 30, 2023 | 2,718 | |

(a) Before capitalization of depreciation for tangible assets

Right-of-use assets (RoU) of €4,233 million primarily related: (i) for €2,491 million (€2,653 million at December 31, 2022) to the Exploration & Production segment and mainly comprised leases of certain FPSO vessels hired in connection with operations at offshore development projects in Ghana (OCTP) and Area 1 in Mexico with an expected term ranging

Field: Page; Sequence: 69

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 63

between 17 and 18 years, including a renewal option as well as multi-year leases of offshore drilling rigs; (ii) for €804 million (€800 million at December 31, 2022) to the Sustainable Mobility, Refining and Chemicals segment relating to highways concessions to market fuels, land leases, leases of service stations for the sale of oil products, leasing of vessels for shipping activities and the car fleet dedicated to the car sharing business; (iii) for €519 million (€548 million at December 31, 2022) to the Corporate and other activities segment mainly relating to property rental contracts.

Lease liabilities related for €479 million (€494 million at December 31, 2022) to the portion of the liabilities attributable to joint operators in Eni-led projects which will be recovered through the mechanism of the cash calls.

Short-term portion of liabilities for leased assets amounted to €853 million (€884 million at December 31, 2022).

Other changes in right-of-use assets and lease liabilities essentially related to early termination or renegotiation of lease contracts.

Liabilities for leased assets with related parties are described in note 32 – Transactions with related parties.

11 Intangible assets

| (€
million) | Intangible assets with finite useful lives | Goodwill | Intangible assets with undefinite useful lives | Total |
| --- | --- | --- | --- | --- |
| Gross
carrying amount at December 31, 2022 | 6,939 | | | |
| Provisions
for amortization and impairment at December 31, 2022 | 4,576 | | | |
| Net
carrying amount at December 31, 2022 | 2,363 | 3,138 | 24 | 5,525 |
| Additions | 125 | | | 125 |
| Amortization | (167) | | | (167) |
| Impairments | (6) | | | (6) |
| Changes
in the scope of consolidation | 42 | 6 | | 48 |
| Currency
translation differences | (10) | | | (10) |
| Other
changes | (16) | | | (16) |
| Net
carrying amount at June 30, 2023 | 2,331 | 3,144 | 24 | 5,499 |
| Gross
carrying amount at June 30, 2023 | 7,125 | | | |
| Provisions
for amortization and impairment at June 30, 2023 | 4,794 | | | |

Additions of €125 million (€121 million in the first half of 2022) included the capitalization of costs for customer acquisition in the Plenitude business line for €75 million (€60 million in the first half of 2022).

The carrying amount of intangible assets with finite useful lives included exploration licenses and leasehold acquisition costs as follows:

| (€
million) | June
30, 2023 | December
31, 2022 |
| --- | --- | --- |
| Proved
licence and leasehold property acquisition costs | 98 | 104 |
| Unproved
licence and leasehold property acquisition costs | 691 | 689 |
| | 789 | 793 |

The carrying amount of goodwill is stated net of cumulative impairment charges amounting to €2,657 million. No write-downs of goodwill recorded in the financial statements were identified as impairment indicators in the half-year, despite the decline in electricity prices which affected the renewables sector.

12 Reversals (Impairments) of tangible and intangible assets and right-of-use assets.

The criteria adopted to identify the Group’s Cash Generating Units (CGU) and to perform the impairment review of the recoverability of the carrying amounts of fixed assets remain unchanged from the Annual Report 2022 (see note 15 – Reversals (Impairments) of tangible and intangible assets and right-of-use assets. Sensitivity of outcomes to alternative scenarios).

The review of the impairment indicators compared to the 2022 financial statements 2022 reflects the reference scenario which in the first half 2023 did not record any substantial change such as to modify the management’s view on the long-term trend price of energy commodities.

After an uninterrupted correction phase underway since the second half of 2022 (-30% related to average values half-year

Field: Page; Sequence: 70

Field: /Page

64 ENI INTERIM CONSOLIDATED REPORT 2023

2023 values versus the half-year 2022 from $108/bbl to $80/bbl), the price of Brent crude oil found a floor in the final part of the half-year following the announcement by OPEC+ to extend the current production agreement, which provided for voluntary cuts in production, in order to support oil prices and thanks to the unilateral decision taken by Saudi Arabia at the meeting of June to reduce the production by 1 million barrels/day in July with possible extensions. OPEC+ initiatives highlighted the alliance’s commitment to balancing the oil supply and maintaining price stability. The drop in short/medium-term price had been anticipated in the company plans, long-term price remains confirmed (80 $/bbl in 2026 real terms).

The ban on importing crude oil and petroleum products from Russia by the European Union and the G-7 countries had an impact on the international flows, without however causing a contraction in supply.

Natural gas price recorded a much sharper decline than crude oil price, particularly in Europe (-60% in respect of average values), due to: (i) excess in supply driven by both contingent factors (mild temperatures, level of stocks) and structural dynamics such as the recovery of US productions and exports via LNG; (ii) a drop in demand due to an ongoing slowdown in industrial production and demand destruction due to energy saving measures; and (iii) the relocation of energy-intensive industries. These trends, discounted in Eni’s long-term gas price forecasts, have outpaced management’s expectations in the short-medium term.

The trend of the refining and chemical scenario was in line with the Company’s plans.

Therefore, no significant impairment indicators were identified for the purposes of assessing the recoverability of fixed assets in the half-yearly report, with the exception of the spot price of natural gas in the European markets, which constitutes the main value driver of gas production CGUs located in Italy and the UK. The impairment test performed at these CGUs resulted in a charge of approximately €170 million relating to a gas field in Italy.

In the Refining business, where the book values had been written down in past reporting periods driven by the structural weaknesses of the sector, which was not subject to reversal, the impairment charges of the period concerned the capitalization of stay-in-business expenses (€171 million) incurred at CGUs already written down. No impairment indicators in the biorefining and oil product marketing sectors were identified, as confirmed by the positive operating performance. The Chemicals business was affected by an expected scenario recording a weakened profitability in the first half of the year, which had been already discounted in the recoverability assessments of the Annual Report.

Finally, a loss was recognized due to the alignment to the fair value of a pool of held-for-sale assets in Congo (approximately €40 million).

13 Investments

Equity-accounted investments

| (€
million) | Equity- accounted investments |
| --- | --- |
| Carrying
amount at December 31, 2022 | 12,092 |
| Additions
and subscriptions | 1,119 |
| Share
of profit (loss) of equity-accounted investments | 678 |
| Deduction
for dividends | (1,263) |
| Currency
translation differencies | (280) |
| Other
changes | 676 |
| Carrying
amount at June 30, 2023 | 13,022 |

Acquisitions and subscriptions related: (i) for €880 million to the acquisition from PBF Energy Inc of 50% of the capital of St. Bernard Renewables Llc, an operating biorefinery co-located with PBF’s Chalmette Refinery in Louisiana (United States of America) targeted to have processing capacity of about 1.1 million tonnes/year. It will produce mainly HVO (Hydrotreated Vegetable Oil) for biofuels; (ii) for €64 million to the capital subscription of Qatar Liquefied Gas Company Limited (9) (Eni’s interest 25%), a company participating in the North Field East (NFE) project with a 12.5% interest, equal to an Eni’s interest of 3.125% in the giant project for the development of the country’s LNG; (iii) for €42 million to the subscription of the capital increase of Vårgrønn AS, the joint venture (Eni’s interest 65%) which owns the 20% stake in the Doggerbank A, B and C offshore wind projects in the United Kingdom; (iv) for €23 million to the capital subscription of Coral FLNG SA (Eni’s interest 25%) owner of a floating gas liquefaction plant in the Area 4 concession in Mozambique.

Share of profit (loss) on equity-accounted investments mainly related to profit on: (i) Azule Energy Holdings Ltd for €293

Field: Page; Sequence: 71

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 65

million; (ii) Vår Energi ASA for 171 million; (iii) Abu Dhabi Oil Refining Company (TAKREER) for €160 million; (iv) ADNOC Global Trading Ltd for €66 million.

Deduction for dividends related to Azule Energy Holdings Ltd for €540 million, to Vår Energi ASA for €328 million, to Abu Dhabi Oil Refining Company (TAKREER) for €277 million and to ADNOC Global Trading Ltd for €92 million.

Other changes included the initial recognition of the joint venture SeaCorridor Srl (Eni’s interest 50.1%) for €575 million following the business combination which involved the sale to Snam of 49.9% interest of the Eni’s companies operating natural gas transportation from Algeria through the TTPC and TMPC pipelines.

As of June 30, 2023, the book and market values of the listed companies Saipem SpA and Vår Energi ASA were as follows:

| Number
of shares held | | Saipem
SpA — 622,476,192 | Vår
Energi ASA — 1,573,713,749 |
| --- | --- | --- | --- |
| %
of the investment | | 31.20 | 63.04 |
| Share
price | (€) | 1.275 | 2.495 |
| Market
value | (€
million) | 794 | 3,926 |
| Book
value | (€
million) | 670 | 529 |

As of June 30, 2023, the market capitalization of Saipem share was higher than the book value of the investment by €124 million, in line with the corresponding fraction of the investee’s book equity.

As of June 30, 2023, the market capitalization of the Vår Energi ASA share for Eni’s stake was €3,397 million higher than the book value of the investment.

As of June 30, 2023, the book value of the investments included Azule Energy Holdings Ltd for €4,744 million, Abu Dhabi Oil Refining Company (TAKREER) for €2,343 million, St. Bernard Renewables Llc for €880 million, Saipem SpA for €670 million, SeaCorridor Srl for €596 million, Vår Energi ASA for €529 million, Cardón IV SA for €468 million, Vårgrønn AS for €413 million, Qatar Liquefied Gas Company Limited (9) for €358 million, Coral FLNG SA for €336 million, Mozambique Rovuma Venture SpA for €315 million, Novamont SpA for €250 million and ADNOC Global Trading Ltd for €130 million.

Other investments

| (€
million) | Other investments |
| --- | --- |
| Carrying
amount at December 31, 2022 | 1,202 |
| Additions
and subscriptions | 63 |
| Change
in the fair value with effect to OCI | 15 |
| Currency
translation differences | (12) |
| Other
changes | (3) |
| Carrying
amount at June 30, 2023 | 1,265 |

Other investments are minority interests in unlisted entities functional to the business. For the evaluation method applied, see Annual Report 2022.

The investment book value as of June 30, 2023, included Nigeria LNG Ltd for €657 million and Saudi European Petrochemical Co “IBN ZAHR” for €108 million.

Dividend income is disclosed in note 28 – Income (expense) from investments.

Investments in subsidiaries, joint arrangements and associates as of June 30, 2023, are presented separately in the annex “List of companies owned by Eni SpA as of June 30, 2023”.

Field: Page; Sequence: 72

Field: /Page

66 ENI INTERIM CONSOLIDATED REPORT 2023

14 Other financial assets

| (€
million) | June
30, 2023 — Current | Non-current | December
31, 2022 — Current | Non-current |
| --- | --- | --- | --- | --- |
| Long-term
financing receivables held for operating purposes | 19 | 1,986 | 11 | 1,911 |
| Short-term
financing receivables held for operating purposes | 8 | | 8 | |
| | 27 | 1,986 | 19 | 1,911 |
| Financing
receivables held for non-operating purposes | 822 | | 1,485 | |
| | 849 | 1,986 | 1,504 | 1,911 |
| Securities
held for operating purposes | | 57 | | 56 |
| | 849 | 2,043 | 1,504 | 1,967 |

Financing receivables are stated net of the valuation allowance for doubtful accounts of €391 million (same amount as of December 31, 2022).

Financing receivables held for operating purposes mainly related to funds provided to joint agreements and associates for the execution of industrial projects of interest to Eni in the Exploration & Production segment (€1,906 million). These receivables are the expression of long-term interests in the underlying industrial initiatives. The largest exposure was towards: (i) Mozambique Rovuma Venture SpA (Eni’s interest 35.71%) for €1,233 million (€1,187 million at December 31, 2022), engaged in the development of natural gas reserves of the Coral South field and in the pre-development activities of the Mamba discovery in Area 4 offshore Mozambique; (ii) Coral FLNG SA (Eni’s interest 25%) for €383 million (€356 million at December 31, 2022), which built the floating gas liquefaction plant in the Area 4 concession in Mozambique.

Fair value of non-current financing receivables held for operating purposes of €1,986 million has been estimated based on the present value of expected future cash flows discounted at rates ranging from 2.2% to 6.2% (1.8% and 5.1% at December 31, 2022).

Financing receivables held for non-operating purposes related for €739 million (€1,266 million at December 31, 2022) to restricted deposits in escrow to guarantee transactions on derivative contracts essentially referred to the Global Gas & LNG Portfolio segment.

Fair value of securities derived from quoted market prices and amounted to €55 million.

Receivables with related parties are described in note 32 – Transactions with related parties.

15 Trade and other payables

| (€
million) | June
30, 2023 | December 31, 2022 |
| --- | --- | --- |
| Trade
payables | 11,122 | 19,527 |
| Down
payments and advances from joint ventures in exploration & production activities | 608 | 606 |
| Payables
for purchase of non-current assets | 2,913 | 2,561 |
| Payables
due to partners in exploration & production activities | 1,179 | 1,235 |
| Other
payables | 1,644 | 1,780 |
| | 17,466 | 25,709 |

The decrease in trade payables of €8,405 million referred to Global Gas & LNG Portfolio segment for €7,534 million and to Sustainable Mobility, Refining and Chemicals segment for €800 million and was due by the decrease in energy commodity prices which reduced the nominal value of payables.

Other payables included: (i) payroll payables for €224 million (€255 million at December 31, 2022); (ii) amounts still due to the triggering of the take-or-pay clause of the long-term supply contracts for €191 million (€284 million at December 31, 2022); (iii) payables for social security contributions for €114 million (€100 million at December 31, 2022).

Because of the short-term maturity and conditions of remuneration of trade payables, the fair values approximated the carrying amounts.

Trade and other payables due to related parties are described in note 32 – Transactions with related parties.

Field: Page; Sequence: 73

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 67

16 Finance debt

| (€
million) | June
30, 2023 — Short-term debt | Current portion of long-term debt | Long-term debt | Total | December
31, 2022 — Short-term debt | Current portion of long-term debt | Long-term debt | Total |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Banks | 2,054 | 1,039 | 1,449 | 4,542 | 3,645 | 851 | 1,999 | 6,495 |
| Ordinary
bonds | | 2,894 | 16,751 | 19,645 | | 2,140 | 16,372 | 18,512 |
| Sustainability-Linked
bonds | | | 3,746 | 3,746 | | 2 | 996 | 998 |
| Commercial
papers | 20 | | | 20 | 34 | | | 34 |
| Other
financial institutions | 536 | 151 | 97 | 784 | 767 | 104 | 7 | 878 |
| | 2,610 | 4,084 | 22,043 | 28,737 | 4,446 | 3,097 | 19,374 | 26,917 |

Finance debt increased by €1,820 million as disclosed in table “Changes in liabilities arising from financing activities” detailed at the end of this paragraph.

Financial payables represented by credit instruments comprised the issue of commercial paper by the Group's financial companies.

As of June 30, 2023, finance debt included €1,300 million of sustainability-linked financial contracts with leading banking institutions which cost is indexed to achievement of Company’s sustainability targets.

Eni has in place a program for the issuance of Euro Medium Term Notes up to €20 billion, of which €17.8 billion were drawn as of June 30, 2023.

Ordinary bonds consisted of bonds issued within the Euro Medium Term Notes Program for a total of €16,153 million and other bonds for a total of €3,492 million.

As of June 30, 2023, ordinary bonds maturing within 18 months amounted to €3,622 million. During the first half 2023, Eni issued new ordinary bonds for €1,245 million within the Euro Medium Term Notes Program.

The following table provides a breakdown of ordinary bonds by issuing entity, maturity date, interest rate and currency as of June 30, 2023:

| | Amount | Discount
on bond
issue and
accrued expense | Total | Currency | Maturity | | Rate
% | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (€
million) | | | | | from | to | from | to |
| Issuing
entity | | | | | | | | |
| Euro
Medium Term Notes | | | | | | | | |
| Eni
SpA | 1,250 | (5) | 1,245 | EUR | | 2033 | | 4.250 |
| Eni
SpA | 1,200 | 37 | 1,237 | EUR | | 2025 | | 3.750 |
| Eni
SpA | 1,000 | 32 | 1,032 | EUR | | 2023 | | 3.250 |
| Eni
SpA | 1,000 | 11 | 1,011 | EUR | | 2029 | | 3.625 |
| Eni
SpA | 1,000 | 4 | 1,004 | EUR | | 2026 | | 1.500 |
| Eni
SpA | 1,000 | | 1,000 | EUR | | 2031 | | 2.000 |
| Eni
SpA | 1,000 | | 1,000 | EUR | | 2030 | | 0.625 |
| Eni
SpA | 1,000 | (3) | 997 | EUR | | 2026 | | 1.250 |
| Eni
SpA | 900 | 3 | 903 | EUR | | 2024 | | 0.625 |
| Eni
SpA | 800 | (4) | 796 | EUR | | 2028 | | 1.625 |
| Eni
SpA | 750 | 5 | 755 | EUR | | 2024 | | 1.750 |
| Eni
SpA | 750 | 2 | 752 | EUR | | 2027 | | 1.500 |
| Eni
SpA | 750 | 1 | 751 | EUR | | 2034 | | 1.000 |
| Eni
SpA | 650 | 1 | 651 | EUR | | 2025 | | 1.000 |
| Eni
SpA | 600 | 1 | 601 | EUR | | 2028 | | 1.125 |
| Eni
Finance International SA | 1,612 | 8 | 1,620 | USD | 2026 | 2027 | | variable |
| Eni
Finance International SA | 795 | 3 | 798 | EUR | 2025 | 2043 | 1.275 | 5.441 |
| | 16,057 | 96 | 16,153 | | | | | |
| Other
bonds | | | | | | | | |
| Eni
SpA | 921 | 11 | 932 | USD | | 2023 | | 4.000 |
| Eni
SpA | 921 | 6 | 927 | USD | | 2028 | | 4.750 |
| Eni
SpA | 921 | 1 | 922 | USD | | 2029 | | 4.250 |
| Eni
SpA | 323 | 1 | 324 | USD | | 2040 | | 5.700 |
| Eni
USA Inc | 369 | | 369 | USD | | 2027 | | 7.300 |
| Eni
Plenitude Wind 2022 SpA | 18 | | 18 | EUR | | 2031 | | variable |
| | 3,473 | 19 | 3,492 | | | | | |
| | 19,530 | 115 | 19,645 | | | | | |

Field: Page; Sequence: 74; Options: NewSection

Field: /Page

68 ENI INTERIM CONSOLIDATED REPORT 2023

Information relating to the sustainability-linked bonds issued by Eni SpA is as follows:

| (€
million) | Amount | Discount
on bond issue and accrued expense | Total | Currency | Maturity | Rate
(%) |
| --- | --- | --- | --- | --- | --- | --- |
| Issuing
entity | | | | | | |
| Eni
SpA - Retail | 2,000 | (2) | 1,998 | EUR | 2028 | 4.300 |
| Eni
SpA - Euro Medium Term Notes | 1,000 | (3) | 997 | EUR | 2028 | 0.375 |
| Eni
SpA - Euro Medium Term Notes | 750 | 1 | 751 | EUR | 2027 | 3.625 |
| | 3,750 | (4) | 3,746 | | | |

During the first half 2023 Eni issued two sustainability-linked bonds, the first intended for retail investors for €2,000 million and the second as part of the Euro Medium Term Notes program for €750 million, linked to the achievement of the following sustainability targets: (i) net carbon footprint upstream (GHG emission Scope 1 and 2) equal to or less than 5.2 million tons of CO2 equivalent by December 31, 2025; (ii) renewable energy installed capacity of at least or more than 5 GW December 31, 2025. In case the Company misses those targets, a step-up mechanism will be applied, increasing the interest cost.

A sustainability-linked bond was outstanding for a total nominal amount of €1,000 million which was indexed to achievement of the following sustainability targets: (i) net carbon footprint upstream (GHG emission Scope 1 and 2) equal to or less than 7.4 million tons of CO2 equivalent by 2024; (ii) renewable energy installed capacity of at least or more than 5 GW by 2025, with the same conditions as those issued in 2023.

As of June 30, 2023, Eni retained committed borrowing facilities of €8,078 million. Those facilities bore interest rates reflecting prevailing conditions in the marketplace. The breakdown of committed borrowing facilities are as follows:

| (€
million) | June
30, 2023 | December 31, 2022 |
| --- | --- | --- |
| Undrawn
long-term sustainability-linked credit facilities | 7,950 | 8,100 |
| Other
undrawn long-term borrowing facilities | | 2 |
| Other
drawn long-term borrowing facilities | | 70 |
| Long-term
borrowing facilities | 7,950 | 8,172 |
| Other
undrawn short-term borrowing facilities | 26 | 43 |
| Other
drawn short-term borrowing facilities | 102 | 83 |
| Short-term
borrowing facilities | 128 | 126 |
| | 8,078 | 8,298 |

As of June 30, 2023, Eni was in compliance with covenants and other contractual provisions in relation to borrowing facilities.

Fair value of long-term debt, including the current portion of long-term debt is described below:

| (€
million) | June 30, 2023 | December 31, 2022 |
| --- | --- | --- |
| Ordinary
bonds and sustainability-linked bonds | 22,292 | 18,167 |
| Banks | 2,375 | 2,733 |
| Other
financial institutions | 249 | 111 |
| | 24,916 | 21,011 |

Fair value of finance debts was calculated by discounting the expected future cash flows at discount rates ranging from 2.2% to 6.2% (1.8% and 5.1% at December 31, 2022).

Because of the short-term maturity and conditions of remuneration of short-term debt, the fair value approximated the carrying amount.

Field: Page; Sequence: 75

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 69

Changes in liabilities arising from financing activities

| (€
million) | Long-term
debt and current portion of long- term debt | Short-term
debt | Long-term
and current portion of long-term lease liabilities | Total |
| --- | --- | --- | --- | --- |
| Carrying
amount at December 31, 2022 | 22,471 | 4,446 | 4,951 | 31,868 |
| Cash
flows | 3,541 | (2,113) | (475) | 953 |
| Currency
translation differences | (45) | (8) | (49) | (102) |
| Change
in the scope of consolidation | | 148 | 8 | 156 |
| Other
non-monetary changes | 160 | 137 | 291 | 588 |
| Carrying
amount at June 30, 2023 | 26,127 | 2,610 | 4,726 | 33,463 |

Changes in the scope of consolidation referred to the Global Gas & LNG Portfolio segment for €147 million and to the Plenitude business line for €8 million.

Other non-monetary changes included €348 million of lease liabilities assumptions and €217 million of trade payables whose payment terms have been deferred with consequent reclassification under financial payables.

Lease liabilities are described in note 10 – Right-of-use assets and lease liabilities.

Transactions with related parties are described in note 32 – Transactions with related parties.

17 Information on net borrowings

| (€
million) | June
30, 2023 | December 31, 2022 |
| --- | --- | --- |
| A.
Cash | 2,957 | 3,351 |
| B.
Cash equivalents | 8,460 | 6,804 |
| C.
Other current financial assets | 9,105 | 9,736 |
| D.
Liquidity (A+B+C) | 20,522 | 19,891 |
| E.
Current financial debt | 5,504 | 6,588 |
| F.
Current portion of non-current financial debt | 2,043 | 1,839 |
| G.
Current financial indebtedness (E+F) | 7,547 | 8,427 |
| H.
Net current financial indebtedness (G-D) | (12,975) | (11,464) |
| I.
Non-current financial debt | 5,419 | 6,073 |
| J.
Debt instruments | 20,497 | 17,368 |
| K.
Non-current trade and other payables | | |
| L.
Non-current financial indebtedness (I+J+K) | 25,916 | 23,441 |
| M.
Total financial indebtedness (H+L) | 12,941 | 11,977 |

Cash and cash equivalents include approximately €212 million subjected to foreclosure measures by third parties and payment guarantees.

Other current financial assets include: (i) financial assets at fair value through profit or loss, disclosed in note 5 – Financial assets at fair value through profit or loss; (ii) financing receivables, disclosed in note 14 – Other financial assets.

Current and non-current finance debts are disclosed in note 16 – Finance debts.

Current portion of non-current financial debt and non-current financial debt include lease liabilities of €853 million and €3,873 million (€884 million and €4,067 million at December 31, 2022, respectively) of which €479 million (€494 million at December 31, 2022) related to the share of joint operators in upstream projects operated by Eni which will be recovered through a partner cash-call billing process.

Field: Page; Sequence: 76

Field: /Page

70 ENI INTERIM CONSOLIDATED REPORT 2023

18 Provisions

| (€
million) | Provisions
for contingencies |
| --- | --- |
| Carrying
amount at December 31, 2022 | 15,267 |
| New
or increased provisions | 633 |
| Initial
recognition and changes in estimates for site restoration, abandonment and social project | 305 |
| Accretion
discount | 151 |
| Reversals
of utilized provisions | (817) |
| Reversals
of unutilized provisions | (120) |
| Currency
translation differences | (74) |
| Other
changes | (147) |
| Carrying
amount at June 30, 2023 | 15,198 |

Provisions recognized in the first half of 2023 primarily related to environmental costs, contractual disputes and costs for insurance claims.

The increase in initial recognition and changes in estimates for site restoration, abandonment and social project of the Exploration & Production segment was primarily due to the increase in abandonment cost estimates, the start-up of new projects and the decrease in discount rates.

Utilizations related to the progress in spending the accrued amounts in environmental remediation projects and compensations for insurance claims.

Reversals of unused provisions mainly referred to Global Gas & LNG Portfolio segment and related to contractual triggers, renegotiations and settlements relating to previous reporting periods which are typical of the sector.

19 Deferred tax assets and liabilities

| (€
million) | June
30, 2023 | December 31, 2022 |
| --- | --- | --- |
| Deferred
tax liabilities before offsetting | 8,887 | 9,315 |
| Deferred
tax assets available for offset | (3,322) | (4,221) |
| Deferred
tax liabilities | 5,565 | 5,094 |
| Deferred
tax assets before offsetting (net of accumulated write-down provisions) | 7,831 | 8,790 |
| Deferred
tax liabilities available for offset | (3,322) | (4,221) |
| Deferred
tax assets | 4,509 | 4,569 |

The following table summarizes the changes in deferred tax liabilities and assets:

| (€
million) | Deferred
tax liabilities before offsetting | Deferred
tax assets before offsetting, gross | Accumulated write-downs of deferred tax assets | Deferred
tax assets before offsetting net of accumulated write-down provisions |
| --- | --- | --- | --- | --- |
| Carrying
amount at December 31, 2022 | 9,315 | (14,960) | 6,170 | (8,790) |
| Changes
of the period | (804) | 837 | 207 | 1,044 |
| Changes
with effect to OCI | 201 | (17) | | (17) |
| Currency
translation differences | (111) | 104 | (35) | 69 |
| Other
changes | 286 | (181) | 44 | (137) |
| Carrying
amount at June 30, 2023 | 8,887 | (14,217) | 6,386 | (7,831) |

Taxes are also described in note 29 – Income taxes.

Field: Page; Sequence: 77

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 71

20 Derivative financial instruments

| | June
30, 2023 — Fair
value asset | Fair
value liability | Level
of Fair value | December
31, 2022 — Fair
value asset | Fair
value liability | Level
of Fair value |
| --- | --- | --- | --- | --- | --- | --- |
| (€
million) | | | | | | |
| Non-hedging
derivatives | | | | | | |
| Derivatives
on exchange rate | | | | | | |
| -
Currency swap | 48 | 22 | 2 | 110 | 132 | 2 |
| -
Interest currency swap | | 131 | 2 | 1 | 144 | 2 |
| -
Outright | | 9 | 2 | 3 | 12 | 2 |
| | 48 | 162 | | 114 | 288 | |
| Derivatives
on interest rate | | | | | | |
| -
Interest rate swap | 73 | 56 | 2 | 137 | 58 | 2 |
| | 73 | 56 | | 137 | 58 | |
| Derivatives on commodities | | | | | | |
| -
Over the counter | 3,362 | 3,083 | 2 | 9,571 | 8,663 | 2 |
| -
Future | 3,513 | 2,781 | 1 | 6,886 | 5,764 | 1 |
| -
Options | 4 | 5 | 1 | | 2 | 1 |
| -
Other | | 15 | 2 | | 80 | 2 |
| | 6,879 | 5,884 | | 16,457 | 14,509 | |
| | 7,000 | 6,102 | | 16,708 | 14,855 | |
| Cash
flow hedge derivatives | | | | | | |
| Derivatives
on commodities | | | | | | |
| -
Over the counter | 41 | 54 | 2 | | | |
| -
Future | | 5 | 1 | 339 | 192 | 1 |
| | 41 | 59 | | 339 | 192 | |
| Derivatives
on interest rate | | | | | | |
| -
Interest rate swap | 24 | | 2 | 21 | | 2 |
| | 24 | | | 21 | | |
| | 65 | 59 | | 360 | 192 | |
| Options | | | | | | |
| -
Other options | | 44 | 3 | | 144 | 3 |
| | | 44 | | | 144 | |
| Gross
amount | 7,065 | 6,205 | | 17,068 | 15,191 | |
| Offsetting | (2,781) | (2,781) | | (5,863) | (5,863) | |
| Net
amount | 4,284 | 3,424 | | 11,205 | 9,328 | |
| Of
which: | | | | | | |
| -
current | 4,217 | 3,186 | | 11,076 | 9,042 | |
| -
non-current | 67 | 238 | | 129 | 286 | |

During 2021, Eni entered into sustainability-linked interest rate swaps and cross currency swaps with leading banking institutions which provide for a cost adjustment mechanism linked to the achievement of certain sustainability targets. As of June 30, 2023, the fair value of these contracts amounted to positive €29 million.

Derivatives fair values were estimated based on market quotations provided by primary info-provider or, alternatively, appropriate valuation techniques generally adopted in the marketplace.

During the first half 2023, there were no transfers between the different hierarchy levels of fair value.

Effects recognized in other operating profit (loss)

| (€
million) | First
Half 2023 | First
Half 2022 |
| --- | --- | --- |
| Net
income (loss) on cash flow hedging derivatives | | 19 |
| Net
income (loss) on other derivatives | 41 | (793) |
| | 41 | (774) |

Effects recognized in finance income (loss)

| (€
million) | First
Half 2023 | First
Half 2022 |
| --- | --- | --- |
| Derivatives
on exchange rate | (20) | (139) |
| Derivatives
on interest rate | 8 | 49 |
| Options
on securities | | 2 |
| | (12) | (88) |

More information is disclosed in note 32 – Transactions with related parties.

Field: Page; Sequence: 78

Field: /Page

72 ENI INTERIM CONSOLIDATED REPORT 2023

21 Assets held for sale and liabilities directly associated with assets held for sale

As of June 30, 2023, assets held for sale and directly associated liabilities of €391 million and €213 million, respectively, primarily related to oil producing assets in Congo and the exploration company Eni Gabon SA.

During the first half 2023, Eni sold assets indicated in the 2022 financial statements. In particular: (i) the sale to Snam of the 49.9% stake in the investments managing the transport rights of the TTPC/Transmed gas pipelines that connect Algeria to Italy through Tunisia and the Mediterranean Sea. Eni collected €405 million as consideration for the transaction and, at the reporting date, recognized a receivable for divestment activities of €168 million realizing a capital gain of €415 including positive exchange differences of €7 million and a gain from fair value adjustment of €409 million; (ii) the sale of equity investments for €35 million realizing a capital gain of €2 million.

22 Equity

Equity attributable to equity holders of Eni

| (€
million) | June
30, 2023 | December
31, 2022 |
| --- | --- | --- |
| Share
capital | 4,005 | 4,005 |
| Retained
earnings | 35,429 | 23,455 |
| Cumulative
currency translation differences | 6,570 | 7,564 |
| Other
reserves and equity instruments: | | |
| -
Perpetual subordinated bonds | 5,000 | 5,000 |
| -
Legal reserve | 959 | 959 |
| -
Reserve for treasury shares | 974 | 2,937 |
| -
Reserve for OCI on cash flow hedging derivatives | 152 | (342) |
| -
Reserve for OCI on defined benefit plans | (58) | (58) |
| -
Reserve for OCI on equity-accounted investments | 110 | 46 |
| -
Reserve for OCI on other investments valued at fair value | 68 | 53 |
| -
Other reserves | 190 | 190 |
| Treasury
shares | (974) | (2,937) |
| Profit | 2,682 | 13,887 |
| | 55,107 | 54,759 |

Share capital

As of June 30, 2023, the parent company’s issued share capital consisted of €4,005,358,876 (same amount as of December 31, 2022) represented by 3,375,937,893 ordinary shares without nominal value (3,571,487,977 ordinary shares at December 31, 2022).

On May 10, 2023, Eni’s Shareholders’ Meeting resolved: (i) to distribute available reserves by way of and in place of the payment of the dividend for the year 2023 of €0.94 per share in four tranches, in September 2023 (for an amount equal to €0.24 per share), November 2023 (for an amount equal to €0.23 per share), March 2024 (for an amount equal to €0.24) and May 2024 (for an amount equal to €0.23); (ii) to cancel 195,550,084 treasury shares with no par value without changing the amount of the share capital and reducing the related reserve by the amount of €2,400 million (equal to the carrying value of the cancelled shares); (iii) to authorize the Board of Directors pursuant to and for the purposes of Art. 2357 of the Italian Civil Code to proceed with the purchase of shares of the Company, in multiple tranches, for a period up to 30 April 2024, in a maximum number of shares to be purchased equal to 337,000,000 ordinary shares for a total outlay of up to € 3.5 billion, of which: (a) up to a maximum of 275,000,000 shares for the purchase of treasury shares for the purpose of remunerating Shareholders; (b) up to a maximum of no. 62,000,000 shares for establishment of the so-called stock store. In execution of this resolution, as of June 30, 2023, 33,615,434 treasury shares had been purchased for a total value of €437 million.

Perpetual subordinated hybrid bonds

Hybrid bonds are governed by English law and are traded on the regulated market of the Luxembourg Stock Exchange. As of December 31, 2022, hybrid bonds amounted to €5 billion (same amount as of December 31, 2022).

Treasury shares

A total of 64,163,184 Eni’s ordinary shares (226,097,834 at December 31, 2022) were held in treasury for a total cost of €974 million (€2,937 million at December 31, 2022).

Field: Page; Sequence: 79

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 73

During the first half 2023, 33,615,434 shares were acquired, for a total value of €437 million; 195,550,084 treasury shares have been cancelled for a total value of €2,400 million.

23 Other information

Supplemental cash flow information

| (€
million) | First
Half 2023 | First
Half 2022 |
| --- | --- | --- |
| Investment
in consolidated subsidiaries and businesses | | |
| Current
assets | 187 | 3 |
| Non-current
assets | 726 | 276 |
| Net
borrowings | 15 | (86) |
| Current
and non-current liabilities | (275) | (6) |
| Net
effect of investments | 653 | 187 |
| Non-controlling
interests | (2) | (15) |
| Purchase
price | 651 | 172 |
| Cash
and cash equivalents | (23) | (2) |
| Consolidated
subsidiaries and businesses net of cash and cash equivalent acquired | 628 | 170 |
| Disposal
of consolidated subsidiaries and businesses | | |
| Current
assets | 130 | 5 |
| Non-current
assets | 153 | 1 |
| Net
borrowings | 172 | 7 |
| Current
and non-current liabilities | (124) | (4) |
| Net
effect on disposals | 331 | 9 |
| Current
value of the stake held after the sale of control | (575) | |
| Reclassification
to profit or loss of other components of comprehensive income | (7) | |
| Valuation
at fair value of the stake held after the sale of control | 409 | |
| Receivables
for divestments | (168) | |
| Gain
on disposals | 415 | 2 |
| Selling
price | 405 | 11 |
| Cash
and cash equivalents | (25) | (7) |
| Consolidated
subsidiaries and businesses net of cash and cash equivalent disposed of | 380 | 4 |

On January 30, 2023, Eni finalized the acquisition of the 81 MW Kellam photovoltaic plant located in North Texas. The total cash consideration of the transaction amounted to €37 million with assumption of cash and cash equivalents for €1 million. The price allocation of net assets acquired was made on a provisional basis without recognition of goodwill. The acquisition was part of the Plenitude business line.

On February 9, 2023, Eni finalized the acquisition of the Spanish company Maristella Directorship SLU, entitled of a solar energy project with a capacity of 90 MWp. The total cash consideration of the transaction amounted to €5 million allocated to the balance sheet item "Assets in progress". The acquisition was part of the Plenitude business line.

On February 28, 2023, Eni finalized the acquisition of the BP business in Algeria, including the two gas-producing concessions “In Amenas” (Eni In Amenas Ltd) and “In Salah” (Eni In Salah Ltd), assets jointly operated with Sonatrach and Equinor. The total cash consideration of the transaction amounted to €476 million. The price allocation of net assets acquired was made on a definitive basis without recognition of goodwill. The acquisition was part of the Exploration & Production segment.

On May 11, 2023, Eni finalized the acquisition of two Spanish companies, Wind Hero SLU and Wind Grower SLU, entitled of two solar energy projects with a capacity of 50 MW each. The total cash consideration of the transaction amounted to €8 million, of which €4 million paid as advance in 2022, allocated to the balance sheet item "Assets in progress". The acquisition was part of the Plenitude business line.

On June 21, 2023, Eni finalized the acquisition of two Spanish companies, HLS Bonete PV SLU and HLS Bonete Topco SLU, entitled of two photovoltaic operating assets with a total capacity of 96 MWp. The total cash consideration of the transaction amounted to €118 million with assumption of cash and cash equivalents for €22 million. The price allocation of net assets acquired was made on a provisional basis with recognition of goodwill for €5 million. The acquisition was part of the Plenitude business line.

Field: Page; Sequence: 80

Field: /Page

74 ENI INTERIM CONSOLIDATED REPORT 2023

24 Guarantees, commitments and risks

Guarantees, commitments and risks

The amount of guarantees and risks did not show significant changes compared to what is indicated in the Annual Report 2022.

Eni has in place long-term natural gas supply contracts with the Russian company Gazprom. In the first half of 2023 supplies to Eni were effectively reduced to zero as part of various trade disputes between the parties. Eni, having fulfilled its contractual commitments, expects this situation to continue in the second half of the year also considering that the external context has not undergone any changes.

Risk factors

For the disclosure relating to the management of financial risks, reference is made to the Annual Report 2022.

The updates relate to "Market risk - Strategic liquidity" and "Liquidity risk" and are provided below.

Market risk - Strategic liquidity

As of June 30, 2023, the average rating of the Strategic liquidity investment portfolio was A/A-, unchanged compared to December 31, 2022.

The following tables show amounts in terms of VaR, recorded in first half 2023 (compared with 2022), relating to interest rate and exchange rate risks in the first section and commodity risk (aggregated by type of exposure). Regarding the management of strategic liquidity, the table reports the sensitivity to changes in interest rate.

| (Value
at risk - parametric method variance/covariance; holding period: 20 days; confidence level: 99%) | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | First
Half 2023 | | | | 2022 | | | |
| (€
million) | High | Low | Average | At
period end | High | Low | Average | At
year end |
| Interest
rate (a) | 7.26 | 1.79 | 3.28 | 3.04 | 9.05 | 2.61 | 5.19 | 3.22 |
| Exchange
rate (a) | 0.62 | 0.06 | 0.24 | 0.09 | 0.95 | 0.09 | 0.29 | 0.34 |
| (a)
Value at risk deriving from interest and exchange rates exposures includes the following finance departments: Eni Corporate
Finance Department, Eni Finance International SA and Banque Eni SA. | | | | | | | | |

| (Value
at risk - Historic simulation method; holding period: 1 day; confidence level: 95%) | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | First
Half 2023 | | | | 2022 | | | |
| (€
million) | High | Low | Average | At
period end | High | Low | Average | At
year end |
| Management
Portfolio - Commercial exposures (a) | 257.89 | 29.61 | 82.16 | 43.59 | 800.39 | 30.65 | 261.41 | 30.65 |
| Trading (b) | 1.42 | 0.05 | 0.40 | 0.54 | 1.63 | 0.01 | 0.36 | 0.04 |
| (a)
Refers to the Global Gas & LNG Portfolio, Power Generation & Marketing, EE-REVT, Plenitude, Eni Trading & Biofuels,
Eni Global Energy Markets (commercial portfolios). VaR is calculated on the so-called Statutory view, with a time horizon
that coincides with the year considering all the volumes delivered in the year and the relevant financial hedging derivatives.
Consequently, during the year the VaR pertaining to GGP, Power G&M, EE-REVT and Plenitude presents a decreasing trend
following the progressive reaching of the maturity of the positions within the annual horizon. | | | | | | | | |
| (b)
Cross-commodity proprietary trading, through financial instruments, pertains to Eni Trading & Biofuels and Eni Global
Energy Markets (London-Bruxelles-Singapore) and Eni Trading & Shipping Inc (Houston). | | | | | | | | |

| (Sensitivity
- Dollar value of 1 basis point - DVBP) | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | First
Half 2023 | | | | 2022 | | | |
| (€
million) | High | Low | Average | At
period end | High | Low | Average | At
year end |
| Strategic
liquidity - € Portfolio (a) | 0.22 | 0.13 | 0.16 | 0.21 | 0.30 | 0.16 | 0.23 | 0.16 |
| (a)
Management of strategic liquidity portfolio in € currency starting from July 2013. | | | | | | | | |

| (Sensitivity
- Dollar value of 1 basis point - DVBP) | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | First
Half 2023 | | | | 2022 | | | |
| ($
million) | High | Low | Average | At
period end | High | Low | Average | At
year end |
| Strategic
liquidity - $ Portfolio (a) | 0.07 | 0.04 | 0.06 | 0.06 | 0.13 | 0.04 | 0.08 | 0.04 |
| (a)
Management of strategic liquidity portfolio in US$ currency starting from August 2017. | | | | | | | | |

Field: Page; Sequence: 81

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 75

Liquidity risk

Eni has in place a program for the issuance of Euro Medium-Term Notes up to €20 billion, of which €17.8 billion were drawn as of June 30, 2023 (€15.4 billion drawn by Eni SpA). The Group has credit ratings of A- outlook Stable and A-2, respectively, for long and short-term debt, assigned by Standard & Poor’s; Baa1 outlook Negative and P-2, respectively, for long and short-term debt, assigned by Moody’s; A- outlook Stable and F1, respectively for long and short-term debt, assigned by Fitch. Eni’s credit rating is linked, in addition to the Company’s industrial fundamentals and trends in the trading environment, to the sovereign credit rating of Italy. Based on the methodologies used by the credit rating agencies, a downgrade of Italy’s credit rating may trigger a potential knock-on effect on the credit rating of Italian issuers such as Eni. No changes were reported in the first half 2023.

As of June 30, 2023, Eni retained undrawn uncommitted short-term borrowing facilities amounting to €6,002 million and committed borrowing facilities of €8,078 million (€7,950 million owned by Eni SpA), of which undrawn for €7,950 million. These facilities bore interest rates and fees for unused facilities that reflected prevailing market conditions.

Expected payments for financial debts, lease liabilities and trade and other payables

The table below summarizes the Group main contractual obligations for finance debt and lease liability repayments, including expected payments for interest charges and liabilities for derivative financial instruments.

| (€
million) | Maturity
year — 2023 | 2024 | 2025 | 2026 | 2027 | 2028
and thereafter | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Financial
liabilities | 5,407 | 2,329 | 2,603 | 3,611 | 2,269 | 12,410 | 28,629 |
| Lease
liabilities | 550 | 604 | 482 | 385 | 355 | 2,320 | 4,696 |
| Fair
value of derivative financial instruments | 3,180 | 13 | 43 | 55 | | 133 | 3,424 |
| | 9,137 | 2,946 | 3,128 | 4,051 | 2,624 | 14,863 | 36,749 |
| Interest
on finance debt | 363 | 682 | 640 | 542 | 428 | 1,115 | 3,770 |
| Interest
on lease liabilities | 124 | 216 | 188 | 167 | 148 | 697 | 1,540 |
| | 487 | 898 | 828 | 709 | 576 | 1,812 | 5,310 |
| Financial
guarantees | 1,642 | | | | | | 1,642 |

Liabilities for leased assets including interest charges for €723 million pertained to the share of joint operators participating in unincorporated joint operation operated by Eni which will be recovered through a partner-billing process.

The table below presents the timing of the expenditures for trade and other payables.

| (€
million) | Maturity
year — 2023 | 2024
and thereafter | Total |
| --- | --- | --- | --- |
| Trade
payables | 11,122 | | 11,122 |
| Other
payables and advances | 6,344 | 168 | 6,512 |
| | 17,466 | 168 | 17,634 |

Expected payments under contractual obligations

In addition to lease, financial, trade and other liabilities represented in the balance sheet, Eni is subject to non-cancellable contractual obligations or obligations the cancellation of which requires the payment of a penalty. These obligations will require cash settlements in future reporting periods. These liabilities are valued based on the net cost for the company to fulfill the contract, which consists of the lowest amount between the costs for the fulfillment of the contractual obligation and the contractual compensation/penalty in the event of non-performance.

The Company’s main contractual obligations at the balance sheet date comprise take-or-pay clauses contained in the Company’s gas supply contracts or shipping arrangements, whereby the Company obligations consist of off-taking minimum quantities of product or service or, in case of failure, paying the corresponding cash amount that entitles the Company the right to collect the product or the service in future years. The amounts due were calculated on the basis of the assumptions for gas prices and services included in the four-year industrial plan approved by the Company’s management and for subsequent years on the basis of management’s long-term assumptions.

The table below summarizes the Group principal contractual obligations for the main existing contractual obligations as of the balance sheet date, shown on an undiscounted basis.

Field: Page; Sequence: 82

Field: /Page

76 ENI INTERIM CONSOLIDATED REPORT 2023

Amounts expected to be paid in 2023 for decommissioning Oil & Gas assets and for environmental clean-up and remediation are based on management’s estimates and do not represent financial obligations at the closing date.

| (€
million) | Maturity
year — 2023 | 2024 | 2025 | 2026 | 2027 | 2028
and thereafter | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Decommissioning
liabilities (a) | 393 | 566 | 362 | 380 | 530 | 11,703 | 13,934 |
| Environmental
liabilities | 418 | 587 | 423 | 306 | 335 | 1,517 | 3,586 |
| Purchase
obligations (b) | 13,026 | 20,955 | 17,939 | 14,699 | 11,318 | 55,406 | 133,343 |
| -
Gas | | | | | | | |
| .
take-or-pay contracts | 10,872 | 19,940 | 17,385 | 14,368 | 11,116 | 55,333 | 129,014 |
| .
ship-or-pay contracts | 855 | 553 | 485 | 318 | 193 | 44 | 2,448 |
| -
Other purchase obligations | 1,299 | 462 | 69 | 13 | 9 | 29 | 1,881 |
| Total | 13,837 | 22,108 | 18,724 | 15,385 | 12,183 | 68,626 | 150,863 |
| (a)
Represents the estimated future costs for the decommissioning of oil and natural gas production facilities at the end of the
producing lives of fields, well-plugging, abandonment and site restoration. | | | | | | | |
| (b)
Concern commitments for the purchase of goods or services that the company is obliged to fulfill as binding under the terms
of the contract. | | | | | | | |

Disclosures about the offsetting of financial instruments

| (€
million) | Gross
amount of financial assets and liabilities | Gross
amount of financial assets and liabilities subject to offsetting | Net
amount of financial assets and liabilities |
| --- | --- | --- | --- |
| June
30, 2023 | | | |
| Financial
assets | | | |
| Trade
and other receivables | 17,766 | 2,921 | 14,845 |
| Other
current assets | 8,964 | 2,779 | 6,185 |
| Other
non-current assets | 2,367 | 2 | 2,365 |
| Financial
liabilities | | | |
| Trade
and other liabilities | 20,387 | 2,921 | 17,466 |
| Other
current liabilities | 9,585 | 2,779 | 6,806 |
| Other
non-current liabilities | 3,412 | 2 | 3,410 |
| December
31, 2022 | | | |
| Financial
assets | | | |
| Trade
and other receivables | 23,546 | 2,706 | 20,840 |
| Other
current assets | 18,684 | 5,863 | 12,821 |
| Other
non-current assets | 2,236 | | 2,236 |
| Financial
liabilities | | | |
| Trade
and other liabilities | 28,415 | 2,706 | 25,709 |
| Other
current liabilities | 18,336 | 5,863 | 12,473 |
| Other
non-current liabilities | 3,234 | | 3,234 |

The offsetting of financial assets and liabilities related to: (i) receivables and payables pertaining to the Exploration & Production segment towards state entities for €2,837 million (€2,651 million at December 31, 2022) and trade receivables and trade payables pertaining to Eni Trading & Shipping Inc for €84 million (€55 million at December 31, 2022); (ii) other current and non-current assets and liabilities for derivative financial instruments of €2,781 million (€5,863 million at December 31, 2022).

Field: Page; Sequence: 83

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 77

Legal Proceedings

The Condensed Consolidated Interim Financial Statement pursuant to IAS 34 is an update of the Annual Report 2022 and, as such, presumes full knowledge of the latter. In the first half of 2023, there were not any significant developments in the proceedings to which the Company is a party such as to imply an increase in the risk of unfavorable outcomes or in the potential losses associated with them. Accordingly, for a complete disclosure of the legal proceedings in which Eni is involved, please refer to note 28 – Guarantees, commitments and risks of the Annual Report 2022 where the most significant proceedings currently pending are disclosed. Unless otherwise indicated, these legal proceedings have not been provisioned because Eni believes a negative outcome to be unlikely or because the amount of the provision cannot be estimated reliably.

As for the developments recorded in the first half of 2023, the main highlights are the followings:

– in relation to the malfunctioning of a hydraulic barrier at the Porto Torres site, a Third Instance Court issued a final verdict, which confirmed a one-year prison for the crime of environmental disaster against a former manager and two former employees of Eni Rewind, returning to the judge of the Civil Court the quantification of any damage compensation to be eventually awarded to the plaintiffs. The Company does not expect any significant financial impact.

– in relation to the complex matter of the clean-up and environmental remediation of the site of Cengio and the dispute pending with the Italian Ministry for the Environment regarding the alleged environmental damage, discussions are underway between an Eni subsidiary in charge of the reclamation activities and the Ministry with the aim of defining a settlement agreement, with the Judicial authority strongly recommending such an outcome.

– in relation to a proceeding about alleged liabilities related to climate change pending before some courts in California (US), the US Supreme Court has resolved to confirm the jurisdiction of the Californian courts in the matter. Eni and the other oil companies summoned in the case are planning to file a petition for coordination aimed at joining all proceedings before a sole court. In the meantime, Eni has filed before each court, through the joint defence group, a motion to quash complaining the courts’ jurisdiction on the case based on the absence of personal jurisdiction due to lack of any relevant contacts with the Californian State.

– in relation to an investigation about alleged violation of health rules at Val d'Agri Oil Center (COVA), the proceeding was closed on the basis of the decision of the judge for the preliminary investigations without any consequence for Eni.

– in relation to several criminal proceedings triggered by allegations of evasion of the payment of excise duties on fuel volumes supplied to the market, then combined in a single proceeding before the Prosecutor Office of Rome, a final acquittal sentence was issued in 2023, which closes the proceeding without any consequences for the Company. The tax disputes were closed through a settlement agreement in 2019.

– in relation to the criminal proceeding 12333/2017 brought by the Public Prosecutor Office of Milan, the management believes that this proceeding no longer represents any risk for the Company, following recent developments in the criminal investigation.

Compared to the Annual Report 2022, the Company became part of the following new disputes:

(i) Sannazzaro Refinery - Proceeding in relation to alleged criminal offloading - Public Prosecutor's Office of Pavia. A criminal proceeding is pending for alleged crimes of environmental pollution and lack of remediation in relation to discharge of sewage from Eni’s refinery located at Sannazzaro de' Burgondi, based on the findings carried out by a regional agency for the protection of environment (ARPA) on the level of contamination of a neighboring drain into which the refinery is discharging. Some pro-tempore managers of the refinery are under investigation, as well as Eni SpA pursuant to the Legislative Decree no. 231/2001, stating the liabilities of legal entities for crimes committed by their employees, in relation to the alleged crime of environmental pollution.

During the investigation phase, the Public Prosecutor's Office of Pavia acquired documentation and IT material until May 23, 2023 and, afterwards, ordered a seizure of the sewage treatment plant (TAE) of the refinery and some service canals, to carry out technical analysis on the depurator.

At present, the technical investigations ordered by the Public Prosecutor's Office are in progress and the proceeding is pending at the preliminary investigation phase.

Field: Page; Sequence: 84

Field: /Page

78 ENI INTERIM CONSOLIDATED REPORT 2023

(ii) Eni SpA - Pomezia depot – Involuntary environmental pollution. A criminal proceeding is ongoing concerning an alleged crime of pollution of the groundwater underlying the fuel depot in Pomezia attributable, according to the indictment, to product leaks from the tanks.

The Public Prosecutor's Office has appointed its technical consultants to carry out a technical review of the site to verify the state of environmental contaminations at the tanks. As a result of these assessments, two Eni's employees as well as Eni SpA pursuant to Legislative Decree no. 231/01 were notified of being under investigation for the alleged crime. Subsequently, the Public Prosecutor issued a request for indictment, following which the preliminary hearing was set for March 21, 2024.

(iii) Eni SpA - Greenpeace Onlus, ReCommon APS and others - Climate dispute. On May 9, 2023, the NGOs Greenpeace Onlus and ReCommon APS, together with 12 private citizens, summoned Eni, the Ministry of Economy and Finance and an Italian agency, Cassa Depositi e Prestiti, before the Civil Court of Rome based on allegations of climate change responsibility. The plaintiffs claimed economic losses and other damages and requested that Eni revises its decarbonisation strategy (for example by reducing by 45% its emissions by 2030 compared to 2020 levels, or other appropriate measures to comply with the Paris Agreement) as well as the cessation of any harmful conducts. In the summon, the plaintiffs also contested several alleged environmental crimes (not always connected to climate change) due to alleged illicit mismanagement on part of Eni without, however, formulating any specific claim or request of remediation. The deadline for Eni to appear before the Court will expire on September 21, 2023, while the hearing for the parties to appear is scheduled on November 30, 2023.

Field: Page; Sequence: 85

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 79

25 Sales from operations

| (€
million) | Exploration & Production | Global
Gas & LNG Portfolio | Sustainable
Mobility, Refining and Chemical | Plenitude
& Power | Corporate
and other activities | Total |
| --- | --- | --- | --- | --- | --- | --- |
| First
Half 2023 | | | | | | |
| Sales
from operations | 5,374 | 9,523 | 24,403 | 7,385 | 91 | 46,776 |
| Sales from operations by geographical area of destination | | | | | | |
| Italy | 7 | 4,143 | 7,955 | 5,124 | 36 | 17,265 |
| Other
European Union | | 2,560 | 4,385 | 2,239 | 2 | 9,186 |
| Rest
of Europe | 21 | 2,267 | 6,840 | | 11 | 9,139 |
| Americas | 140 | | 3,179 | 12 | 5 | 3,336 |
| Asia | 889 | 553 | 1,989 | 10 | 11 | 3,452 |
| Africa | 4,293 | | 54 | | 26 | 4,373 |
| Other
areas | 24 | | 1 | | | 25 |
| | 5,374 | 9,523 | 24,403 | 7,385 | 91 | 46,776 |
| Products
sales and service revenues | | | | | | |
| Sales
of crude oil | 1,835 | | 9,862 | | | 11,697 |
| Sales
of oil products | 505 | | 11,466 | | | 11,971 |
| Sales
of natural gas and LNG | 2,895 | 9,297 | 13 | 2,827 | | 15,032 |
| Sales
of petrochemical products | | | 2,384 | | | 2,384 |
| Sales
of power | | | | 3,781 | | 3,781 |
| Sales
of other products | 27 | 117 | 192 | 80 | 1 | 417 |
| Services | 112 | 109 | 486 | 697 | 90 | 1,494 |
| | 5,374 | 9,523 | 24,403 | 7,385 | 91 | 46,776 |
| Transfer
of goods/services | | | | | | |
| Goods/Services
transferred in a specific moment | 5,186 | 9,479 | 24,371 | 7,385 | 86 | 46,507 |
| Goods/Services
transferred over a period of time | 188 | 44 | 32 | | 5 | 269 |
| First
Half 2022 | | | | | | |
| Sales
from operations | 6,194 | 18,568 | 29,389 | 9,442 | 92 | 63,685 |
| Sales
from operations by geographical area of destination | | | | | | |
| Italy | 298 | 9,784 | 9,454 | 7,143 | 34 | 26,713 |
| Other
European Union | | 3,789 | 8,119 | 2,287 | 1 | 14,196 |
| Rest
of Europe | 22 | 3,857 | 6,666 | | 18 | 10,563 |
| Americas | 153 | | 3,057 | 4 | 6 | 3,220 |
| Asia | 1,016 | 1,094 | 2,035 | 8 | 9 | 4,162 |
| Africa | 4,662 | 44 | 56 | | 24 | 4,786 |
| Other
areas | 43 | | 2 | | | 45 |
| | 6,194 | 18,568 | 29,389 | 9,442 | 92 | 63,685 |
| Products
sales and service revenues | | | | | | |
| Sales
of crude oil | 2,776 | | 10,273 | | | 13,049 |
| Sales
of oil products | 554 | | 14,518 | | | 15,072 |
| Sales
of natural gas and LNG | 2,758 | 18,346 | 30 | 3,153 | | 24,287 |
| Sales
of petrochemical products | | | 3,767 | | 3 | 3,770 |
| Sales
of power | | | | 5,306 | | 5,306 |
| Sales
of other products | 26 | 17 | 221 | 114 | 1 | 379 |
| Services | 80 | 205 | 580 | 869 | 88 | 1,822 |
| | 6,194 | 18,568 | 29,389 | 9,442 | 92 | 63,685 |
| Transfer
of goods/services | | | | | | |
| Goods/Services
transferred in a specific moment | 6,046 | 18,486 | 29,250 | 9,343 | 29 | 63,154 |
| Goods/Services
transferred over a period of time | 148 | 82 | 139 | 99 | 63 | 531 |

Sales from operations by industry segment are disclosed in note 31 – Segment information.

Sales from operations with related parties are disclosed in note 32 – Transactions with related parties.

Field: Page; Sequence: 86

Field: /Page

80 ENI INTERIM CONSOLIDATED REPORT 2023

26 Costs

Purchase, services and other charges

| (€
million) | First
Half 2023 | First
Half 2022 |
| --- | --- | --- |
| Production
costs - raw, ancillary and consumable materials and goods | 29,906 | 39,406 |
| Production
costs - services | 5,445 | 5,331 |
| Lease
expense and other | 713 | 868 |
| Net
provisions for contingencies | 485 | 479 |
| Other
expenses | 740 | 894 |
| | 37,289 | 46,978 |
| Less:
capitalized direct costs associated with self-constructed assets - tangible and intangible assets | (182) | (96) |
| | 37,107 | 46,882 |

Purchase, services and other charges included prospecting costs, geological and geophysical studies of exploration activities for €119 million (€105 million in the first half 2022).

Payroll and related costs

| (€
million) | First
Half 2023 | First
Half 2022 |
| --- | --- | --- |
| Payroll and related costs | 1,605 | 1,605 |
| Less:
capitalized direct costs associated with self-constructed assets - tangible and intangible assets | (65) | (57) |
| | 1,540 | 1,548 |

Costs with related parties are disclosed in note 32 – Transactions with related parties.

27 Finance income (expense)

| (€
million) | First
Half 2023 | First
Half 2022 |
| --- | --- | --- |
| Finance
income | 3,196 | 3,456 |
| Finance
expense | (3,552) | (3,805) |
| Net
finance income (expense) from financial assets at fair value through profit or loss | 125 | (91) |
| Income
(expense) from derivative financial instruments | (12) | (88) |
| Finance
income (expense) | (243) | (528) |

The analysis of finance income (expense) was as follows:

| (€
million) | First
Half 2023 | First
Half 2022 |
| --- | --- | --- |
| Finance
income (expense) related to net borrowings | | |
| Interest and other finance expense on ordinary
bonds | (315) | (241) |
| Net
finance income (expense) on financial assets held for trading | 113 | (91) |
| Net
finance income (expense) on other financial assets valued at fair value with effects through profit or loss | 12 | |
| Interest
and other expense due to banks and other financial institutions | (111) | (59) |
| Interest
on lease liabilities | (125) | (171) |
| Interest
from banks | 161 | 5 |
| Interest
and other income on financial receivables and securities held for non-operating purposes | 6 | 8 |
| | (259) | (549) |
| Exchange
differences | 104 | 180 |
| Income
(expense) from derivative financial instruments | (12) | (88) |
| Other
finance income (expense) | | |
| Capitalized
finance expense | 32 | 13 |
| Interest
and other income on financing receivables and securities held for operating purposes | 65 | 47 |
| Finance
expense due to the passage of time (accretion discount) (a) | (151) | (70) |
| Other
finance income (expense) | (22) | (61) |
| | (76) | (71) |
| | (243) | (528) |
| (a)
The item related to the increase in provisions for contingencies that are shown at present value in non-current liabilities. | | |

Field: Page; Sequence: 87

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 81

Information about leases is disclosed in note 10 – Right-of-use assets and lease liabilities.

The analysis of derivative financial income (expense) is disclosed in note 20 – Derivative financial instruments.

Finance income (expense) with related parties is disclosed in note 32 – Transactions with related parties.

28 Income (expense) from investments

Share of profit (loss) of equity-accounted investments

Information is provided in note 13 – Investments.

Other gain (loss) from investments

| (€
million) | First
Half 2023 | First
Half 2022 |
| --- | --- | --- |
| Dividends | 92 | 151 |
| Net
gain (loss) on disposals | 418 | 434 |
| Other
net income (expense) | 405 | 74 |
| | 915 | 659 |

Dividend income primarily related to Nigeria LNG Ltd for €60 million (€113 million in the first half 2022) and to Saudi European Petrochemical Co “IBN ZAHR” for €19 million (€20 million in the first half 2022).

Gain on disposals referred for €415 million to the capital gain realized on the sale to Snam of the 49.9% of the share capital of SeaCorridor Srl including the realization of a gain on exchange differences for €7 million.

Other net income referred for €409 million to the capital gain from the fair value measurement of the remaining 50.1% stake in SeaCorridor Srl.

29 Income taxes

| (€
million) | First
Half 2023 | First
Half 2022 |
| --- | --- | --- |
| Current taxes | 2,677 | 4,264 |
| Net
deferred taxes | 240 | 631 |
| | 2,917 | 4,895 |

The reduction in the tax burden is attributable to the downward trend in pre-tax profit partially offset by the allocation of the "UK Energy Profit Levy".

30 Earnings per share

Basic earnings per share are calculated by dividing the profit of the period attributable to Eni’s shareholders by the weighted average number of ordinary shares issued and outstanding during the period, excluding treasury shares.

Diluted earnings per share are calculated by dividing the profit of the period attributable to Eni’s shareholders by the weighted average number of fully diluted shares, excluding treasury shares, and including the number of potential shares to be issued. As of June 30, 2023, the shares that could be potentially issued related to the estimation of new shares that will vest in connection with the 2020-2022 Long-Term Monetary Incentive Plans.

In determining basic and diluted earnings per share, the profit of the period attributable to Eni is adjusted to take into account the remuneration of perpetual subordinated bonds, net of tax effect, calculated by using the amortized cost method. Reconciliation of the weighted average number of shares used for the calculation for both basic and diluted earnings per share was as follows:

| Weighted
average number of shares used for basic earnings per share | | First
Half 2023 — 3,341,682,517 | First
Half 2022 — 3,538,314,183 |
| --- | --- | --- | --- |
| Potential
shares to be issued for ILT incentive plan | | 6,333,751 | 5,771,663 |
| Weighted
average number of shares used for diluted earnings per share | | 3,348,016,268 | 3,544,085,846 |
| Eni’s
profit | (€
million) | 2,682 | 7,398 |
| Remunaration
of subordinated perpetual bonds net of tax effect | (€
million) | (54) | (54) |
| Eni’s
profit for basic and diluted earnings per share | (€
million) | 2,628 | 7,344 |
| Basic
earnings per share | (€
per share) | 0.79 | 2.08 |
| Diluted
earnings per share | (€
per share) | 0.78 | 2.07 |

Field: Page; Sequence: 88

Field: /Page

82 ENI INTERIM CONSOLIDATED REPORT 2023

31 Segment information

Eni’s segmental reporting reflects the Group’s operating segments, whose results are regularly reviewed by the Chief Operating Decision Maker (the CEO) to assess segment performance and to make decisions about resources to be allocated to each segment.

The organization is based on two General Departments:

• Natural Resources, aimed to build up the value of Eni’s Oil & Gas upstream portfolio reducing its carbon footprint by scaling up energy efficiency and expanding production in the natural gas business, and its position in the wholesale market. Furthermore, the Department focuses its actions on the development of carbon capture and compensation projects. The Department incorporates the Company’s Oil & Gas exploration, development and production activities, natural gas wholesale via pipeline and LNG, forests conservation (REDD+) and CO 2 storage projects.

• Energy Evolution, focused on the evolution of the businesses of power generation, transformation and marketing of products from fossil to bio and blue. The responsibility of this Department includes the growth of power generation from renewable energy and biomethane, the coordination of the bio and circular evolution of the Company’s refining system and chemical business, and the development of Eni’s retail portfolio, providing increasingly more decarbonized products for mobility, household consumption and small enterprises. The Department incorporates the activities of power generation from natural gas and renewables, the Refining and Chemicals businesses, Retail Gas & Power and mobility Marketing. The companies Versalis (chemical products), Eni Plenitude and Eni Rewind (environmental activities) are consolidated in this Department.

In relation to financial reporting purposes, management evaluated that the components of the Company whose operating results are regularly reviewed by the Chief Operating Decision Maker (CEO) to make decisions about the allocation of resources and to assess performances would continue being the single business units which are comprised in the two General Departments, rather than the two groups themselves. Therefore, in order to comply with the provisions of the international reporting standard that regulates the segment reporting (IFRS 8), the reportable segments of Eni as of June 30, 2023, are identified as follows:

– Exploration & Production: research, development and production of crude oil, condensates and natural gas, forestry conservation (REDD+) and CO 2 capture and storage projects;

– Global Gas & LNG Portfolio (GGP): supply and sale of wholesale natural gas via pipeline, international transport and purchase and marketing of LNG. It includes gas trading activities finalized to hedging and stabilizing the trade margins, as well as optimising the gas asset portfolio;

– Sustainable Mobility, Refining and Chemicals: supply, processing, distribution and marketing of traditional fuels, biofuels and chemical products deriving from hydrocarbons and renewable/recycling sources. Therefore, as from 1 January 2023, the activities of Eni Sustainable Mobility are also included within this segment which, as result of the transfer made, manages the activities connected to sustainable mobility and in particular biorefining, marketing and distribution activities of all energy vectors for mobility, including biofuels and biomethane, electric recharging at service stations and hydrogen, bitumen, lubricants and fuels in general, as well as mobility-related services as Enjoy car sharing, catering and services at sales points. The results of the Chemicals business were aggregated with the Sustainable Mobility and Refining performance in a single reportable segment because these operating segments have similar economic returns. It comprises the activities of trading oil and products with the aim to execute transactions on the market in order to balance the supply and stabilize and cover the commercial margins;

– Plenitude & Power: retail sales of gas, electricity and related services, production and wholesale sales of electricity from thermoelectric and renewable plants, services for E-mobility. It includes trading activities of CO 2 emission certificates and forward sale of electricity with a view to hedging/optimising the margins of electricity;

– Corporate and Other activities: includes the main business support functions, in particular holding, central treasury, IT, human resources, real estate services, captive insurance activities, research and development, new technologies, business digitalization and the environmental activity developed by the subsidiary Eni Rewind.

Segment information presented to the CEO (the Chief Operating Decision Maker, ex IFRS 8) includes: revenues, operating profit and directly attributable assets and liabilities.

Field: Page; Sequence: 89

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 83

Segment Information

| (€
million) | Exploration & Production | Global
Gas & LNG Portfolio | Sustainable
Mobility, Refining and Chemicals | Plenitude
& Power | Corporate
and Other activities | Adjustments
of intragroup profits | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| First
Half 2023 | | | | | | | |
| Sales
from operations including intersegment sales | 11,559 | 11,688 | 24,620 | 7,724 | 935 | | |
| Less:
intersegment sales | (6,185) | (2,165) | (217) | (339) | (844) | | |
| Sales
from operations | 5,374 | 9,523 | 24,403 | 7,385 | 91 | | 46,776 |
| Operating
profit (loss) | 4,514 | 814 | (575) | (311) | (431) | 264 | 4,275 |
| First
Half 2022 | | | | | | | |
| Sales
from operations including intersegment sales | 16,196 | 22,837 | 29,685 | 9,967 | 860 | | |
| Less:
intersegment sales | (10,002) | (4,269) | (296) | (525) | (768) | | |
| Sales
from operations | 6,194 | 18,568 | 29,389 | 9,442 | 92 | | 63,685 |
| Operating
profit (loss) | 9,123 | (2,060) | 2,279 | 2,613 | (419) | (214) | 11,322 |

| (€
million) | Exploration & Production | Global
Gas & LNG Portfolio | Sustainable
Mobility, Refining and Chemicals | Plenitude
& Power | Corporate
and Other activities | Adjustments
of intragroup profits | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| June
30, 2023 | | | | | | | |
| Identifiable
assets (a) | 61,820 | 5,020 | 14,340 | 11,596 | 1,544 | (362) | 93,958 |
| Unallocated
assets (b) | | | | | | | 46,462 |
| Identifiable
liabilities (a) | 17,685 | 4,219 | 9,142 | 4,613 | 4,739 | (222) | 40,176 |
| Unallocated
liabilities (b) | | | | | | | 44,716 |
| December
31, 2022 | | | | | | | |
| Identifiable
assets (a) | 60,473 | 12,282 | 14,925 | 11,987 | 1,491 | (472) | 100,686 |
| Unallocated
assets (b) | | | | | | | 51,444 |
| Identifiable
liabilities (a) | 17,385 | 12,572 | 9,011 | 4,787 | 4,416 | (68) | 48,103 |
| Unallocated
liabilities (b) | | | | | | | 48,797 |

| (a) Include
assets/liabilities directly associated with the generation of operating profit. |
| --- |
| (b) Include assets/liabilities
not directly associated with the generation of operating profit. |

32 Transactions with related parties

In the ordinary course of its business, Eni enters into transactions mainly regarding:

(a) purchase/supply of goods and services and provision of financing to joint ventures, associates and unconsolidated subsidiaries;

(b) purchase/supply of goods and services to entities controlled by the Italian Government;

(c) purchase/supply of goods and services to companies related to Eni SpA through members of the Board of Directors. Most of these transactions are exempt from the application of the Eni internal procedure “Transactions involving interests of Directors and Statutory Auditors and transactions with related parties” pursuant to the Consob Regulation, since they relate to ordinary transactions conducted at market or standard conditions, or because they fall below the materiality threshold provided for by the procedure;

(d) contributions to non-profit entities correlated to Eni with the aim to develop solidarity, culture and research initiatives. In particular these related to: (i) Eni Foundation, established by Eni as a non-profit entity with the aim of pursuing exclusively solidarity initiatives in the fields of social assistance, health, education, culture and environment, as well as scientific and technological research; and (ii) Eni Enrico Mattei Foundation, established by Eni with the aim of enhancing, through studies, research and training initiatives, knowledge enrichment in the fields of economics, energy and environment, both at the national and international level.

Field: Page; Sequence: 90

Field: /Page

84 ENI INTERIM CONSOLIDATED REPORT 2023

Transactions with related parties were conducted in the interest of the Eni companies and, with exception of those with entities whose aim is to develop charitable, cultural and research initiatives, are related to the ordinary course of Eni’s business.

Investments in subsidiaries, joint arrangements and associates as of June 30, 2023, are presented in the annex “List of companies owned by Eni SpA as of June 30, 2023”.

OPERATING TRANSACTIONS AND BALANCES WITH RELATED PARTIES

| (€
million) | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | June
30, 2023 | | | First
Half 2023 | | |
| Name | Receivables
and other assets | Payables and other liabilities | Guarantees | Revenues | Costs | Other
operating (expense) income |
| Joint
ventures and associates | | | | | | |
| Agiba
Petroleum Co | 2 | 154 | | | 145 | |
| Azule
Group | 310 | 133 | 3,213 | 40 | 928 | |
| Coral
FLNG SA | 10 | 2 | 1,355 | 4 | | |
| Karachaganak
Petroleum Operating BV | 19 | 224 | | | 584 | |
| Mellitah
Oil & Gas BV | 55 | 175 | | 2 | 101 | |
| Petrobel
Belayim Petroleum Co | 39 | 674 | | | 418 | |
| Saipem
Group | 1 | 266 | 9 | 1 | 677 | |
| SeaCorridor
Group | 24 | 26 | | | 193 | |
| Società
Oleodotti Meridionali SpA | 12 | 449 | | 9 | 6 | |
| Société
Centrale Electrique du Congo SA | 51 | | | 40 | | |
| Vår
Energi ASA | 45 | 525 | 2,093 | 32 | 2,085 | (94) |
| Vårgrønn
Group | 1 | | 1,288 | | | |
| Other () | 124 | 78 | 9 | 64 | 90 | |
| | 693 | 2,706 | 7,967 | 192 | 5,227 | (94) |
| Unconsolidated
entities controlled by Eni | | | | | | |
| Eni
BTC Ltd | | | 187 | | | |
| Industria
Siciliana Acido Fosforico - ISAF - SpA (in liquidation) | 145 | 4 | 1 | 6 | | |
| Other | 13 | 7 | 12 | 4 | 10 | |
| | 158 | 11 | 200 | 10 | 10 | |
| | 851 | 2,717 | 8,167 | 202 | 5,237 | (94) |
| Entities
controlled by the Government | | | | | | |
| Enel
Group | 152 | 247 | | 28 | 207 | (27) |
| GSE
- Gestore Servizi Energetici | 160 | 152 | | 1,139 | 973 | 100 |
| ITA
Airways - Italia Trasporto Aereo SpA | 2 | | | 105 | | |
| Italgas
Group | 1 | 71 | | 6 | (258) | |
| Snam
Group | 487 | 17 | | 605 | 754 | |
| Terna
Group | 73 | 68 | | 212 | 172 | 6 |
| Other () | 13 | 64 | | 43 | 39 | |
| | 888 | 619 | | 2,138 | 1,887 | 79 |
| Other
related parties | | 3 | | | 12 | |
| Groupement
Sonatrach – Eni «GSE» | 215 | 70 | | 16 | 218 | |
| | 1,954 | 3,409 | 8,167 | 2,356 | 7,354 | (15) |

(*) Each individual amount included herein was lower than €50 million.

Field: Page; Sequence: 91

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 85

| (€
million) | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | December
31, 2022 | | | First
Half 2022 | | |
| Name | Receivables
and other assets | Payables and other liabilities | Guarantees | Revenues | Costs | Other
operating (expense) income |
| Joint
ventures and associates | | | | | | |
| Agiba
Petroleum Co | 17 | 71 | | | 107 | |
| Angola
LNG Ltd | | | | | 78 | |
| Azule
Group | 320 | 517 | 3,268 | | | |
| Coral
FLNG SA | 10 | | 1,378 | 6 | | |
| Karachaganak
Petroleum Operating BV | 27 | 251 | | | 590 | |
| Mellitah
Oil & Gas BV | 58 | 144 | | 3 | 99 | |
| Petrobel
Belayim Petroleum Co | 33 | 595 | | | 417 | |
| Saipem
Group | 3 | 195 | 9 | 3 | 42 | |
| Società
Oleodotti Meridionali SpA | 6 | 433 | | 8 | 6 | |
| Société
Centrale Electrique du Congo SA | 47 | | | 33 | | |
| Vår
Energi ASA | 58 | 722 | 2,378 | 49 | 1,918 | (168) |
| Vårgrønn
Group | | | 1,259 | | | |
| Other () | 127 | 76 | 9 | 81 | 173 | |
| | 706 | 3,004 | 8,301 | 183 | 3,430 | (168) |
| Unconsolidated
entities controlled by Eni | | | | | | |
| Eni
BTC Ltd | | | 190 | | | |
| Industria
Siciliana Acido Fosforico - ISAF - SpA (in liquidation) | 139 | 4 | 1 | 8 | | |
| Other | 8 | 10 | 11 | 6 | 8 | |
| | 147 | 14 | 202 | 14 | 8 | |
| | 853 | 3,018 | 8,503 | 197 | 3,438 | (168) |
| Entities
controlled by the Government | | | | | | |
| Enel
Group | 438 | 264 | | 57 | 194 | 399 |
| GSE
- Gestore Servizi Energetici | 207 | 225 | | 2,529 | 1,661 | 1,136 |
| ITA
Airways - Italia Trasporto Aereo SpA | 3 | | | 60 | | |
| Italgas
Group | 218 | 8 | | 2 | 244 | |
| Snam
Group | 763 | 25 | | 449 | 506 | |
| Terna
Group | 119 | 159 | | 242 | 269 | (2) |
| Other () | 14 | 82 | | 16 | 54 | |
| | 1,762 | 763 | | 3,355 | 2,928 | 1,533 |
| Other
related parties | | 2 | | | 15 | |
| Groupement
Sonatrach – Eni «GSE» | 179 | 114 | | 17 | 164 | |
| | 2,794 | 3,897 | 8,503 | 3,569 | 6,545 | 1,365 |

(*) Each individual amount included herein was lower than €50 million.

The most significant transactions with joint ventures, associates and unconsolidated subsidiaries concerned:

| • | Eni’s
share of expenses incurred to develop oil fields from Agiba Petroleum Co, Karachaganak
Petroleum Operating BV, Mellitah Oil & Gas BV, Petrobel Belayim Petroleum Co, Groupement
Sonatrach - Eni “GSE” and, only for Karachaganak Petroleum Operating BV,
purchase of crude oil by Eni Trade & Biofuels SpA; services charged to Eni’s
associates are invoiced on the basis of incurred costs; |
| --- | --- |
| • | supply
of upstream specialist services and a guarantee issued on a pro-quota basis granted to
Coral FLNG SA on behalf of the Consortium TJS for the contractual obligations assumed
following the award of the EPCIC contract for the construction of a floating gas liquefaction
plant; |
| • | receivables
for divestment activities linked to the business combination, purchase of crude oil and
guarantees for leasing contracts of FPSO vessels with Azule Group; |
| • | engineering,
construction and drilling services by Saipem Group mainly for the Exploration & Production
segment; |
| • | acquisition
of transport services from SeaCorridor Group; |
| • | guarantees
issued in the interest of Vårgrønn Group in relation to the Dogger Bank
offshore wind project; |
| • | the
sale of gas to Société Centrale Electrique du Congo SA; |
| • | advances
received from Società Oleodotti Meridionali SpA for the infrastructure upgrade
of the crude oil transport system at the Taranto refinery; |
| • | guarantees
issued in compliance with contractual agreements in the interest of Vår Energi
ASA, the supply of upstream specialist services and maritime transport, the purchase
of crude oil, condensates and gas and the realized |

Field: Page; Sequence: 92

Field: /Page

86 ENI INTERIM CONSOLIDATED REPORT 2023

part of the forward contracts for the purchase of gas;

• a guarantee issued in relation to Eni BTC Ltd for the construction of an oil pipeline;

• services for environmental restoration to Industria Siciliana Acido Fosforico - ISAF SpA (in liquidation).

The most significant transactions with entities controlled by the Italian Government concerned:

• sale of fuel, sale and purchase of gas, purchase of LNG, acquisition of power distribution services and derivative financial instruments with Enel Group;

• acquisition of natural gas transportation, distribution and storage services from Snam Group and Italgas Group on the basis of the tariffs set by the Italian Regulatory Authority for Energy, Networks and Environment, including tariff concessions recognized to customers reimbursed by distributors, and with Snam Group the receivable for divestment relating to the sale of the 49.9% share capital of SeaCorridor Srl and the purchase and sale of natural gas for granting the system balancing on the basis of prices referred to the quotations of the main energy commodities;

• acquisition of domestic electricity transmission service and sale and purchase of electricity for granting the system balancing based on prices referred to the quotations of the main energy commodities, and derivatives on commodities entered to hedge the price risk related to the utilization of transport capacity rights with Terna Group;

• sale and purchase of electricity, gas, environmental certificates, derivative financial instruments, sale of oil products and storage capacity with GSE - Gestore Servizi Energetici for the setting-up of a specific stock held by the Organismo Centrale di Stoccaggio Italiano (OCSIT) according to the Legislative Decree No. 249/12; the contribution to cover the charges deriving from the performance of OCSIT functions and activities and the contribution paid to GSE for the use of biomethane and other advanced biofuels in the transport sector;

• the sale of jet fuel to ITA Airways - Italia Trasporto Aereo SpA.

Transactions with other related parties concerned:

• provisions to pension funds managed by Eni of €10 million;

• contributions and service provisions to Eni Enrico Mattei Foundation for €2 million.

FINANCING TRANSACTIONS AND BALANCES WITH RELATED PARTIES

| (€
million) | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | June
30, 2023 | | | First
Half 2023 | | |
| Name | Receivables
and cash and cash equivalents | Payables | Guarantees | Finance
income | Finance Expense | Gain
on disposals |
| Joint
ventures and associates | | | | | | |
| Coral
FLNG SA | 383 | | | | 2 | |
| Coral
South FLNG DMCC | | | 1,474 | | | |
| Mozambique
Rovuma Venture SpA | 1,233 | 50 | | 49 | 1 | |
| Saipem
Group | | 106 | | | 3 | |
| Other () | 79 | 29 | 1 | 20 | 8 | 1 |
| | 1,695 | 185 | 1,475 | 69 | 14 | 1 |
| Unconsolidated
entities controlled by Eni | | | | | | |
| Other | 8 | 39 | | | | |
| | 8 | 39 | | | | |
| Entities
controlled by the Government | | | | | | |
| Cassa
Depositi e Prestiti Group | | 56 | | | 1 | |
| Snam
Group | | | | | | 408 |
| Other | 4 | 25 | | | 2 | 1 |
| | 4 | 81 | | | 3 | 409 |
| | 1,707 | 305 | 1,475 | 69 | 17 | 410 |
| ()
Each individual amount included herein was lower than €50 million. | | | | | | |

Field: Page; Sequence: 93

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 87

| (€
million) | | | | | |
| --- | --- | --- | --- | --- | --- |
| | December
31, 2022 | | | First
Half 2022 | |
| Name | Receivables
and cash and cash equivalents | Payables | Guarantees | Finance
income | Finance Expense |
| Joint
ventures and associates | | | | | |
| Coral
FLNG SA | 356 | | | | 57 |
| Coral
South FLNG DMCC | | | 1,499 | | 1 |
| Mozambique
Rovuma Venture SpA | 1,187 | 57 | | 22 | 8 |
| Saipem
Group | | 100 | | 14 | 1 |
| Other () | 96 | 28 | 2 | 29 | 11 |
| | 1,639 | 185 | 1,501 | 65 | 78 |
| Unconsolidated
entities controlled by Eni | | | | | |
| Other | 8 | 31 | | 1 | 1 |
| | 8 | 31 | | 1 | 1 |
| Entities
controlled by the Government | | | | | |
| Enel
Group | | 176 | | | |
| Other | 10 | 40 | | | |
| | 10 | 216 | | | |
| | 1,657 | 432 | 1,501 | 66 | 79 |
| ()
Each individual amount included herein was lower than €50 million. | | | | | |

The most significant transactions with joint ventures, associates and unconsolidated subsidiaries concerned:

• the financing loan granted to Coral FLNG SA for the construction of a floating gas liquefaction plant in Area 4 offshore Mozambique;

• a bank debt guarantee issued on behalf of Coral South FLNG DMCC as part of the project financing of the Coral FLNG development project;

• the loan granted to Mozambique Rovuma Venture SpA for the development of offshore gas reserves in Mozambique;

• liabilities for leased assets with Saipem Group related to long-term contracts for the use of drilling rigs.

The most significant transactions with entities controlled by the Italian Government concerned:

• finance debt for the realization of charging infrastructures for electric vehicles with Cassa e Depositi e Prestiti Group;

• capital gain from the sale to Snam Group of the 49.9% share capital of SeaCorridor Srl.

Impact of transactions and positions with related parties on the balance sheet, profit and loss account and statement of cash flows

The impact of transactions and positions with related parties on the balance sheet accounts consisted of the following:

| (€
million) | June
30, 2023 — Total | Related
parties | Impact
% | December
31, 2022 — Total | Related
parties | Impact
% |
| --- | --- | --- | --- | --- | --- | --- |
| Cash and cash equivalent | 11,417 | 4 | 0.04 | 10,155 | 10 | 0.10 |
| Other
current financial assets | 849 | 17 | 2.00 | 1,504 | 16 | 1.06 |
| Trade
and other receivables | 14,845 | 1,812 | 12.21 | 20,840 | 2,427 | 11.65 |
| Other
current assets | 6,185 | 118 | 1.91 | 12,821 | 341 | 2.66 |
| Other
non-current financial assets | 2,043 | 1,686 | 82.53 | 1,967 | 1,631 | 82.92 |
| Other
non-current assets | 2,365 | 24 | 1.01 | 2,236 | 26 | 1.16 |
| Short-term
debt | 2,610 | 143 | 5.48 | 4,446 | 307 | 6.91 |
| Current
portion of long-term debt | 4,084 | 24 | 0.59 | 3,097 | 36 | 1.16 |
| Current
portion of non-current lease liabilities | 853 | 31 | 3.63 | 884 | 35 | 3.96 |
| Trade
and other payables | 17,466 | 2,811 | 16.09 | 25,709 | 3,203 | 12.46 |
| Other
current liabilities | 6,806 | 124 | 1.82 | 12,473 | 232 | 1.86 |
| Long-term
debt | 22,043 | 96 | 0.44 | 19,374 | 26 | 0.13 |
| Non-current
lease liabilities | 3,873 | 11 | 0.28 | 4,067 | 28 | 0.69 |
| Other
non-current liabilities | 3,410 | 474 | 13.90 | 3,234 | 462 | 14.29 |

Field: Page; Sequence: 94

Field: /Page

88 ENI INTERIM CONSOLIDATED REPORT 2023

The impact of transactions with related parties on the profit and loss accounts consisted of the following:

| (€
million) | First
Half, 2023 — Total | Related
parties | Impact
% | First
Half, 2022 — Total | Related
parties | Impact
% |
| --- | --- | --- | --- | --- | --- | --- |
| Sales from operations | 46,776 | 2,283 | 4.88 | 63,685 | 3,497 | 5.49 |
| Other
income and revenues | 414 | 73 | 17.63 | 618 | 72 | 11.65 |
| Purchases,
services and other | (37,107) | (7,349) | 19.80 | (46,882) | (6,536) | 13.94 |
| Net
(impairments) reversals of trade and other receivables | (60) | (2) | 3.33 | (165) | | |
| Payroll
and related costs | (1,540) | (3) | 0.19 | (1,548) | (9) | 0.58 |
| Other
operating income (expense) | 41 | (15) | .. | (774) | 1,365 | .. |
| Finance
income | 3,196 | 69 | 2.16 | 3,456 | 66 | 1.91 |
| Finance
expense | (3,552) | (17) | 0.48 | (3,805) | (79) | 2.08 |
| Other
income (expense) from investments | 915 | 410 | 44.81 | 659 | | |

Main cash flows with related parties are provided below:

| (€
million) | First
Half 2023 | First
Half 2022 |
| --- | --- | --- |
| Revenues and other income | 2,356 | 3,569 |
| Costs
and other expenses | (6,146) | (6,047) |
| Other
operating income (loss) | (15) | 1,365 |
| Net
change in trade and other receivables and payables | 332 | (414) |
| Net
interests | 52 | 30 |
| Net
cash provided from operating activities | (3,421) | (1,497) |
| Capital
expenditure in tangible and intangible assets | (1,206) | (498) |
| Divestments | 440 | |
| Net
change in accounts payable and receivable in relation to investments | 17 | 164 |
| Change
in financial receivables | (143) | (19) |
| Net
cash used in investing activities | (892) | (353) |
| Change
in financial and lease liabilities | (205) | (7) |
| Net
cash used in financing activities | (205) | (7) |
| Change
in cash and cash equivalents | (6) | |
| Total
financial flows to related parties | (4,518) | (1,857) |

The impact of cash flows with related parties consisted of the following:

| (€
million) | First
Half, 2023 — Total | Related
parties | Impact
% | First
Half, 2022 — Total | Related
parties | Impact
% |
| --- | --- | --- | --- | --- | --- | --- |
| Net cash provided
from operating activities | 7,425 | (3,421) | .. | 7,281 | (1,497) | .. |
| Net
cash used in investing activities | (5,032) | (892) | 17.73 | (1,630) | (353) | 21.66 |
| Net
cash used in financing activities | (1,142) | (205) | 17.95 | (3,062) | (7) | 0.23 |

Field: Page; Sequence: 95

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 89

33 Significant non-recurring events and operations

In the first half 2023 and 2022, Eni did not report any non-recurring events and operations.

34 Positions or transactions deriving from atypical and/or unusual operations

In the first half 2023 and 2022, no transactions deriving from atypical and/or unusual operations were reported.

35 Subsequent events

On July 31, 2023, Eni and Edison signed an agreement which establishes the collaboration between the two companies for the management of the environmental remediation projects in all the industrial sites previously conferred by Montedison to Enichem (1989). The agreement will regulate the joint liability relating to the remediation measures, already started in the previous years by Eni, Eni Rewind and Versalis, in execution of the decisions settled by the Ministry of the Environment. The agreement establishes a new season of cooperation between Eni and Edison which will capitalize on the experience and technologies acquired by Eni Rewind and Edison Next Environment. The remediation activities will proceed in continuity.

Field: Page; Sequence: 96

Field: /Page

90 ENI INTERIM CONSOLIDATED REPORT 2023

Certification pursuant to article 154-bis, paragraph 5 of the Legislative Decree No. 58/1998 (Testo Unico della Finanza)

1. The undersigned Claudio Descalzi and Francesco Esposito, in their quality as Chief Executive Officer and Officer responsible for the preparation of financial reports of Eni, also pursuant to article 154-bis, paragraphs 3 and 4 of Legislative Decree No. 58 of February 24, 1998, certify that internal controls over financial reporting in place for the preparation of the condensed consolidated interim financial statements as of June 30, 2023 and during the period covered by the report, were:

● adequate to the Company structure, and

● effectively applied during the process of preparation of the report.

1. Internal controls over financial reporting in place for the preparation of the 2023 condensed consolidated interim financial statements have been defined and the evaluation of their effectiveness has been assessed based on principles and methodologies adopted by Eni in accordance with the Internal Control-Integrated Framework Model issued by the Committee of Sponsoring Organizations of the Treadway Commission, which represents an internationally-accepted framework for the internal control system.

2. The undersigned officers also certify that:

3.1 Condensed consolidated interim financial statements as of June 30, 2023:

a) have been prepared in accordance with applicable international accounting standards adopted by the European Community pursuant to Regulation (CE) n. 1606/2002 of the European Parliament and European Council of July 19, 2002;

b) correspond to the accounting books and entries;

c) fairly and truly represent the financial position, the performance and the cash flows of the issuer and the companies included in the consolidation.

3.2 The interim operating and financial review includes a reliable analysis of the material events occurred during the first half of 2023 and their impact on condensed consolidated interim financial statements, as well as a description of the main risks and uncertainties for the second half of the year. The interim operating and financial review contains a reliable analysis of the disclosure on significant related-partly transaction.

July 27, 2023

/s/ Claudio Descalzi	/s/ Francesco Esposito
Claudio Descalzi	Francesco Esposito
Chief Executive Officer	Officer responsible for the
	preparation of financial reports

Field: Page; Sequence: 97

Field: /Page

Report of Independent Auditors 91

REVIEW REPORT ON THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

ENI SPA

30 JUNE 2023

Field: Page; Sequence: 98

Field: /Page

92

REVIEW REPORT ON THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

To the Shareholders of

Eni SpA

Foreword

We have reviewed the condensed consolidated interim financial statements of Eni SpA and its subsidiaries (Eni Group) as of 30 June 2023, comprising the balance sheet, the profit and loss account, the statement of comprehensive income, the statement of changes in shareholders’ equity, the statement of cash flows and related explanatory notes. The Directors of Eni SpA are responsible for the preparation of the condensed consolidated interim financial statements in accordance with the International Accounting Standard applicable to interim financial reporting (IAS 34) as adopted by the European Union. Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on our review.

Scope of Review

We conducted our work in accordance with the criteria for a review recommended by Consob in Resolution No. 10867 of 31 July 1997. A review of condensed consolidated interim financial statements consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than a full-scope audit conducted in accordance with International Standards on Auditing (ISA Italia) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the condensed consolidated interim financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated interim financial statements of Eni Group as of 30 June 2023 are not prepared, in all material respects, in accordance with the International Accounting Standard applicable to interim financial reporting (IAS 34) as adopted by the European Union.

Rome, 4 August 2023

PricewaterhouseCoopers SpA

Signed by

Massimo Rota

(Partner)

This report has been translated into English from the Italian original solely for the convenience of international readers

PricewaterhouseCoopers SpA

Sede legale: Milano 20145 Piazza Tre Torri 2 Tel. 02 77851 Fax 02 7785240 Capitale Sociale Euro 6.890.000,00 i.v. C.F. e P.IVA e Reg. Imprese Milano Monza Brianza Lodi 12979880155 Iscritta al n° 119644 del Registro dei Revisori Legali - Altri Uffici: Ancona 60131 Via Sandro Totti 1 Tel. 071 2132311 - Bari 70122 Via Abate Gimma 72 Tel. 080 5640211 - Bergamo 24121 Largo Belotti 5 Tel. 035 229691 - Bologna 40126 Via Angelo Finelli 8 Tel. 051 6186211 - Brescia 25121 Viale Duca d’Aosta 28 Tel. 030 3697501 - Catania 95129 Corso Italia 302 Tel. 095 7532311 - Firenze 50121 Viale Gramsci 15 Tel. 055 2482811 - Genova 16121 Piazza Piccapietra 9 Tel. 010 29041 - Napoli 80121 Via dei Mille 16 Tel. 081 36181 - Padova 35138 Via Vicenza 4 Tel. 049 873481 - Palermo 90141 Via Marchese Ugo 60 Tel. 091 349737 - Parma 43121 Viale Tanara 20/A Tel. 0521 275911 - Pescara 65127 Piazza Ettore Troilo 8 Tel. 085 4545711 - Roma 00154 Largo Fochetti 29 Tel. 06 570251 - Torino 10122 Corso Palestro 10 Tel. 011 556771 - Trento 38122 Viale della Costituzione 33 Tel. 0461 237004 - Treviso 31100 Viale Felissent 90 Tel. 0422 696911 - Trieste 34125 Via Cesare Battisti 18 Tel. 040 3480781 - Udine 33100 Via Poscolle 43 Tel. 0432 25789 - Varese 21100 Via Albuzzi 43 Tel. 0332 285039 - Verona 37135 Via Francia 21/C Tel. 045 8263001 - Vicenza 36100 Piazza Pontelandolfo 9 Tel. 0444 393311

www.pwc.com/it

Field: Page; Sequence: 99

Field: /Page

Field: Page; Sequence: 100

Field: /Page

ANNEX Annex to the notes on consolidated financial statements as of June 30, 2023 95 Investments owned by Eni as of June 30, 2023 95 Changes in the scope of consolidation for the first half 2023 133

Field: Page; Sequence: 101

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 95

ANNEX TO THE NOTES ON CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023

Investments owned by Eni SpA as of June 30, 2023

In accordance with the provisions of articles 38 and 39 of the Legislative Decree No. 127/1991 and Consob communication No. DEM/6064293 of July 28, 2006, the list of subsidiaries, joint arrangements and associates and significant investments owned by Eni SpA as of June 30, 2023, is presented below. Companies are divided by business segment and, within each segment, they are ordered between Italy and outside Italy and alphabetically.

For each company are indicated: company name, registered head office, operating office, share capital, shareholders, and percentage of ownership; for consolidated subsidiaries is indicated the equity ratio attributable to Eni; for unconsolidated investments owned by consolidated companies is indicated the valuation method. In the footnotes are indicated which investments are quoted in the Italian regulated markets or in other regulated markets of the European Union and the percentage of the ordinary voting rights entitled to shareholders if different from the percentage of ownership. The currency codes indicated are reported in accordance with the International Standard ISO 4217.

As of June 30, 2023, the breakdown of the companies owned by Eni is provided in the table below:

	Subsidiaries — Italy	Outside Italy	Total	Joint arrangements and associates — Italy	Outside Italy	Total	Other significant investments (a) — Italy	Outside Italy	Total
Fully consolidated subsidiaries	109	247	356
Consolidated joint operations				3	6	9
Investments owned by consolidated companies (b)
Equity-accounted investments	3	37	40	32	53	85
Investments at cost net of impairment losses	5	4	9	3	24	27
Investments at fair value							3	22	25
	8	41	49	35	77	112	3	22	25
Investments owned by unconsolidated companies
Owned by controlled companies		1	1		4	4
Owned by joint arrangements				1	8	9
		1	1	1	12	13
Total	117	289	406	39	95	134	3	22	25

(a) Relates to investments other than subsidiaries, joint arrangements and associates with an ownership interest greater than 2% for listed companies or 10% for unlisted companies.

(b) Investments in subsidiaries accounted for using the equity method and at cost net of impairment losses relate to non-significant companies.

SUBSIDIARIES RESIDENT IN STATES OR TERRITORY WITH A PRIVILEGED TAX REGIME

The Legislative Decree of November 29, 2018, No. 241, enforcing the EU Directive rules in the matter of tax avoidance practices, modified the definition of a State or territory with a privileged tax regime pursuant to art. 47-bis of the D.P.R. December 22, 1986, No. 917. Following the aforementioned amendments and the amendments to art. 167 of the D.P.R. December 22, 1986, No. 917, the provisions regarding foreign subsidiaries, CFC, are applied if the non-resident controlled entities jointly present the following conditions: a) they are subject to an effective taxation of less than half to which they would have been subject if they were resident in Italy; b) more than one third of the proceeds fall into one or more of the following categories: interests, royalties, dividends, financial leasing income, income from insurance and banking activities, income and sale from intra-group services with low or zero added economic value. As of June 30, 2023, Eni controls 5 companies that benefit from a privileged tax regime.

These 5 companies are subject to taxation in Italy because they are included in Eni's tax return.

No subsidiary that benefits from a privileged tax regime has issued financial instruments. All the financial statements for 2023 will be subject to external audit.

Field: Page; Sequence: 102

Field: /Page

96 ENI INTERIM CONSOLIDATED REPORT 2023

| PARENT
COMPANY — Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | % Ownership |
| --- | --- | --- | --- | --- | --- | --- |
| Eni
SpA (#) | Rome | Italy | EUR | 4,005,358,876 | Cassa Depositi
e Prestiti SpA | 27.73 |
| | | | | | Ministero dell’Economia e delle
Finanze | 4.67 |
| | | | | | Eni SpA | 1.90 |
| | | | | | Other
shareholders | 65.70 |

SUBSIDIARIES
EXPLORATION
& PRODUCTION
IN
ITALY

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | % Ownership | % Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Eni
Mediterranea Idrocarburi SpA | Gela
(CL) | Italy | EUR | 5,200,000 | Eni
SpA | 100.00 | 100.00 | F.C. |
| Eni
Mozambico SpA | San
Donato | Mozambique | EUR | 200,000 | Eni
SpA | 100.00 | 100.00 | F.C. |
| | Milanese
(MI) | | | | | | | |
| Eni
Natural Energies SpA | San
Donato | Italy | EUR | 100,000 | Eni
SpA | 100.00 | 100.00 | F.C. |
| | Milanese
(MI) | | | | | | | |
| Eni
Timor Leste SpA | San
Donato | East
Timor | EUR | 4,386,849 | Eni
SpA | 100.00 | 100.00 | F.C. |
| | Milanese
(MI) | | | | | | | |
| Eni
West Africa SpA | San Donato | Angola | EUR | 1,000,000 | Eni SpA | 100.00 | | Eq. |
| | Milanese
(MI) | | | | | | | |
| Floaters
SpA | San
Donato | Italy | EUR | 200,120,000 | Eni
SpA | 100.00 | 100.00 | F.C. |
| | Milanese
(MI) | | | | | | | |
| Ieoc
SpA | San Donato | Egypt | EUR | 7,518,000 | Eni SpA | 100.00 | 100.00 | F.C. |
| | Milanese
(MI) | | | | | | | |
| Società Petrolifera
Italiana SpA | San Donato | Italy | EUR | 8,034,400 | Eni SpA | 99.96 | 99.96 | F.C. |
| | Milanese
(MI) | | | | Third
parties | 0.04 | | |

(*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value

(#) Company with shares quoted on regulated market of Italy or of other EU countries.

Field: Page; Sequence: 103; Options: NewSection

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 97

| OUTSIDE
ITALY — Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Agip
Caspian Sea BV | Amsterdam | Kazakhstan | EUR | 20,005 | Eni
International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Agip
Energy and Natural | Abuja | Nigeria | NGN | 5,000,000 | Eni International
BV | 95.00 | 100.00 | F.C. |
| Resources (Nigeria) Ltd | (Nigeria) | | | | Eni Oil Holdings BV | 5.00 | | |
| Agip
Karachaganak BV | Amsterdam | Kazakhstan | EUR | 20,005 | Eni International
BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Burren
Energy (Bermuda) Ltd (1) | Hamilton | United | USD | 12,002 | Burren
Energy Plc | 100.00 | 100.00 | F.C. |
| | (Bermuda) | Kingdom | | | | | | |
| Burren Energy (Egypt) Ltd | London | Egypt | GBP | 2 | Burren Energy Plc | 100.00 | | Eq. |
| | (United Kingdom) | | | | | | | |
| Burren
Energy Congo Ltd (2) | Tortola | Republic | USD | 50,000 | Burren
En. (Berm) Ltd | 100.00 | 100.00 | F.C. |
| | (British Virgin | of the Congo | | | | | | |
| | Islands) | | | | | | | |
| Burren Energy India Ltd | London | United | GBP | 2 | Burren Energy Plc | 100.00 | 100.00 | F.C. |
| | (United Kingdom) | Kingdom | | | | | | |
| Burren
Energy Plc | London | United | GBP | 28,819,023 | Eni UK
Holding Plc | 99.99 | 100.00 | F.C. |
| | (United
Kingdom) | Kingdom | | | Eni
UK Ltd | (..) | | |
| Burren Shakti Ltd (1) | Hamilton | United | USD | 213,138 | Burren En. India Ltd | 100.00 | 100.00 | F.C. |
| | (Bermuda) | Kingdom | | | | | | |
| Eni
Abu Dhabi BV (3) | Amsterdam | United
Arab | EUR | 20,000 | Eni International
BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | Emirates | | | | | | |
| Eni
Albania BV | Amsterdam | Albania | EUR | 20,000 | Eni
International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni Algeria Exploration
BV | Amsterdam | Algeria | EUR | 20,000 | Eni International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni
Algeria Ltd Sàrl | Luxembourg | Algeria | USD | 20,000 | Eni Oil
Holdings BV | 100.00 | 100.00 | F.C. |
| | (Luxembourg) | | | | | | | |
| Eni Algeria Production
BV | Amsterdam | Algeria | EUR | 20,000 | Eni International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni
Ambalat Ltd | London | Indonesia | GBP | 1 | Eni Indonesia
Ltd | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | | | | | | | |
| Eni America Ltd | Dover | USA | USD | 72,000 | Eni UHL Ltd | 100.00 | 100.00 | F.C. |
| | (USA) | | | | | | | |
| Eni
Argentina Exploración y | Buenos
Aires | Argentina | ARS | 31,997,266 | Eni International
BV | 95.00 | 100.00 | F.C. |
| Explotación
SA | (Argentina) | | | | Eni
Oil Holdings BV | 5.00 | | |
| Eni
Arguni I Ltd | London | Indonesia | GBP | 1 | Eni
Indonesia Ltd | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | | | | | | | |
| Eni Australia BV | Amsterdam | Australia | EUR | 20,000 | Eni International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni
Australia Ltd | London | Australia | GBP | 20,000,000 | Eni
International BV | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | | | | | | | |
| Eni
Bahrain BV | Amsterdam | Bahrain | EUR | 20,000 | Eni
International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |

(*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value.

(1) Company that benefits from a privileged tax regime pursuant to art. 167, paragraph 4 of the D.P.R. of December 22, 1986, n. 917: the income attributable to the Group is subject to taxation in Italy.

(2) Company that does not benefit from a privileged tax regime pursuant to art. 167, paragraph 4 of the D.P.R. of December 22, 1986, n. 917: the company operates with permanent establishment in Congo and the tax rate is not lower than 50% of that current in Italy.

(3) Company that does not benefit from a privileged tax regime pursuant to art. 167, paragraph 4 of the D.P.R. of December 22, 1986, n. 917: the company operates with permanent establishment in the United Arab Emirates and the nominal tax rate is not lower than 50% of that current in Italy.

Field: Page; Sequence: 104

Field: /Page

98 ENI INTERIM CONSOLIDATED REPORT 2023

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Eni
BB Petroleum Inc | Dover | USA | USD | 1,000 | Eni
Petroleum Co Inc | 100.00 | 100.00 | F.C. |
| | (USA) | | | | | | | |
| Eni
BTC Ltd | London | United | GBP | 1 | Eni
International BV | 100.00 | | Eq. |
| | (United
Kingdom) | Kingdom | | | | | | |
| Eni Bukat Ltd | London | Indonesia | GBP | 1 | Eni Indonesia Ltd | 100.00 | 100.00 | F.C. |
| | (United Kingdom) | | | | | | | |
| Eni
Canada Holding Ltd | Calgary | Canada | USD | 3,938,200,001 | Eni International
BV | 100.00 | 100.00 | F.C. |
| | (Canada) | | | | | | | |
| Eni CBM Ltd | London | Indonesia | USD | 2,210,728 | Eni Lasmo Plc | 100.00 | | Eq. |
| | (United Kingdom) | | | | | | | |
| Eni
CCUS Holding Ltd | London | United | GBP | 10,000 | Eni UK
Ltd | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | Kingdom | | | | | | |
| Eni
China BV | Amsterdam | China | EUR | 20,000 | Eni
International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni
Congo SAU | Pointe-Noire | Republic | USD | 500,000 | Eni E&P Holding BV | 100.00 | 100.00 | F.C. |
| | (Republic | of the Congo | | | | | | |
| | of the Congo) | | | | | | | |
| Eni
Côte d'Ivoire Ltd | London | Ivory
Coast | GBP | 1 | Eni Lasmo
Plc | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | | | | | | | |
| Eni Cyprus Ltd | Nicosia | Cyprus | EUR | 2,010 | Eni International BV | 100.00 | 100.00 | F.C. |
| | (Cyprus) | | | | | | | |
| Eni do Brasil Investimentos
em | Rio de Janeiro | Brazil | BRL | 1,596,052,720 | Eni International BV | 99.99 | | Eq. |
| Exploração
e Produção de Petróleo Ltda | (Brazil) | | | | Eni Oil Holdings BV | (..) | | |
| Eni
East Ganal Ltd | London | Indonesia | GBP | 1 | Eni Indonesia
Ltd | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | | | | | | | |
| Eni East Sepinggan Ltd | London | Indonesia | GBP | 1 | Eni Indonesia Ltd | 100.00 | 100.00 | F.C. |
| | (United Kingdom) | | | | | | | |
| Eni
Elgin/Franklin Ltd | London | United | GBP | 100 | Eni UK
Ltd | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | Kingdom | | | | | | |
| Eni Energy Russia BV | Amsterdam | Netherlands | EUR | 20,000 | Eni International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni
Exploration & Production | Amsterdam | Netherlands | EUR | 29,832,777.12 | Eni International
BV | 100.00 | 100.00 | F.C. |
| Holding
BV | (Netherlands) | | | | | | | |
| Eni Gabon SA | Libreville | Gabon | XAF | 57,088,000,000 | Eni International BV | 100.00 | 100.00 | F.C. |
| | (Gabon) | | | | | | | |
| Eni
Ganal Ltd | London | Indonesia | GBP | 2 | Eni Indonesia
Ltd | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | | | | | | | |
| Eni
Gas & Power LNG Australia BV | Amsterdam | Australia | EUR | 1,013,439 | Eni
International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni Ghana Exploration and | Accra | Ghana | GHS | 21,412,500 | Eni International BV | 100.00 | 100.00 | F.C. |
| Production
Ltd | (Ghana) | | | | | | | |
| Eni
GoM Llc | Dover | USA | USD | 5,000 | Eni
Marketing Inc | 100.00 | 100.00 | F.C. |
| | (USA) | | | | | | | |
| Eni Hewett Ltd | Aberdeen | United | GBP | 3,036,000 | Eni UK Ltd | 100.00 | 100.00 | F.C. |
| | (United Kingdom) | Kingdom | | | | | | |
| Eni
Hydrocarbons Venezuela Ltd | London | Venezuela | GBP | 8,050,500 | Eni Lasmo
Plc | 100.00 | | Eq. |
| | (United
Kingdom) | | | | | | | |
| Eni
In Amenas Ltd | Aberdeen | Algeria | USD | 1 | Eni
Algeria Expl.BV | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | | | | | | | |

(*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value.

Field: Page; Sequence: 105

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 99

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Eni India Ltd | London | India | GBP | 44,000,000 | Eni Lasmo Plc | 100.00 | | Eq. |
| | (United
Kingdom) | | | | | | | |
| Eni Indonesia Ltd | London | Indonesia | GBP | 100 | Eni ULX Ltd | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | | | | | | | |
| Eni
Indonesia Ots 1 Ltd (4) | Grand
Cayman | Indonesia | USD | 1.01 | Eni
Indonesia Ltd | 100.00 | 100.00 | F.C. |
| | (Cayman
Islands) | | | | | | | |
| Eni
In Salah Ltd (5) | Nassau | Algeria | USD | 1,002 | Eni IS Exploration
Ltd | 60.48 | 100.00 | F.C. |
| | (Bahamas) | | | | Eni
Algeria Expl.BV | 39.52 | | |
| Eni
International NA NV Sàrl | Luxembourg | United | USD | 25,000 | Eni
International BV | 100.00 | 100.00 | F.C. |
| | (Luxembourg) | Kingdom | | | | | | |
| Eni
Investments Plc | London | United | GBP | 750,050,000 | Eni
SpA | 99.99 | 100.00 | F.C. |
| | (United
Kingdom) | Kingdom | | | Eni
UK Ltd | (..) | | |
| Eni
Iran BV | Amsterdam | Iran | EUR | 20,000 | Eni
International BV | 100.00 | | Eq. |
| | (Netherlands) | | | | | | | |
| Eni Iraq BV | Amsterdam | Iraq | EUR | 20,000 | Eni International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni
Ireland BV | Amsterdam | Ireland | EUR | 20,000 | Eni International
BV | 100.00 | | Co. |
| (in
liquidation) | (Netherlands) | | | | | | | |
| Eni Isatay BV | Amsterdam | Kazakhstan | EUR | 20,000 | Eni International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni
IS Exploration Ltd | London | United | GBP | 1 | Eni Algeria
Expl.BV | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | Kingdom | | | | | | |
| Eni
JPDA 03-13 Ltd | London | Australia | GBP | 250,000 | Eni
International BV | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | | | | | | | |
| Eni JPDA 06-105 Pty Ltd | Perth | Australia | AUD | 80,830,576 | Eni International BV | 100.00 | 100.00 | F.C. |
| | (Australia) | | | | | | | |
| Eni
JPDA 11-106 BV | Amsterdam | Australia | EUR | 50,000 | Eni International
BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni Kenya BV | Amsterdam | Kenya | EUR | 20,000 | Eni International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni
Krueng Mane Ltd | London | Indonesia | GBP | 2 | Eni Indonesia
Ltd | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | | | | | | | |
| Eni Lasmo Plc | London | United | GBP | 337,638,724.25 | Eni Investments Plc | 99.99 | 100.00 | F.C. |
| | (United Kingdom) | Kingdom | | | Eni UK Ltd | (..) | | |
| Eni
Lebanon BV | Amsterdam | Lebanon | EUR | 20,000 | Eni International
BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni Liverpool Bay Operating
Co Ltd | London | United | GBP | 1 | Eni UK Ltd | 100.00 | | Eq. |
| | (United Kingdom) | Kingdom | | | | | | |
| Eni
LNS Ltd | London | United | GBP | 1 | Eni UK
Ltd | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | Kingdom | | | | | | |
| Eni Marketing Inc | Dover | USA | USD | 1,000 | Eni Petroleum Co Inc | 100.00 | 100.00 | F.C. |
| | (USA) | | | | | | | |
| Eni
Maroc BV | Amsterdam | Morocco | EUR | 20,000 | Eni International
BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |

(*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value.

(4) Company that does not benefit from a privileged tax regime pursuant to art. 167, paragraph 4 of the D.P.R. of December 22, 1986, n. 917: the company is fiscally resident in the United Kingdom and operates with a permanent establishment in Indonesia with a tax rate not lower than 50% of that current in Italy.

(5) Company that does not benefit from a privileged tax regime pursuant to art. 167, paragraph 4 of the D.P.R. of December 22, 1986, n. 917: the company operates with permanent establishment in Algeria and the nominal tax rate is not lower than 50% of that current in Italy.

Field: Page; Sequence: 106

Field: /Page

100 ENI INTERIM CONSOLIDATED REPORT 2023

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Eni
México S. de RL de CV | Mexico
City | Mexico | MXN | 3,000 | | Eni
International BV | 99.90 | 100.00 | F.C. |
| | (Mexico) | | | | | Eni
Oil Holdings BV | 0.10 | | |
| Eni Middle East Ltd | London | United | GBP | 1 | | Eni ULT Ltd | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | Kingdom | | | | | | | |
| Eni MOG Ltd | London | United | GBP | 0 | (a) | Eni Lasmo Plc | 99.99 | 100.00 | F.C. |
| (in liquidation) | (United Kingdom) | Kingdom | | | | Eni LNS Ltd | (..) | | |
| Eni
Montenegro BV | Amsterdam | Republic
of | EUR | 20,000 | | Eni International
BV | 100.00 | | Eq. |
| | (Netherlands) | Montenegro | | | | | | | |
| Eni Mozambique Engineering
Ltd | London | United | GBP | 1 | | Eni Lasmo Plc | 100.00 | | Eq. |
| | (United
Kingdom) | Kingdom | | | | | | | |
| Eni
Mozambique LNG Holding BV | Amsterdam | Netherlands | EUR | 20,000 | | Eni
International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | | |
| Eni Muara Bakau BV | Amsterdam | Indonesia | EUR | 20,000 | | Eni International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | | |
| Eni
Myanmar BV | Amsterdam | Myanmar | EUR | 20,000 | | Eni International
BV | 100.00 | | Eq. |
| | (Netherlands) | | | | | | | | |
| Eni New Energy Egypt SAE | Cairo | Egypt | EGP | 250,000 | | Eni International BV | 99.98 | | Eq. |
| | (Egypt) | | | | | Ieoc Exploration BV | 0.01 | | |
| | | | | | | Ieoc
Production BV | 0.01 | | |
| Eni North Africa BV | Amsterdam | Libya | EUR | 20,000 | | Eni International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | | |
| Eni
North Ganal Ltd | London | Indonesia | GBP | 1 | | Eni Indonesia
Ltd | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | | | | | | | | |
| Eni Oil & Gas Inc | Dover | USA | USD | 100,800 | | Eni America Ltd | 100.00 | 100.00 | F.C. |
| | (USA) | | | | | | | | |
| Eni
Oil Algeria Ltd | London | Algeria | GBP | 1,000 | | Eni Lasmo
Plc | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | | | | | | | | |
| Eni Oil Holdings BV | Amsterdam | Netherlands | EUR | 450,000 | | Eni ULX Ltd | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | | |
| Eni
Oman BV | Amsterdam | Oman | EUR | 20,000 | | Eni International
BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | | |
| Eni Peri Mahakam Ltd | London | Indonesia | GBP | 1 | | Eni Indonesia Ltd | 100.00 | 100.00 | F.C. |
| | (United Kingdom) | | | | | | | | |
| Eni
Petroleum Co Inc | Dover | USA | USD | 156,600,000 | | Eni SpA | 63.86 | 100.00 | F.C. |
| | (USA) | | | | | Eni International BV | 36.14 | | |
| Eni
Petroleum US Llc | Dover | USA | USD | 1,000 | | Eni BB
Petroleum Inc | 100.00 | 100.00 | F.C. |
| | (USA) | | | | | | | | |
| Eni Qatar BV | Amsterdam | Qatar | EUR | 20,000 | | Eni International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | | |
| Eni
RAK BV (6) | Amsterdam | United
Arab | EUR | 20,000 | | Eni
International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | Emirates | | | | | | | |
| Eni Rapak Ltd | London | Indonesia | GBP | 2 | | Eni Indonesia Ltd | 100.00 | 100.00 | F.C. |
| | (United Kingdom) | | | | | | | | |
| Eni
RD Congo SA | Kinshasa | Democratic | CDF | 750,000,000 | | Eni International
BV | 99.99 | | Eq. |
| | (Democratic | Republic | | | | Eni Oil Holdings BV | (..) | | |
| | Republic | of the Congo | | | | | | | |
| | of
the Congo) | | | | | | | | |

(*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value.

(6) Company that does not benefit from a privileged tax regime pursuant to art. 167, paragraph 4 of the D.P.R.of December 22, 1986, n.917: the company operates with a permanent establishment in the United Arab Emirates and carries out an effective economic activity.

(a) Shares without nominal value.

Field: Page; Sequence: 107

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 101

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Eni Rovuma Basin BV | Amsterdam | Mozambique | EUR | 20,000 | Eni Mozamb. LNG H. BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni
Sharjah BV (6) | Amsterdam | United
Arab | EUR | 20,000 | Eni International
BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | Emirates | | | | | | |
| Eni South Africa BV | Amsterdam | Republic of | EUR | 20,000 | Eni International BV | 100.00 | | Eq. |
| | (Netherlands) | South Africa | | | | | | |
| Eni
South China Sea Ltd Sàrl | Luxembourg | China | USD | 20,000 | Eni International
BV | 100.00 | | Eq. |
| | (Luxembourg) | | | | | | | |
| Eni
TNS Ltd | Aberdeen | United | GBP | 1,000 | Eni
UK Ltd | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | Kingdom | | | | | | |
| Eni Tunisia BV | Amsterdam | Tunisia | EUR | 20,000 | Eni International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni
Turkmenistan Ltd (7) | Hamilton | Turkmenistan | USD | 20,000 | Burren
En. (Berm) Ltd | 100.00 | 100.00 | F.C. |
| | (Bermuda) | | | | | | | |
| Eni
UHL Ltd | London | United | GBP | 1 | Eni
ULT Ltd | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | Kingdom | | | | | | |
| Eni
UK Holding Plc | London | United | GBP | 424,050,000 | Eni
Lasmo Plc | 99.99 | 100.00 | F.C. |
| | (United
Kingdom) | Kingdom | | | Eni
UK Ltd | (..) | | |
| Eni
UK Ltd | London | United | GBP | 50,000,000 | Eni
International BV | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | Kingdom | | | | | | |
| Eni UKCS Ltd | London | United | GBP | 100 | Eni UK Ltd | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | Kingdom | | | | | | |
| Eni Ukraine Holdings BV | Amsterdam | Netherlands | EUR | 20,000 | Eni International BV | 100.00 | | Eq. |
| | (Netherlands) | | | | | | | |
| Eni Ukraine LLC | Kiev | Ukraine | UAH | 98,419,627.51 | Eni Ukraine
Hold. BV | 99.99 | | |
| (in
liquidation) | (Ukraine) | | | | Eni
International BV | 0.01 | | |
| Eni ULT Ltd | London | United | GBP | 93,215,492.25 | Eni Lasmo Plc | 100.00 | 100.00 | F.C. |
| | (United Kingdom) | Kingdom | | | | | | |
| Eni
ULX Ltd | London | United | GBP | 200,010,000 | Eni ULT
Ltd | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | Kingdom | | | | | | |
| Eni US Operating Co Inc | Dover | USA | USD | 1,000 | Eni Petroleum Co Inc | 100.00 | 100.00 | F.C. |
| | (USA) | | | | | | | |
| Eni
USA Gas Marketing Llc | Dover | USA | USD | 10,000 | Eni Marketing
Inc | 100.00 | 100.00 | F.C. |
| | (USA) | | | | | | | |
| Eni USA Inc | Dover | USA | USD | 1,000 | Eni Oil & Gas Inc | 100.00 | 100.00 | F.C. |
| | (USA) | | | | | | | |
| Eni
Venezuela BV | Amsterdam | Venezuela | EUR | 20,000 | Eni Venezuela
E&P H. | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni Venezuela E&P Holding
SA | Bruxelles | Belgium | USD | 254,443,200 | Eni International BV | 99.99 | 100.00 | F.C. |
| | (Belgium) | | | | Eni
Oil Holdings BV | (..) | | |
| Eni Vietnam BV | Amsterdam | Vietnam | EUR | 20,000 | Eni International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni
West Ganal Ltd | London | Indonesia | GBP | 1 | Eni Indonesia
Ltd | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | | | | | | | |
| Eni
West Timor Ltd | London | Indonesia | GBP | 1 | Eni
Indonesia Ltd | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | | | | | | | |

(*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value.

(6) Company that does not benefit from a privileged tax regime pursuant to art. 167, paragraph 4 of the D.P.R.of December 22, 1986, n.917: the company operates with a permanent establishment in the United Arab Emirates and carries out an effective economic activity.

(7) Company that does not benefit from a privileged tax regime pursuant to art. 167, paragraph 4 of the D.P.R. of December 22, 1986, n. 917: the company operates with permanent establishment in Turkmenistan and the nominal tax rate is not lower than 50% of that current in Italy.

Field: Page; Sequence: 108

Field: /Page

102 ENI INTERIM CONSOLIDATED REPORT 2023

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Eni
Yemen Ltd | London | United | GBP | 1,000 | Burren
Energy Plc | 100.00 | | Eq. |
| | (United
Kingdom) | Kingdom | | | | | | |
| Eurl Eni Algérie | Algeri | Algeria | DZD | 1,000,000 | Eni Algeria Ltd Sàrl | 100.00 | | Eq. |
| | (Algeria) | | | | | | | |
| Export
LNG Ltd | Hong Kong | Republic | USD | 322,325,000 | Eni SpA | 100.00 | 100.00 | F.C. |
| | (Hong
Kong) (Honk Kong) | of
the Congo | | | | | | |
| First
Calgary Petroleums LP | Wilmington | Algeria | USD | 1 | Eni
Canada Hold. Ltd | 99.99 | 100.00 | F.C. |
| | (USA) | | | | FCP
Partner Co ULC | 0.01 | | |
| First Calgary Petroleums | Calgary | Canada | CAD | 10 | Eni Canada Hold. Ltd | 100.00 | 100.00 | F.C. |
| Partner Co ULC | (Canada) | | | | | | | |
| Ieoc
Exploration BV | Amsterdam | Egypt | EUR | 20,000 | Eni International
BV | 100.00 | | Eq. |
| | (Netherlands) | | | | | | | |
| Ieoc Production BV | Amsterdam | Egypt | EUR | 20,000 | Eni International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Lasmo Sanga Sanga Ltd (8) | Hamilton | Indonesia | USD | 12,000 | Eni
Lasmo Plc | 100.00 | 100.00 | F.C. |
| | (Bermuda) | | | | | | | |
| Liverpool
Bay CCS Ltd | London | United | GBP | 10,000 | Eni
UK Ltd | 100.00 | | Eq. |
| | (United
Kingdom) | Kingdom | | | | | | |
| Liverpool
Bay Ltd | London | United | USD | 1 | Eni
ULX Ltd | 100.00 | | Eq. |
| | (United
Kingdom) | Kingdom | | | | | | |
| LLC "Eni Energhia" | Moscow | Russia | RUB | 2,000,000 | Eni Energy Russia BV | 99.90 | | Eq. |
| | (Russia) | | | | Eni Oil Holdings BV | 0.10 | | |
| Mizamtec
Operating | Mexico
City | Mexico | MXN | 3,000 | Eni US
Op. Co Inc | 99.90 | | Eq. |
| Company
S. de RL de CV | (Mexico) | | | | Eni
Petroleum Co Inc | 0.10 | | |
| Nigerian Agip CPFA Ltd | Lagos | Nigeria | NGN | 1,262,500 | NAOC Ltd | 98.02 | | Co. |
| | (Nigeria) | | | | Agip En Nat Res. Ltd | 0.99 | | |
| | | | | | Nigerian Agip E. Ltd | 0.99 | | |
| Nigerian
Agip Exploration Ltd | Abuja | Nigeria | NGN | 5,000,000 | Eni International
BV | 99.99 | 100.00 | F.C. |
| | (Nigeria) | | | | Eni
Oil Holdings BV | 0.01 | | |
| Nigerian Agip Oil Co Ltd | Abuja | Nigeria | NGN | 1,800,000 | Eni International BV | 99.89 | 100.00 | F.C. |
| | (Nigeria) | | | | Eni Oil Holdings BV | 0.11 | | |
| Zetah
Congo Ltd (9) | Nassau | Republic | USD | 300 | Eni Congo
SAU | 66.67 | | Co. |
| | (Bahamas) | of
the Congo | | | Burren
En. Congo Ltd | 33.33 | | |
| Zetah Kouilou Ltd (9) | Nassau | Republic | USD | 2,000 | Eni
Congo SAU | 54.50 | | Co. |
| | (Bahamas) | of the Congo | | | Burren En. Congo Ltd | 37.00 | | |
| | | | | | Third
parties | 8.50 | | |

(*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value.

(8) Company that does not benefit from a privileged tax regime pursuant to art. 167, paragraph 4 of the D.P.R. of December 22, 1986, n. 917: the company is fiscally resident in the United Kingdom and operates with permanent establishment in Indonesia and the nominal tax rate is not lower than 50% of that current in Italy.

(9) Company that benefits from a privileged tax regime pursuant to art. 167, paragraph 4 of the D.P.R. of December 22, 1986, n. 917: the income attributable to the Group is subject to taxation in Italy.

Field: Page; Sequence: 109

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 103

| GLOBAL
GAS & LNG PORTFOLIO |
| --- |
| IN
ITALY |

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Eni
Gas Transport Services Srl | San Donato | Italy | EUR | 120,000 | Eni SpA | 100.00 | | Co. |
| | Milanese
(MI) | | | | | | | |
| Eni Global Energy Markets
SpA | Rome | Italy | EUR | 41,233,720 | Eni SpA | 100.00 | 100.00 | F.C. |
| LNG
Shipping SpA | San Donato | Italy | EUR | 240,900,000 | Eni SpA | 100.00 | 100.00 | F.C. |
| | Milanese
(MI) | | | | | | | |

OUTSIDE ITALY

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Eni España Comercializadora | Madrid | Spain | EUR | 2,340,240 | Eni SpA | 100.00 | 100.00 | F.C. |
| de Gas SAU | (Spain) | | | | | | | |
| Eni
G&P Trading BV | Amsterdam | Turkey | EUR | 70,000 | Eni International
BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni Gas Liquefaction BV | Amsterdam | Netherlands | EUR | 20,000 | Eni International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |

(*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value.

Field: Page; Sequence: 110

Field: /Page

104 ENI INTERIM CONSOLIDATED REPORT 2023

| SUSTAINABLE
MOBILITY, REFINING AND CHEMICALS |
| --- |
| Sustainable
Mobility and Refining |
| IN
ITALY |

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ecofuel
SpA | San
Donato | Italy | EUR | 52,000,000 | Eni
SpA | 100.00 | 100.00 | F.C. |
| | Milanese (MI) | | | | | | | |
| EniBioCh4in
Alexandria Srl | San Donato | Italy | EUR | 50,000 | EniBioCh4in
SpA | 100.00 | 100.00 | F.C. |
| Società Agricola | Milanese (MI) | | | | | | | |
| EniBioCh4in
Aprilia Srl | San Donato | Italy | EUR | 10,000 | EniBioCh4in
SpA | 100.00 | 100.00 | F.C. |
| | Milanese
(MI) | | | | | | | |
| EniBioCh4in
Flaibano Srl | San
Donato | Italy | EUR | 50,000 | EniBioCh4in
SpA | 100.00 | 100.00 | F.C. |
| Società
Agricola | Milanese
(MI) | | | | | | | |
| EniBioCh4in
Grupellum Società | San
Donato | Italy | EUR | 100,000 | EniBioCh4in
SpA | 98.00 | 98.00 | F.C. |
| Agricola
Srl | Milanese
(MI) | | | | Third
parties | 2.00 | | |
| EniBioCh4in Jonica Srl | San Donato | Italy | EUR | 20,000 | EniBioCh4in SpA | 100.00 | 100.00 | F.C. |
| | Milanese (MI) | | | | | | | |
| EniBioCh4in
Momo Società Agricola Srl | San Donato | Italy | EUR | 20,000 | EniBioCh4in
SpA | 95.00 | 95.00 | F.C. |
| | Milanese
(MI) | | | | Third
parties | 5.00 | | |
| EniBioCh4in
Pannellia | San
Donato | Italy | EUR | 50,000 | EniBioCh4in
SpA | 100.00 | 100.00 | F.C. |
| BioGas
Srl Società Agricola | Milanese
(MI) | | | | | | | |
| EniBioCh4in Po Energia
Srl | San Donato | Italy | EUR | 10,000 | EniBioCh4in SpA | 100.00 | 100.00 | F.C. |
| Società Agricola | Milanese (MI) | | | | | | | |
| (former Po' Energia Srl
Società Agricola) | | | | | | | | |
| EniBioCh4in
Quadruvium Srl | San Donato | Italy | EUR | 100,000 | EniBioCh4in
SpA | 100.00 | 100.00 | F.C. |
| Società
Agricola | Milanese
(MI) | | | | | | | |
| EniBioCh4in
Service BioGas Srl | San
Donato | Italy | EUR | 50,000 | EniBioCh4in
SpA | 100.00 | 100.00 | F.C. |
| | Milanese
(MI) | | | | | | | |
| EniBioCh4in SpA | San Donato | Italy | EUR | 2,500,000 | Eni
Sust. Mobility SpA | 100.00 | 100.00 | F.C. |
| | Milanese (MI) | | | | | | | |
| Eni
Fuel SpA | Rome | Italy | EUR | 59,944,310 | Eni
Sust. Mobility SpA | 100.00 | 100.00 | F.C. |
| Eni
Sustainable Mobility SpA | Rome | Italy | EUR | 240,945,910 | Eni
SpA | 100.00 | 100.00 | F.C. |
| Eni Trade & Biofuels
SpA | Rome | Italy | EUR | 22,568,759 | Eni SpA | 100.00 | 100.00 | F.C. |
| Petroven
Srl | Genova | Italy | EUR | 918,520 | Ecofuel
SpA | 100.00 | 100.00 | F.C. |
| Raffineria
di Gela SpA | Gela
(CL) | Italy | EUR | 15,000,000 | Eni
Sust. Mobility SpA | 100.00 | 100.00 | F.C. |
| SeaPad
SpA | Genova | Italy | EUR | 12,400,000 | Ecofuel
SpA | 80.00 | | Eq. |
| | | | | | Third
parties | 20.00 | | |

(*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value.

Field: Page; Sequence: 111

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 105

OUTSIDE ITALY

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Eni
Abu Dhabi Refining & Trading BV | Amsterdam | Netherlands | EUR | 20,000 | Eni
International BV | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni
Abu Dhabi Refining & Trading | Amsterdam | United
Arab | EUR | 20,000 | Eni Abu
Dhabi R&T BV | 100.00 | | Eq. |
| Services
BV | (Netherlands) | Emirates | | | | | | |
| Eni
Austria GmbH | Wien | Austria | EUR | 78,500,000 | Eni
Sust. Mobility SpA | 75.00 | 100.00 | F.C. |
| | (Austria) | | | | Eni
Deutsch. GmbH | 25.00 | | |
| Eni Benelux BV | Rotterdam | Netherlands | EUR | 1,934,040 | Eni Sust. Mobility SpA | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni
Deutschland GmbH | Munich | Germany | EUR | 90,000,000 | Eni International
BV | 89.00 | 100.00 | F.C. |
| | (Germany) | | | | Eni
Oil Holdings BV | 11.00 | | |
| Eni Ecuador SA | Quito | Ecuador | USD | 103,142.08 | Eni
International BV | 99.93 | 100.00 | F.C. |
| | (Ecuador) | | | | Esain
SA | 0.07 | | |
| Eni
Energy (Shanghai) Co Ltd | Shanghai | China | EUR | 5,000,000 | Eni Sust. Mobility SpA | 100.00 | 100.00 | F.C. |
| | (China) | | | | | | | |
| Eni France Sàrl | Lyon | France | EUR | 56,800,000 | Eni Sust.
Mobility SpA | 100.00 | 100.00 | F.C. |
| | (France) | | | | | | | |
| Eni
Iberia SLU | Alcobendas | Spain | EUR | 17,299,100 | Eni
Sust. Mobility SpA | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Eni Marketing Austria GmbH | Wien | Austria | EUR | 19,621,665.23 | Eni Mineralölh. GmbH | 99.99 | 100.00 | F.C. |
| | (Austria) | | | | Eni Sust. Mobility SpA | (..) | | |
| Eni
Mineralölhandel GmbH | Wien | Austria | EUR | 34,156,232.06 | Eni Austria
GmbH | 100.00 | 100.00 | F.C. |
| | (Austria) | | | | | | | |
| Eni
Schmiertechnik GmbH | Wurzburg | Germany | EUR | 2,000,000 | Eni
Deutsch. GmbH | 100.00 | 100.00 | F.C. |
| | (Germany) | | | | | | | |
| Eni
Suisse SA | Lausanne | Switzerland | CHF | 102,500,000 | Eni
Sust. Mobility SpA | 100.00 | 100.00 | F.C. |
| | (Switzerland) | | | | | | | |
| Eni
Sustainable Mobility US Inc | Dover | USA | USD | 1,000 | Eni
Sust. Mobility SpA | 100.00 | 100.00 | F.C. |
| | (USA) | | | | | | | |
| Eni Trading & Shipping
Inc | Dover | USA | USD | 1,000,000 | ET&B SpA | 100.00 | 100.00 | F.C. |
| | (USA) | | | | | | | |
| Eni
Transporte y Suministro | Mexico
City | Mexico | MXN | 3,000 | Eni International
BV | 99.90 | 100.00 | F.C. |
| México
S. de RL de CV | (Mexico) | | | | Eni
Oil Holdings BV | 0.10 | | |
| Eni USA R&M Co Inc | Wilmington | USA | USD | 11,000,000 | Eni International BV | 100.00 | | Eq. |
| | (USA) | | | | | | | |
| Esacontrol
SA | Quito | Ecuador | USD | 60,000 | Eni Ecuador
SA | 87.00 | | Eq. |
| | (Ecuador) | | | | Third
parties | 13.00 | | |
| Esain SA | Quito | Ecuador | USD | 30,000 | Eni Ecuador SA | 99.99 | 100.00 | F.C. |
| | (Ecuador) | | | | Tecnoesa SA | (..) | | |
| Oléoduc
du Rhône SA | Bovernier | Switzerland | CHF | 7,000,000 | Eni International
BV | 100.00 | | Eq. |
| | (Switzerland) | | | | | | | |
| Tecnoesa SA | Quito | Ecuador | USD | 36,000 | Eni Ecuador SA | 99.99 | | Eq. |
| | (Ecuador) | | | | Esain
SA | (..) | | |

(*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value.

Field: Page; Sequence: 112

Field: /Page

106 ENI INTERIM CONSOLIDATED REPORT 2023

Chemicals
IN
ITALY

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Versalis
SpA | San
Donato | Italy | EUR | 300,000,000 | Eni
SpA | 100.00 | 100.00 | F.C. |
| | Milanese (MI) | | | | | | | |
| Finproject
SpA | Morrovalle | Italy | EUR | 18,500,000 | Versalis
SpA | 100.00 | 100.00 | F.C. |
| | (MC) | | | | | | | |

OUTSIDE ITALY

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Asian
Compounds Ltd | Hong
Kong | Hong
Kong | HKD | 1,000 | Finproject
Asia Ltd | 100.00 | 100.00 | F.C. |
| | (Hong Kong) | | | | | | | |
| Dunastyr
Polisztirolgyártó Zártkörûen | Budapest | Hungary | HUF | 1,577,971,200 | Versalis
SpA | 96.34 | 100.00 | F.C. |
| Mûködõ
Részvénytársaság | (Hungary) | | | | Versalis Deutsch. GmbH | 1.83 | | |
| | | | | | Versalis
International SA | 1.83 | | |
| Finproject Asia Ltd (9) | Hong Kong | Hong Kong | USD | 1,000 | Finproject SpA | 100.00 | 100.00 | F.C. |
| | (Hong Kong) | | | | | | | |
| Finproject
Brasil Industria | Franca | Brazil | BRL | 1,000,000 | Finproject
SpA | 100.00 | | Eq. |
| De
Solados Eireli | (Brazil) | | | | | | | |
| Finproject Guangzhou Trading
Co Ltd | Guangzhou | China | USD | 180,000 | Finproject SpA | 100.00 | 100.00 | F.C. |
| | (China) | | | | | | | |
| Finproject
India Pvt Ltd | Jaipur | India | INR | 46,712,940 | Asian
Compounds Ltd | 99.00 | 100.00 | F.C. |
| | (India) | | | | Finproject
Asia Ltd | 1.00 | | |
| Finproject
Romania Srl | Valea Lui Mihai | Romania | RON | 67,730 | Finproject SpA | 100.00 | 100.00 | F.C. |
| | (Romania) | | | | | | | |
| Finproject
Singapore Pte Ltd | Singapore | Singapore | SGD | 100 | Versalis
Singapore P. Ltd | 100.00 | 100.00 | F.C. |
| | (Singapore) | | | | | | | |
| Finproject Viet Nam Company
Limited | Hai Phong | Vietnam | VND | 19,623,250,000 | Finproject Asia Ltd | 100.00 | | Eq. |
| | (Vietnam) | | | | | | | |
| Foam
Creations (2008) Inc | Quebec
City | Canada | CAD | 1,215,000 | Finproject
SpA | 100.00 | 100.00 | F.C. |
| | (Canada) | | | | | | | |
| Foam Creations México
SA de CV | León | Mexico | MXN | 19,138,165 | Foam Creations (2008) | 99.99 | 100.00 | F.C. |
| | (Mexico) | | | | Finproject SpA | (..) | | |
| Padanaplast
America Llc | Wilmington | USA | USD | 70,000 | Finproject
SpA | 100.00 | | Eq. |
| | (USA) | | | | | | | |
| Padanaplast Deutschland
GmbH | Hannover | Germany | EUR | 25,000 | Finproject SpA | 100.00 | | Eq. |
| | (Germany) | | | | | | | |
| Versalis
Americas Inc | Dover | USA | USD | 100,000 | Versalis
International SA | 100.00 | 100.00 | F.C. |
| | (USA) | | | | | | | |
| Versalis
Congo Sarlu | Pointe-Noire | Republic | XAF | 1,000,000 | Versalis
International SA | 100.00 | 100.00 | F.C. |
| | (Republic | of the Congo | | | | | | |
| | of
the Congo) | | | | | | | |

(*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value.

(9) Company that benefits from a privileged tax regime pursuant to art. 167, paragraph 4 of the D.P.R. of December 22, 1986, n. 917: the income attributable to the Group is subject to taxation in Italy.

Field: Page; Sequence: 113

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 107

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Versalis Deutschland GmbH | Eschborn | Germany | EUR | 100,000 | Versalis SpA | 100.00 | 100.00 | F.C. |
| | (Germany) | | | | | | | |
| Versalis France SAS | Mardyck | France | EUR | 126,115,582.90 | Versalis SpA | 100.00 | 100.00 | F.C. |
| | (France) | | | | | | | |
| Versalis
International Côte d'Ivoire Sarlu | Abidjan | Ivory
Coast | XOF | 98,400,000 | Versalis
International SA | 100.00 | | Eq. |
| | (Ivory Coast) | | | | | | | |
| Versalis
International SA | Bruxelles | Belgium | EUR | 15,449,173.88 | Versalis
SpA | 59.00 | 100.00 | F.C. |
| | (Belgium) | | | | Versalis Deutsch. GmbH | 23.71 | | |
| | | | | | Dunastyr Zrt | 14.43 | | |
| | | | | | Versalis
France | 2.86 | | |
| Versalis Kimya Ticaret
Limited Sirketi | Istanbul | Turkey | TRY | 20,000 | Versalis International SA | 100.00 | 100.00 | F.C. |
| | (Turkey) | | | | | | | |
| Versalis
México S. de RL de CV | Mexico
City | Mexico | MXN | 1,000 | Versalis
International SA | 99.00 | 100.00 | F.C. |
| | (Mexico) | | | | Versalis
SpA | 1.00 | | |
| Versalis Pacific (India)
Private Ltd | Mumbai | India | INR | 238,700 | Versalis Singapore P. Ltd | 99.99 | 100.00 | F.C. |
| | (India) | | | | Third parties | (..) | | |
| Versalis
Pacific Trading | Shanghai | China | CNY | 15,237,236 | Versalis
SpA | 100.00 | 100.00 | F.C. |
| (Shanghai)
Co Ltd | (China) | | | | | | | |
| Versalis Singapore Pte
Ltd | Singapore | Singapore | SGD | 80,000 | Versalis SpA | 100.00 | 100.00 | F.C. |
| | (Singapore) | | | | | | | |
| Versalis
UK Ltd | London | United | GBP | 4,008,042 | Versalis
SpA | 100.00 | 100.00 | F.C. |
| | (United
Kingdom) | Kingdom | | | | | | |
| Versalis Zeal Ltd | Takoradi | Ghana | GHS | 5,650,000 | Versalis International SA | 80.00 | 80.00 | F.C. |
| | (Ghana) | | | | Third
parties | 20.00 | | |

(*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value.

Field: Page; Sequence: 114

Field: /Page

108 ENI INTERIM CONSOLIDATED REPORT 2023

| PLENITUDE
& POWER |
| --- |
| Plenitude |
| IN
ITALY |

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | | %
Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4Energia
Srl | Milan | Italy | EUR | 400,000 | Eni
Plenitude SpA SB | 100.00 | | 100.00 | F.C. |
| Agrikroton
Srl - Società Agricola | Cesena | Italy | EUR | 10,000 | Eni Plen. Solar Srl | 100.00 | | 100.00 | F.C. |
| | (FC) | | | | | | | | |
| Be
Charge Srl | Milan | Italy | EUR | 500,000 | Be Power
SpA | 100.00 | | 100.00 | F.C. |
| Be Charge Valle d'Aosta
Srl | Milan | Italy | EUR | 10,000 | Be Charge Srl | 100.00 | | 100.00 | F.C. |
| Be
Power SpA | Milan | Italy | EUR | 698,251 | Eni Plenitude
SpA SB | 99.19 | (a) | 100.00 | F.C. |
| | | | | | Third
parties | 0.81 | | | |
| Borgia
Wind Srl | Cesena | Italy | EUR | 100,000 | Eni
Plen. Wind 2020 Srl | 100.00 | | 100.00 | F.C. |
| | (FC) | | | | | | | | |
| Corridonia
Energia Srl | Cesena | Italy | EUR | 20,000 | Eni
Plen. S&M Italia Srl | 100.00 | | 100.00 | F.C. |
| | (FC) | | | | | | | | |
| Dynamica
Srl | Cesena | Italy | EUR | 50,000 | Eni
Plen. Wind 2022 SpA | 100.00 | | 100.00 | F.C. |
| | (FC) | | | | | | | | |
| Ecoener
Srl | Cesena | Italy | EUR | 10,000 | Eni
Plen. Wind & En. Srl | 100.00 | | 100.00 | F.C. |
| | (FC) | | | | | | | | |
| Elettro
Sannio Wind 2 Srl | Cesena | Italy | EUR | 1,225,000 | Eni
Plen. Wind 2022 SpA | 100.00 | | 100.00 | F.C. |
| | (FC) | | | | | | | | |
| Enerkall
Srl | Cesena | Italy | EUR | 10,000 | Eni
Plen. Wind & En. Srl | 100.00 | | 100.00 | F.C. |
| | (FC) | | | | | | | | |
| Eni New Energy SpA | San Donato | Italy | EUR | 9,296,000 | Eni Plenitude SpA SB | 100.00 | | 100.00 | F.C. |
| | Milanese (MI) | | | | | | | | |
| Eni Plenitude Miniwind
Srl | Cesena | Italy | EUR | 50,000 | Eni
Plen. S&M Italia Srl | 100.00 | | 100.00 | F.C. |
| (former
SEF Miniwind Srl) | (FC) | | | | | | | | |
| Eni Plenitude Società
Agricola Bio Srl | Cesena | Italy | EUR | 10,000 | Eni
Plen. S&M Italia Srl | 100.00 | | 100.00 | F.C. |
| (former
Società Agricola SEF Bio Srl) | (FC) | | | | | | | | |
| Eni Plenitude Solar &
Miniwind Italia Srl | Cesena | Italy | EUR | 25,000 | Eni
New Energy SpA | 100.00 | | 100.00 | F.C. |
| (former
SEF Srl) | (FC) | | | | | | | | |
| Eni
Plenitude Solar Abruzzo Srl | Cesena | Italy | EUR | 10,000 | Eni
Plen. S&M Italia Srl | 100.00 | | 100.00 | F.C. |
| (former
SEF Solar Abruzzo Srl) | (FC) | | | | | | | | |
| Eni
Plenitude Solar III Srl | Cesena | Italy | EUR | 500 | Eni
Plen. S&M Italia Srl | 100.00 | | 100.00 | F.C. |
| (former
SEF Green Srl) | (FC) | | | | | | | | |
| Eni
Plenitude Solar II Srl | Cesena | Italy | EUR | 1,000 | Eni
Plen. S&M Italia Srl | 100.00 | | 100.00 | F.C. |
| (former
SEF Solar II Srl) | (FC) | | | | | | | | |

| (*)
F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value. |
| --- |
| (a)
Controlling interest: Eni
Plenitude SpA SB 100.00 |

Field: Page; Sequence: 115

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 109

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Eni
Plenitude Solar Srl | Cesena | Italy | EUR | 120,000 | Eni
Plen. S&M Italia Srl | 100.00 | 100.00 | F.C. |
| (former
SEF Solar Srl) | (FC) | | | | | | | |
| Eni
Plenitude SpA Società Benefit | San
Donato | Italy | EUR | 770,000,000 | Eni
SpA | 100.00 | 100.00 | F.C. |
| | Milanese
(MI) | | | | | | | |
| Eni
Plenitude Technical Services Srl | Cesena | Italy | EUR | 10,000 | Eni
Plen. Wind & En. Srl | 100.00 | 100.00 | F.C. |
| (former
PLT Engineering Srl) | (FC) | | | | | | | |
| Eni
Plenitude Wind & Energy Srl | Cesena | Italy | EUR | 3,865,474 | Eni
New Energy SpA | 100.00 | 100.00 | F.C. |
| (former
PLT Energia Srl) | (FC) | | | | | | | |
| Eni
Plenitude Wind 2020 Srl | Cesena | Italy | EUR | 1,000,000 | Eni
Plen. Wind & En. Srl | 100.00 | 100.00 | F.C. |
| (former
PLT Wind 2020 Srl) | (FC) | | | | | | | |
| Eni
Plenitude Wind 2022 SpA | Cesena | Italy | EUR | 1,000,000 | Eni
Plen. Wind & En. Srl | 100.00 | 100.00 | F.C. |
| (former
PLT Wind 2022 SpA) | (FC) | | | | | | | |
| Eolica
Pietramontecorvino Srl | Cesena | Italy | EUR | 100,000 | Eni
Plen. Wind & En. Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Eolica
Wind Power Srl | Cesena | Italy | EUR | 10,000 | Eni
Plen. Wind 2022 SpA | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Eolo
Energie - Corleone - | Cesena | Italy | EUR | 10,000 | Eni
Plen. Wind 2020 Srl | 100.00 | 100.00 | F.C. |
| Campofiorito
Srl | (FC) | | | | | | | |
| Evolvere SpA Società
Benefit | Milan | Italy | EUR | 1,130,000 | Eni
Plenitude SpA SB | 100.00 | 100.00 | F.C. |
| Evolvere
Venture SpA | Milan | Italy | EUR | 50,000 | Evolvere
SpA Soc. Ben. | 100.00 | 100.00 | F.C. |
| Faren
Srl | Cesena | Italy | EUR | 10,000 | Eni
Plen. Solar III Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| FAS Srl | Cesena | Italy | EUR | 119,000 | Eni
Plen. Wind & En. Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Fotovoltaica
Pietramontecorvino Srl | Cesena | Italy | EUR | 100,000 | Eni Plen. S&M Italia Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| FV4P
Srl | Cesena | Italy | EUR | 10,000 | Eni Plen. S&M Italia Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Gemsa
Solar Srl | Cesena | Italy | EUR | 10,000 | Eni Plen. S&M Italia Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| GPC
Uno Srl | Cesena | Italy | EUR | 25,000 | Eni Plen. S&M Italia Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| GPC
Due Srl | Cesena | Italy | EUR | 12,000 | Eni Plen. S&M Italia Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Green
Parity Srl | Cesena | Italy | EUR | 10,000 | Eni Plen. Wind & En. Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Lugo
Società Agricola Srl | Cesena | Italy | EUR | 10,000 | Eni Plen. Solar Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Lugo
Solar Tech Srl | Cesena | Italy | EUR | 100,000 | Eni Plen. Solar Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Marano
Solar Srl | Cesena | Italy | EUR | 10,000 | Eni Plen. Solar Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Marano
Solare Srl | Cesena | Italy | EUR | 10,000 | Eni Plen. S&M Italia Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Marcellinara
Wind Srl | Cesena | Italy | EUR | 35,000 | Eni Plen. Wind 2022 SpA | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |

(*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value.

Field: Page; Sequence: 116

Field: /Page

110 ENI INTERIM CONSOLIDATED REPORT 2023

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Micropower
Srl | Cesena | Italy | EUR | 30,000 | Eni Plen. Wind 2020 Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Molinetto
Srl | Cesena | Italy | EUR | 10,000 | Faren Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Montefano
Energia Srl | Cesena | Italy | EUR | 20,000 | Eni Plen. S&M Italia Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Monte
San Giusto Solar Srl | Cesena | Italy | EUR | 10,000 | Eni Plen. S&M Italia Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Olivadi
Srl | Cesena | Italy | EUR | 100,000 | Eni Plen. Wind 2020 Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Parco
Eolico di Tursi e Colobraro Srl | Cesena | Italy | EUR | 31,000 | Eni Plen. Wind 2022 SpA | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Pescina
Wind Srl | Cesena | Italy | EUR | 50,000 | Eni Plen. Wind 2020 Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Pieve5
Srl | Cesena | Italy | EUR | 10,000 | Eni Plen. Solar Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| PLT
Puregreen SpA | Cesena | Italy | EUR | 500,000 | Eni Plen. Wind & En. Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Pollenza
Sole Srl | Cesena | Italy | EUR | 32,500 | Eni Plen. S&M Italia Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Ravenna
1 FTV Srl | Cesena | Italy | EUR | 10,000 | Eni Plen. S&M Italia Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| RF-AVIO
Srl | Cesena | Italy | EUR | 10,000 | Eni Plen. S&M Italia Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| RF-Cavallerizza
Srl | Cesena | Italy | EUR | 10,000 | Eni Plen. S&M Italia Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Ruggiero
Wind Srl | Cesena | Italy | EUR | 10,000 | Eni Plen. Wind & En. Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| SAV
- Santa Maria Srl | Cesena | Italy | EUR | 10,000 | Eni Plen. Wind 2022 SpA | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| SEA SpA | L'Aquila | Italy | EUR | 100,000 | Eni Plenitude SpA SB | 100.00 | 100.00 | F.C. |
| Società
Agricola Agricentro Srl | Cesena | Italy | EUR | 10,000 | Eni Plen. Solar Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Società
Agricola Casemurate Srl | Cesena | Italy | EUR | 10,000 | Eni Plen. S&M Italia Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Società
Agricola Forestale | Cesena | Italy | EUR | 100,000 | Soc. Agr. Agricentro Srl | 100.00 | 100.00 | F.C. |
| Pianura
Verde Srl | (FC) | | | | | | | |
| Società
Agricola Isola d'Agri Srl | Cesena | Italy | EUR | 10,000 | Eni Plen. Solar Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Società
Agricola L'Albero Azzurro Srl | Cesena | Italy | EUR | 100,000 | Soc. Agr. Agricentro Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Timpe
Muzzunetti 2 Srl | Cesena | Italy | EUR | 2,500 | Eni Plen. Wind & En. Srl | 70.00 | 70.00 | F.C. |
| | (FC) | | | | Third
parties | 30.00 | | |
| Vivaro
FTV Srl | Cesena | Italy | EUR | 10,000 | Eni Plen. S&M Italia Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |

(*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value.

Field: Page; Sequence: 117

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 111

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| VRG
Wind 127 Srl | Cesena | Italy | EUR | 10,000 | Eni
Plen. Wind & En. Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| VRG
Wind 149 Srl | Cesena | Italy | EUR | 10,000 | Eni
Plen. Wind 2022 SpA | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| W-Energy Srl | Cesena | Italy | EUR | 93,000 | Eni
Plen. Wind & En. Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Wind Salandra Srl | Cesena | Italy | EUR | 100,000 | Eni
Plen. Wind 2020 Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Windsol
Srl | Cesena | Italy | EUR | 3,250,000 | Eni
Plen. Wind 2020 Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |
| Wind
Turbines Engineering 2 Srl | Cesena | Italy | EUR | 5,450,000 | Eni
Plen. Wind 2020 Srl | 100.00 | 100.00 | F.C. |
| | (FC) | | | | | | | |

OUTSIDE ITALY

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method (*) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Adriaplin
Podjetje za distribucijo | Ljubljana | Slovenia | EUR | 12,956,935 | Eni
Plenitude SpA SB | 51.00 | 51.00 | F.C. |
| zemeljskega plina doo Ljubljana | (Slovenia) | | | | Third parties | 49.00 | | |
| Aleria
Solar SAS | Bastia | France | EUR | 100 | Eni
Plen. Op. Fr. SAS | 100.00 | 100.00 | F.C. |
| | (France) | | | | | | | |
| Alpinia
Solar SLU | Madrid | Spain | EUR | 3,000 | Eni Plen. Ren. Lux. Sàrl | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Anberia
Invest SLU | Madrid | Spain | EUR | 3,000 | Eni Plen. T. S. Spain | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Argon
SAS | Argenteuil | France | EUR | 180,000 | Eni
Plen. Op. Fr. SAS | 100.00 | 100.00 | F.C. |
| | (France) | | | | | | | |
| Arm Wind
Llp | Astana | Kazakhstan | KZT | 19,069,100,000 | Eni Energy Solutions
BV | 100.00 | 100.00 | F.C. |
| | (Kazakhstan) | | | | | | | |
| Athies-Samoussy
Solar PV1 SAS | Argenteuil | France | EUR | 68,000 | Krypton
SAS | 100.00 | 100.00 | F.C. |
| | (France) | | | | | | | |
| Athies-Samoussy
Solar PV2 SAS | Argenteuil | France | EUR | 40,000 | Krypton SAS | 100.00 | 100.00 | F.C. |
| | (France) | | | | | | | |
| Athies-Samoussy
Solar PV3 SAS | Argenteuil | France | EUR | 36,000 | Krypton
SAS | 100.00 | 100.00 | F.C. |
| | (France) | | | | | | | |
| Athies-Samoussy
Solar PV4 SAS | Argenteuil | France | EUR | 14,000 | Xenon SAS | 100.00 | 100.00 | F.C. |
| | (France) | | | | | | | |
| Athies-Samoussy
Solar PV5 SAS | Argenteuil | France | EUR | 14,000 | Xenon
SAS | 100.00 | 100.00 | F.C. |
| | (France) | | | | | | | |
| Belle
Magiocche Solaire SAS | Bastia | France | EUR | 10,000 | Eni
Plen. Op. Fr. SAS | 100.00 | 100.00 | F.C. |
| | (France) | | | | | | | |
| Bonete
Solar SLU | Madrid | Spain | EUR | 3,000 | Eni
Plen. Ren. Lux. Sàrl | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Brazoria
Class B Member Llc | Dover | USA | USD | 1,000 | Eni
New Energy US Inc | 100.00 | 100.00 | F.C. |
| | (USA) | | | | | | | |

(*) F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value.

Field: Page; Sequence: 118; Options: NewSection

Field: /Page

112 ENI INTERIM CONSOLIDATED REPORT 2023

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method () |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Brazoria
County Solar Project Llc | Dover | USA | USD | 1,000 | Brazoria
HoldCo Llc | 100.00 | 89.98 | F.C. |
| | (USA) | | | | | | | |
| Brazoria
HoldCo Llc | Dover | USA | USD | 203,880,071 | Brazoria Class B | 89.98 | 89.98 | F.C. |
| | (USA) | | | | Third
parties | 10.02 | | |
| BT Kellam
Solar Llc | Austin | USA | USD | 1,000 | Kellam Tax Eq. Partn. | 100.00 | 94.55 | F.C. |
| | (USA) | | | | | | | |
| Camelia
Solar SLU | Madrid | Spain | EUR | 3,000 | Eni
Plen. Ren. Lux. Sàrl | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Celtis
Solar SLU | Madrid | Spain | EUR | 3,000 | Eni
Plen. Ren. Lux. Sàrl | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Corazon
Energy Class B Llc | Dover | USA | USD | 100 | Eni
New Energy US Inc | 100.00 | 100.00 | F.C. |
| | (USA) | | | | | | | |
| Corazon
Energy Llc | Dover | USA | USD | 100 | Corazon Tax Eq. Part.
Llc | 100.00 | 93.64 | F.C. |
| | (USA) | | | | | | | |
| Corazon
Energy Services Llc | Dover | USA | USD | 100 | Eni
New Energy US Inc | 100.00 | | Eq. |
| | (USA) | | | | | | | |
| Corazon
Tax Equity Partnership Llc | Dover | USA | USD | 193,356,991 | Corazon
En. Class B Llc | 93.64 | 93.64 | F.C. |
| | (USA) | | | | Third
parties | 6.36 | | |
| Corlinter
5000 SLU | Madrid | Spain | EUR | 3,000 | Eni
Plen. T. S. Spain | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Desarrollos
Empresariales Illas SLU | Madrid | Spain | EUR | 3,000 | Eni Plen. Ren. Lux. Sàrl | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Desarrollos
Energéticos Riojanos SL | Madrid | Spain | EUR | 876,042 | Eni
Plenitude SpA SB | 60.00 | 100.00 | F.C. |
| | (Spain) | | | | Energías Amb.
de Outes | 40.00 | | |
| Ecovent
Parc Eolic SAU | Madrid | Spain | EUR | 1,037,350 | Eni
Plenitude SpA SB | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Ekain
Renovables SLU | Madrid | Spain | EUR | 3,000 | Eni
Plen. T. S. Spain | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Energía
Eólica Boreas SLU | Madrid | Spain | EUR | 3,000 | Eni
Plenitude SpA SB | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Energías
Alternativas Eólicas Riojanas SL | Madrid | Spain | EUR | 2,008,901.71 | Eni Plenitude SpA SB | 57.50 | 100.00 | F.C. |
| | (Spain) | | | | Des.
Energéticos Riojanos | 42.50 | | |
| Energías
Ambientales de Outes SLU | Madrid | Spain | EUR | 643,451.49 | Eni
Plenitude SpA SB | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Eni
Energy Solutions BV | Amsterdam | Netherlands | EUR | 20,000 | Eni
Plenitude SpA SB | 100.00 | 100.00 | F.C. |
| | (Netherlands) | | | | | | | |
| Eni Gas & Power France
SA | Levallois Perret | France | EUR | 239,500,800 | Eni Plenitude SpA SB | 99.99 | 100.00 | F.C. |
| | (France) | | | | Third parties | (..) | | |
| Eni
New Energy Australia Pty Ltd | Perth | Australia | AUD | 4 | Eni
Plenitude SpA SB | 100.00 | 100.00 | F.C. |
| | (Australia) | | | | | | | |
| Eni New
Energy Batchelor Pty Ltd | Perth | Australia | AUD | 1 | Eni New En. Aus. Pty
Ltd | 100.00 | 100.00 | F.C. |
| | (Australia) | | | | | | | |
| Eni
New Energy Katherine Pty Ltd | Perth | Australia | AUD | 1 | Eni
New En. Aus. Pty Ltd | 100.00 | 100.00 | F.C. |
| | (Australia) | | | | | | | |
| Eni New
Energy Manton Dam Pty Ltd | Perth | Australia | AUD | 1 | Eni New En. Aus. Pty
Ltd | 100.00 | 100.00 | F.C. |
| | (Australia) | | | | | | | |
| Eni
New Energy US Holding Llc | Dover | USA | USD | 100 | Eni
New Energy US Inc | 99.00 | 100.00 | F.C. |
| | (USA) | | | | Eni
New Energy US Inv.Inc | 1.00 | | |
| Eni New
Energy US Inc | Dover | USA | USD | 100 | Eni Plenitude SpA SB | 100.00 | 100.00 | F.C. |
| | (USA) | | | | | | | |
| ()
F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value. | | | | | | | | |

Field: Page; Sequence: 119

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 113

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method () |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Eni
New Energy US Investing Inc | Dover | USA | USD | 1,000 | Eni
New Energy US Inc | 100.00 | 100.00 | F.C. |
| | (USA) | | | | | | | |
| Eni Plenitude
Iberia SLU | Santander | Spain | EUR | 3,192,000 | Eni
Plenitude SpA SB | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Eni
Plenitude Investment Colombia SAS | Bogotà | Colombia | COP | 510,840,000 | Eni
Plen. Wind & En. Srl | 51.00 | 51.00 | F.C. |
| (former
PLT Colombia SAS) | (Colombia) | | | | Third
parties | 49.00 | | |
| Eni
Plenitude Investment Spain SL | Madrid | Spain | EUR | 100,000 | Eni
Plen. Wind & En. Srl | 51.00 | 51.00 | F.C. |
| (former
PLT Spagna SL) | (Spain) | | | | Third
parties | 49.00 | | |
| Eni
Plenitude Operations France SAS | Argenteuil | France | EUR | 1,116,489.72 | Eni
Plen. Ren. Lux. Sàrl | 100.00 | 100.00 | F.C. |
| | (France) | | | | | | | |
| Eni
Plenitude Renewables France SAS | Argenteuil | France | EUR | 51,000 | Eni
Plen. Ren. Lux. Sàrl | 100.00 | 100.00 | F.C. |
| | (France) | | | | | | | |
| Eni Plenitude
Renewables Hellas | Athens | Greece | EUR | 627,464 | Eni
Plenitude SpA SB | 100.00 | 100.00 | F.C. |
| Single
Member SA | (Greece) | | | | | | | |
| Eni Plenitude
Renewables | Dudelange | Luxembourg | EUR | 10,253,560 | Eni Plenitude SpA SB | 100.00 | 100.00 | F.C. |
| Luxembourg
Sàrl | (Luxembourg) | | | | | | | |
| Eni Plenitude
Renewables Spain SLU | Madrid | Spain | EUR | 6,680 | Eni
Plen. Ren. Lux. Sàrl | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Eni Plenitude
Rooftop France SAS | Argenteuil | France | EUR | 40,000 | Eni
Plen. Ren. Lux. Sàrl | 100.00 | 100.00 | F.C. |
| | (France) | | | | | | | |
| Eni
Plenitude Technical Services | Bogotà | Colombia | COP | 1,000,000 | Eni
Plen. Tech. Serv. Srl | 60.00 | 60.00 | F.C. |
| Colombia
SAS | (Colombia) | | | | Third parties | 40.00 | | |
| (former
PLT Engineering Colombia SAS) | | | | | | | | |
| Eni
Plenitude Technical Services | Cluj-Napoca | Romania | RON | 4,400 | Eni
Plen. Tech. Serv. Srl | 95.00 | 100.00 | F.C. |
| Romania
Srl | (Romania) | | | | Ruggiero Wind Srl | 5.00 | | |
| (former
PLT Engineering Romania Srl) | | | | | | | | |
| Eni
Plenitude Technical Services | Madrid | Spain | EUR | 3,000 | Eni
Plen. Tech. Serv. Srl | 100.00 | 100.00 | F.C. |
| Spain
SLU | (Spain) | | | | | | | |
| (former
PLT Engineering Spagna SLU) | | | | | | | | |
| Eolica
Cuellar de la Sierra SLU | Madrid | Spain | EUR | 110,999.77 | Eni
Plen. Inv. Spain SL | 100.00 | 51.00 | F.C. |
| | (Spain) | | | | | | | |
| Estanque
Redondo Solar SLU | Madrid | Spain | EUR | 3,000 | Eni
Plen. Ren. Lux. Sàrl | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Fotovoltaica
Escudero SLU | Madrid | Spain | EUR | 3,000 | Eni
Plen. Ren. Lux. Sàrl | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Gas Supply Company | Thessaloniki | Greece | EUR | 13,761,788 | Eni
Plenitude SpA SB | 100.00 | 100.00 | F.C. |
| Thessaloniki - Thessalia
SA | (Greece) | | | | | | | |
| Guajillo
Energy Storage Llc | Dover | USA | USD | 100 | Eni
New Energy US H. Llc | 100.00 | 100.00 | F.C. |
| | (USA) | | | | | | | |
| Guilleus
Consulting SLU | Madrid | Spain | EUR | 3,000 | Eni
Plen. T. S. Spain | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| HLS
Bonete PV SLU | Madrid | Spain | EUR | 3,602 | HLS
Bonete Topco SLU | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| HLS
Bonete Topco SLU | Madrid | Spain | EUR | 6,602 | Eni
Plenitude SpA SB | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Holding
Lanas Solar Sàrl | Argenteuil | France | EUR | 100 | Eni Plen. Op. Fr. SAS | 100.00 | 100.00 | F.C. |
| | (France) | | | | | | | |
| Inveese
SAS | Bogotá | Colombia | COP | 100,000,000 | Eni
Plen. Inv. Colombia | 75.00 | 38.25 | F.C. |
| | (Colombia) | | | | Third
parties | 25.00 | | |
| () F.C.
= full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value. | | | | | | | | |

Field: Page; Sequence: 120

Field: /Page

114 ENI INTERIM CONSOLIDATED REPORT 2023

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method () |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ixia
Solar SLU | Madrid | Spain | EUR | 3,000 | Eni Plen. Ren. Lux. Sàrl | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Kellam
Solar Class B Llc | Dover | USA | USD | 1 | Eni
New Energy US Inc | 100.00 | 100.00 | F.C. |
| | (USA) | | | | | | | |
| Kellam
Tax Equity Partnership Llc | Dover | USA | USD | 41,725,541 | Kellam
Solar Class B | 94.55 | 94.55 | F.C. |
| | (USA) | | | | Third
parties | 5.45 | | |
| Krypton
SAS | Argenteuil | France | EUR | 180,000 | Eni
Plen. Op. Fr. SAS | 100.00 | 100.00 | F.C. |
| | (France) | | | | | | | |
| Lanas
Solar SAS | Argenteuil | France | EUR | 100 | Holding
Lanas Solar Sàrl | 100.00 | 100.00 | F.C. |
| | (France) | | | | | | | |
| Maristella
Directorship SLU | Madrid | Spain | EUR | 3,000 | Eni
Plen. Ren. Spain SLU | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Membrio
Solar SLU | Lodosa | Spain | EUR | 3,000 | Eni
Plen. Ren. Lux. Sàrl | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Miburia
Trade SLU | Madrid | Spain | EUR | 3,000 | Eni
Plen. T. S. Spain | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Olea
Solar SLU | Madrid | Spain | EUR | 3,000 | Eni Plen. Ren. Lux. Sàrl | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Opalo
Solar SLU | Madrid | Spain | EUR | 3,000 | Eni
Plen. Ren. Lux. Sàrl | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| Pistacia
Solar SLU | Madrid | Spain | EUR | 3,000 | Eni
Plen. Ren. Lux. Sàrl | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| POP
Solar SAS | Argenteuil | France | EUR | 1,000 | Eni
Plen. Ren. Lux. Sàrl | 100.00 | 100.00 | F.C. |
| | (France) | | | | | | | |
| Punes
Trade SLU | Madrid | Spain | EUR | 3,000 | Eni
Plen. T. S. Spain | 100.00 | 100.00 | F.C. |
| | (Spain) | | | | | | | |
| SKGRPV1
Single Member Private | Athens | Greece | EUR | 37,600 | Eni
Plen. Renew. Hellas | 100.00 | 100.00 | F.C. |
| Company | (Greece) | | | | | | | |
| SKGRPV2
Single Member Private | Athens | Greece | EUR | 39,600 | Eni
Plen. Renew. Hellas | 100.00 | 100.00 | F.C. |
| Company | (Greece) | | | | | | | |
| SKGRPV3
Single Member Private | Athens | Greece | EUR | 37,600 | Eni Plen. Renew. Hellas | 100.00 | 100.00 | F.C. |
| Company | (Greece) | | | | | | | |
| SKGRPV4
Single Member Private | Athens | Greece | EUR | 36,600 | Eni
Plen. Renew. Hellas | 100.00 | 100.00 | F.C. |
| Company | (Greece) | | | | | | | |
| SKGRPV5
Single Member Private | Athens | Greece | EUR | 22,600 | Eni Plen. Renew. Hellas | 100.00 | 100.00 | F.C. |
| Company | (Greece) | | | | | | | |
| SKGRPV6
Single Member Private | Athens | Greece | EUR | 28,300 | Eni
Plen. Renew. Hellas | 100.00 | 100.00 | F.C. |
| Company | (Greece) | | | | | | | |
| SKGRPV7
Single Member Private | Athens | Greece | EUR | 66,000 | Eni
Plen. Renew. Hellas | 100.00 | 100.00 | F.C. |
| Company | (Greece) | | | | | | | |
| SKGRPV8
Single Member Private | Athens | Greece | EUR | 27,200 | Eni Plen. Renew. Hellas | 100.00 | 100.00 | F.C. |
| Company | (Greece) | | | | | | | |
| SKGRPV9
Single Member Private | Athens | Greece | EUR | 27,200 | Eni
Plen. Renew. Hellas | 100.00 | 100.00 | F.C. |
| Company | (Greece) | | | | | | | |
| SKGRPV10
Single Member Private | Athens | Greece | EUR | 19,800 | Eni
Plen. Renew. Hellas | 100.00 | 100.00 | F.C. |
| Company | (Greece) | | | | | | | |
| SKGRPV11
Single Member Private | Athens | Greece | EUR | 26,300 | Eni Plen. Renew. Hellas | 100.00 | 100.00 | F.C. |
| Company | (Greece) | | | | | | | |
| SKGRPV12
Single Member Private | Athens | Greece | EUR | 31,000 | Eni
Plen. Renew. Hellas | 100.00 | 100.00 | F.C. |
| Company | (Greece) | | | | | | | |
| () F.C.
= full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value. | | | | | | | | |

Field: Page; Sequence: 121

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 115

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | | %
Equity ratio | Consolidation or valutation method () |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SKGRPV13
Single Member Private | Athens | Greece | EUR | 45,100 | Eni Plen. Renew. Hellas | 100.00 | | 100.00 | F.C. |
| Company | (Greece) | | | | | | | | |
| SKGRPV14
Single Member Private | Athens | Greece | EUR | 121,900 | Eni
Plen. Renew. Hellas | 100.00 | | 100.00 | F.C. |
| Company | (Greece) | | | | | | | | |
| SKGRPV15
Single Member Private | Athens | Greece | EUR | 39,000 | Eni Plen. Renew. Hellas | 100.00 | | 100.00 | F.C. |
| Company | (Greece) | | | | | | | | |
| SKGRPV16
Single Member Private | Athens | Greece | EUR | 32,000 | Eni
Plen. Renew. Hellas | 100.00 | | 100.00 | F.C. |
| Company | (Greece) | | | | | | | | |
| SKGRPV17
Single Member Private | Athens | Greece | EUR | 50,200 | Eni Plen. Renew. Hellas | 100.00 | | 100.00 | F.C. |
| Company | (Greece) | | | | | | | | |
| SKGRPV18
Single Member Private | Athens | Greece | EUR | 6,200 | Eni
Plen. Renew. Hellas | 100.00 | | 100.00 | F.C. |
| Company | (Greece) | | | | | | | | |
| SKGRPV19
Single Member Private | Athens | Greece | EUR | 91,400 | Eni Plen. Renew. Hellas | 100.00 | | 100.00 | F.C. |
| Company | (Greece) | | | | | | | | |
| SKGRPV20
Single Member Private | Athens | Greece | EUR | 59,200 | Eni Plen. Renew. Hellas | 100.00 | | 100.00 | F.C. |
| Company | (Greece) | | | | | | | | |
| Tebar
Solar SLU | Madrid | Spain | EUR | 3,000 | Eni
Plen. Ren. Lux. Sàrl | 100.00 | | 100.00 | F.C. |
| | (Spain) | | | | | | | | |
| Wind
Grower SLU | Ourense | Spain | EUR | 593,000 | Eni
Plen. T. S. Spain | 100.00 | | 100.00 | F.C. |
| | (Spain) | | | | | | | | |
| Wind
Hero SLU | Ourense | Spain | EUR | 563,000 | Eni
Plen. T. S. Spain | 100.00 | | 100.00 | F.C. |
| | (Spain) | | | | | | | | |
| Xenon
SAS | Argenteuil | France | EUR | 1,500,100 | Eni
Plen. Op. Fr. SAS | 0.01 | (a) | 100.00 | F.C. |
| | (France) | | | | Third
parties | 99.99 | | | |
| Zinnia
Solar SLU | Madrid | Spain | EUR | 3,000 | Eni Plen. Ren. Lux. Sàrl | 100.00 | | 100.00 | F.C. |
| | (Spain) | | | | | | | | |
| Power | | | | | | | | | |
| IN ITALY | | | | | | | | | |
| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | | %
Equity ratio | Consolidation or valutation method () |
| EniPower
Mantova SpA | San
Donato | Italy | EUR | 144,000,000 | EniPower
SpA | 86.50 | | 44.12 | F.C. |
| | Milanese
(MI) | | | | Third
parties | 13.50 | | | |
| EniPower SpA | San Donato | Italy | EUR | 200,000,000 | Eni SpA | 51.00 | | 51.00 | F.C. |
| | Milanese
(MI) | | | | Third
parties | 49.00 | | | |
| (*)
F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value. | | | | | | | | | |
| (a)
Controlling interest: | Eni Plenitude Operations France SAS | | | 100.00 | | | | | |

Field: Page; Sequence: 122

Field: /Page

116 ENI INTERIM CONSOLIDATED REPORT 2023

CORPORATE AND OTHER ACTIVITIES
Corporate
and financial companies
IN ITALY
Company
name	Registered
office	Country
of operation	Currency	Share
Capital	Shareholders	%
Ownership	%
Equity ratio	Consolidation or valutation method (*)
Agenzia
Giornalistica Italia SpA	Rome	Italy	EUR	2,000,000	Eni
SpA	100.00	100.00	F.C.
D-Share
SpA	Milan	Italy	EUR	121,719.25	AGI SpA	100.00	100.00	F.C.
Eni Corporate University
SpA	San Donato	Italy	EUR	3,360,000	Eni SpA	100.00	100.00	F.C.
	Milanese (MI)
Eni
Energia Italia Srl	San Donato	Italy	EUR	50,000	Eni SpA	100.00		Co.
	Milanese
(MI)
Eni
Trading & Shipping SpA	Rome	Italy	EUR	334,171	Eni
SpA	100.00		Co.
(in
liquidation)
EniProgetti SpA	Venezia	Italy	EUR	2,064,000	Eni SpA	100.00	100.00	F.C.
	Marghera (VE)
EniServizi
SpA	San Donato	Italy	EUR	13,427,419.08	Eni SpA	100.00	100.00	F.C.
	Milanese
(MI)
Eniverse Ventures Srl	San Donato	Italy	EUR	50,000	Eni SpA	100.00		Co.
	Milanese (MI)
Enivibes
Srl	Milan	Italy	EUR	3,552,632	Eni SpA	76.00		Co.
					Third
parties	24.00
Serfactoring
SpA	San
Donato	Italy	EUR	5,160,000	Eni
SpA	100.00	100.00	F.C.
(in
liquidation)	Milanese
(MI)
Servizi Aerei SpA	San Donato	Italy	EUR	48,205,536	Eni SpA	100.00	100.00	F.C.
	Milanese
(MI)
OUTSIDE
ITALY
Company
name	Registered
office	Country
of operation	Currency	Share
Capital	Shareholders	%
Ownership	%
Equity ratio	Consolidation or valutation method (*)
Banque
Eni SA	Bruxelles	Belgium	EUR	50,000,000	Eni
International BV	99.90	100.00	F.C.
	(Belgium)				Eni Oil Holdings BV	0.10
Eni
Finance International SA	Bruxelles	Belgium	USD	1,480,365,336	Eni SpA	100.00	100.00	F.C.
	(Belgium)
Eni
Finance USA Inc	Dover	USA	USD	2,500,000	Eni Petroleum
Co Inc	100.00	100.00	F.C.
	(USA)
Eni
Insurance DAC	Dublin	Ireland	EUR	500,000,000	Eni SpA	100.00	100.00	F.C.
	(Ireland)
Eni
International BV	Amsterdam	Netherlands	EUR	641,683,425	Eni SpA	100.00	100.00	F.C.
	(Netherlands)
Eni International Resources
Ltd	London	United	GBP	50,000	Eni SpA	99.99	100.00	F.C.
	(United Kingdom)	Kingdom			Eni UK Ltd	(..)
Eni
Next Llc	Dover	USA	USD	100	Eni Petroleum
Co Inc	100.00	100.00	F.C.
	(USA)
EniProgetti Egypt Ltd	Cairo	Egypt	EGP	50,000	EniProgetti SpA	99.00		Eq.
	(Egypt)				Eni SpA	1.00
(*)
F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value.

Field: Page; Sequence: 123

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 117

| Other
activities | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| IN ITALY | | | | | | | | |
| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method () |
| Eni
Rewind SpA | San
Donato | Italy | EUR | 101,950,844.46 | Eni
SpA | 99.99 | 100.00 | F.C. |
| | Milanese (MI) | | | | Third parties | (..) | | |
| Industria
Siciliana Acido | Gela (CL) | Italy | EUR | 1,300,000 | Eni Rewind
SpA | 52.00 | | Eq. |
| Fosforico - ISAF
- SpA | | | | | Third parties | 48.00 | | |
| (in liquidation) | | | | | | | | |
| OUTSIDE
ITALY | | | | | | | | |
| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method () |
| Eni
Rewind International BV | Amsterdam | Netherlands | EUR | 20,000 | Eni
International BV | 100.00 | | Eq. |
| | (Netherlands) | | | | | | | |
| Oleodotto del Reno SA | Coira | Switzerland | CHF | 1,550,000 | Eni Rewind SpA | 100.00 | | Eq. |
| | (Switzerland) | | | | | | | |
| (*) F.C.
= full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value. | | | | | | | | |

Field: Page; Sequence: 124

Field: /Page

118 ENI INTERIM CONSOLIDATED REPORT 2023

| JOINT
ARRANGEMENTS AND ASSOCIATES | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EXPLORATION
& PRODUCTION | | | | | | | | |
| IN ITALY | | | | | | | | |
| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method () |
| Agri-Energy
Srl (†) | Jolanda
di Savoia | Italy | EUR | 50,000 | Eni
Natural Energies SpA | 50.00 | | Eq. |
| | (FE) | | | | Third
parties | 50.00 | | |
| Azule Energy Angola SpA | San Donato | Angola | EUR | 20,200,000 | Azule Energy Holdings Ltd | 100.00 | | |
| | Milanese
(MI) | | | | | | | |
| Mozambique Rovuma Venture
SpA (†) | San Donato | Mozambique | EUR | 20,000,000 | Eni SpA | 35.71 | | Eq. |
| | Milanese
(MI) | | | | Third
parties | 64.29 | | |
| OUTSIDE
ITALY | | | | | | | | |
| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method () |
| Agiba
Petroleum Co (†) | Cairo | Egypt | EGP | 20,000 | Ieoc
Production BV | 50.00 | | Co. |
| | (Egypt) | | | | Third
parties | 50.00 | | |
| Ashrafi
Island Petroleum Co | Cairo | Egypt | EGP | 20,000 | Ieoc
Production BV | 25.00 | | Co. |
| (in
liquidation) | (Egypt) | | | | Third
parties | 75.00 | | |
| Azule Energy Angola (Block
18) BV | Rotterdam | Angola | EUR | 2,275,625.42 | Azule
Energy Holdings Ltd | 100.00 | | |
| (former
BP Angola (Block 18) BV) | (Netherlands) | | | | | | | |
| Azule Energy Angola BV | Amsterdam | Angola | EUR | 20,000 | Azule Energy Holdings
Ltd | 100.00 | | |
| (former
Eni Angola Exploration BV) | (Netherlands) | | | | | | | |
| Azule Energy Angola Production
BV | Amsterdam | Angola | EUR | 20,000 | Azule Energy Holdings
Ltd | 100.00 | | |
| (former
Eni Angola Production BV) | (Netherlands) | | | | | | | |
| Azule Energy Exploration
Angola (KB) Ltd | Sunbury | Angola | USD | 1 | Azule Energy Holdings Ltd | 100.00 | | |
| (former
BP Exploration Angola | On Thames | | | | | | | |
| (Kwanza
Benguela) Ltd) | (United
Kingdom) | | | | | | | |
| Azule Energy Exploration
(Angola) Ltd | Sunbury | Angola | USD | 1,000,000 | Azule Energy Holdings Ltd | 100.00 | | |
| (former
BP Exploration (Angola) Ltd) | On Thames | | | | | | | |
| | (United
Kingdom) | | | | | | | |
| Azule Energy Gas Supply
Services Inc | Dover | USA | USD | 1,000 | Azule Energy Holdings Ltd | 100.00 | | |
| | (USA) | | | | | | | |
| Azule Energy Holdings Ltd (†) | London | United | USD | 1,000,000 | Eni International BV | 50.00 | | Eq. |
| | (United
Kingdom) | Kingdom | | | Third
parties | 50.00 | | |
| Azule Energy Ltd | Sunbury | Angola | USD | 1,000 | Azule Energy Holdings Ltd | 100.00 | | |
| (former
Angola JVCO Ltd) | On Thames | | | | | | | |
| | (United
Kingdom) | | | | | | | |
| Azule Energy US Gas Llc | Wilmington | USA | USD | 12,800,000 | Azule En. Gas Sup. S. Inc | 100.00 | | |
| (former
BP Gas Supply (Angola) Llc) | (USA) | | | | | | | |
| Barentsmorneftegaz Sàrl (†) | Luxembourg | Russia | USD | 20,000 | Eni Energy Russia BV | 33.33 | | Eq. |
| | (Luxembourg) | | | | Third
parties | 66.67 | | |
| (*)
F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value. | | | | | | | | |
| (†)
Jointly controlled entity. | | | | | | | | |

Field: Page; Sequence: 125

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 119

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | | Shareholders | %
Ownership | Consolidation or valutation method () |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cabo Delgado Gas Development | Maputo | Mozambique | MZN | 2,500,000 | | Eni
Mozamb. LNG H. BV | 50.00 | Co. |
| Limitada (†) | (Mozambique) | | | | | Third
parties | 50.00 | |
| Cardón IV SA (†) | Caracas | Venezuela | VED | 0 | | Eni
Venezuela BV | 50.00 | Eq. |
| | (Venezuela) | | | | | Third
parties | 50.00 | |
| Compañia
Agua Plana SA | Caracas | Venezuela | VED | 0 | | Eni
Venezuela BV | 26.00 | Co. |
| | (Venezuela) | | | | | Third
parties | 74.00 | |
| Coral
FLNG SA | Maputo | Mozambique | MZN | 100,000,000 | | Eni
Mozamb. LNG H. BV | 25.00 | Eq. |
| | (Mozambique) | | | | | Third
parties | 75.00 | |
| Coral
South FLNG DMCC | Dubai | United
Arab | AED | 500,000 | | Eni
Mozamb. LNG H. BV | 25.00 | Eq. |
| | (United Arab | Emirates | | | | Third parties | 75.00 | |
| | Emirates) | | | | | | | |
| East
Delta Gas Co | Cairo | Egypt | EGP | 20,000 | | Ieoc
Production BV | 37.50 | Co. |
| (in
liquidation) | (Egypt) | | | | | Third
parties | 62.50 | |
| East
Obaiyed Petroleum Co | Cairo | Egypt | EGP | 20,000 | | Ieoc Production BV | 37.50 | Co. |
| | (Egypt) | | | | | Third parties | 62.50 | |
| El
Temsah Petroleum Co | Cairo | Egypt | EGP | 20,000 | | Ieoc Production
BV | 25.00 | Co. |
| | (Egypt) | | | | | Third
parties | 75.00 | |
| El-Fayrouz
Petroleum Co (†) | Cairo | Egypt | EGP | 20,000 | | Ieoc
Exploration BV | 50.00 | |
| (in
liquidation) | (Egypt) | | | | | Third
parties | 50.00 | |
| Fedynskmorneftegaz
Sàrl (†) | Luxembourg | Russia | USD | 20,000 | | Eni
Energy Russia BV | 33.33 | Eq. |
| | (Luxembourg) | | | | | Third
parties | 66.67 | |
| In
Salah Gas Ltd | St.
Helier | Algeria | GBP | 180 | | Eni
In Salah Ltd | 25.56 | Co. |
| | (Jersey) | | | | | Third
parties | 74.44 | |
| In
Salah Gas Services Ltd | St.
Helier | Algeria | GBP | 180 | | Eni
In Salah Ltd | 25.56 | Co. |
| | (Jersey) | | | | | Third
parties | 74.44 | |
| Isatay
Operating Company Llp (†) | Astana | Kazakhstan | KZT | 400,000 | | Eni Isatay | 50.00 | Co. |
| | (Kazakhstan) | | | | | Third parties | 50.00 | |
| Karachaganak
Petroleum Operating BV | Amsterdam | Kazakhstan | EUR | 20,000 | | Agip Karachaganak
BV | 29.25 | Co. |
| | (Netherlands) | | | | | Third
parties | 70.75 | |
| Khaleej Petroleum Co Wll | Safat | Kuwait | KWD | 250,000 | | Eni Middle E. Ltd | 49.00 | Eq. |
| | (Kuwait) | | | | | Third parties | 51.00 | |
| Liberty
National Development Co Llc | Wilmington | USA | USD | 0 | (a) | Eni Oil
& Gas Inc | 32.50 | Eq. |
| | (USA) | | | | | Third
parties | 67.50 | |
| Mediterranean Gas Co | Cairo | Egypt | EGP | 20,000 | | Ieoc Production BV | 25.00 | Co. |
| | (Egypt) | | | | | Third parties | 75.00 | |
| Meleiha
Petroleum Company | Cairo | Egypt | EGP | 20,000 | | Ieoc Production
BV | 37.50 | Co. |
| | (Egypt) | | | | | Third
parties | 62.50 | |
| Mellitah
Oil & Gas BV (†) | Amsterdam | Libya | EUR | 20,000 | | Eni
North Africa BV | 50.00 | Co. |
| | (Netherlands) | | | | | Third
parties | 50.00 | |
| Nile Delta Oil Co Nidoco | Cairo | Egypt | EGP | 20,000 | | Ieoc Production BV | 37.50 | Co. |
| | (Egypt) | | | | | Third
parties | 62.50 | |
| Norpipe
Terminal Holdco Ltd | London | Norway | GBP | 55.69 | | Eni
SpA | 14.20 | Eq. |
| | (United
Kingdom) | | | | | Third
parties | 85.80 | |
| North Bardawil Petroleum
Co | Cairo | Egypt | EGP | 20,000 | | Ieoc Exploration BV | 30.00 | |
| (in
liquidation) | (Egypt) | | | | | Third parties | 70.00 | |
| North
El Burg Petroleum Co | Cairo | Egypt | EGP | 20,000 | | Ieoc Production
BV | 25.00 | Co. |
| | (Egypt) | | | | | Third
parties | 75.00 | |
| ()
F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value. | | | | | | | | |
| (†)
Jointly controlled entity. | | | | | | | | |
| (a)
Shares without nominal value. | | | | | | | | |

Field: Page; Sequence: 126

Field: /Page

120 ENI INTERIM CONSOLIDATED REPORT 2023

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | Consolidation or valutation method () |
| --- | --- | --- | --- | --- | --- | --- | --- |
| North
El Hammad Petroleum Co | Cairo | Egypt | USD | 20,000 | Ieoc
Production BV | 18.75 | Co. |
| | (Egypt) | | | | Third
parties | 81.25 | |
| Petrobel Belayim Petroleum
Co (†) | Cairo | Egypt | EGP | 20,000 | Ieoc Production BV | 50.00 | Co. |
| | (Egypt) | | | | Third parties | 50.00 | |
| PetroBicentenario
SA (†) | Caracas | Venezuela | VED | 0 | Eni Lasmo
Plc | 40.00 | Eq. |
| | (Venezuela) | | | | Third
parties | 60.00 | |
| PetroJunín
SA (†) | Caracas | Venezuela | VED | 0.02 | Eni
Lasmo Plc | 40.00 | Eq. |
| | (Venezuela) | | | | Third
parties | 60.00 | |
| PetroSucre
SA | Caracas | Venezuela | VED | 0 | Eni
Venezuela BV | 26.00 | Eq. |
| | (Venezuela) | | | | Third
parties | 74.00 | |
| Pharaonic Petroleum Co | Cairo | Egypt | EGP | 20,000 | Ieoc Production BV | 25.00 | Co. |
| | (Egypt) | | | | Third parties | 75.00 | |
| Port
Said Petroleum Co (†) | Cairo | Egypt | EGP | 20,000 | Ieoc Production
BV | 50.00 | Co. |
| | (Egypt) | | | | Third
parties | 50.00 | |
| Qatar
Liquefied Gas | Doha | Qatar | USD | 1,175,885,000 | Eni
Qatar BV | 25.00 | Eq. |
| Company
Limited (9) | (Qatar) | | | | Third
parties | 75.00 | |
| Rovuma
LNG Investment (DIFC) Ltd | Dubai | Mozambique | USD | 50,000 | Eni
Mozamb. LNG H. BV | 25.00 | Eq. |
| | (United Arab | | | | Third parties | 75.00 | |
| | Emirates) | | | | | | |
| Rovuma LNG SA | Maputo | Mozambique | MZN | 100,000,000 | Eni Mozamb. LNG H. BV | 25.00 | Eq. |
| | (Mozambique) | | | | Third parties | 75.00 | |
| Shorouk
Petroleum Company | Cairo | Egypt | EGP | 20,000 | Ieoc Production
BV | 25.00 | Co. |
| | (Egypt) | | | | Third
parties | 75.00 | |
| Société Centrale
Electrique | Pointe-Noire | Republic | XAF | 44,732,000,000 | Eni
Congo SAU | 20.00 | Eq. |
| du Congo SA | (Republic | of the Congo | | | Third parties | 80.00 | |
| | of
the Congo) | | | | | | |
| Société
Italo Tunisienne | Tunis | Tunisia | TND | 5,000,000 | Eni
Tunisia BV | 50.00 | Eq. |
| d’Exploitation
Pétrolière SA (†) | (Tunisia) | | | | Third
parties | 50.00 | |
| Sodeps - Société
de Developpement | Tunis | Tunisia | TND | 100,000 | Eni Tunisia BV | 50.00 | Co. |
| et
d’Exploitation du Permis du Sud SA (†) | (Tunisia) | | | | Third
parties | 50.00 | |
| Thekah Petroleum Co | Cairo | Egypt | EGP | 20,000 | Ieoc Exploration BV | 25.00 | |
| (in liquidation) | (Egypt) | | | | Third parties | 75.00 | |
| United
Gas Derivatives Co | New Cairo | Egypt | USD | 153,000,000 | Eni International
BV | 33.33 | Eq. |
| | (Egypt) | | | | Third
parties | 66.67 | |
| Vår Energi ASA (#) | Sandnes | Norway | NOK | 399,425,000 | Eni
International BV | 63.04 | Eq. |
| | (Norway) | | | | Third
parties | 36.96 | |
| VIC CBM Ltd (†) | London | Indonesia | USD | 52,315,912 | Eni Lasmo Plc | 50.00 | Eq. |
| | (United Kingdom) | | | | Third parties | 50.00 | |
| Virginia
Indonesia Co CBM Ltd (†) | London | Indonesia | USD | 25,631,640 | Eni Lasmo
Plc | 50.00 | Eq. |
| | (United
Kingdom) | | | | Third
parties | 50.00 | |
| West Ashrafi Petroleum
Co (†) | Cairo | Egypt | EGP | 20,000 | Ieoc Exploration BV | 50.00 | |
| (in liquidation) | (Egypt) | | | | Third
parties | 50.00 | |
| () F.C.
= full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value. | | | | | | | |
| (#) Company with shares quoted on regulated market of extra-EU countries. | | | | | | | |
| (†) Jointly controlled entity. | | | | | | | |

Field: Page; Sequence: 127

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 121

| GLOBAL
GAS & LNG PORTFOLIO | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| IN ITALY | | | | | | | | | |
| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | | Consolidation or valutation method () |
| SeaCorridor
Srl (†) | San
Donato | Italy | EUR | 100,000,000 | Eni
SpA | 50.10 | | | Eq. |
| (former
Eni Corridor Srl) | Milanese
(MI) | | | | Third
parties | 49.90 | | | |
| OUTSIDE
ITALY | | | | | | | | | |
| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | | Consolidation or valutation method () |
| Blue
Stream Pipeline Co BV (†) | Amsterdam | Russia | USD | 22,000 | Eni
International BV | 50.00 | 74.62 | (a) | J.O. |
| | (Netherlands) | | | | Third parties | 50.00 | | | |
| Damietta
LNG (DLNG) SAE (†) | Damietta | Egypt | USD | 375,000,000 | Eni Gas
Liquef. BV | 50.00 | 50.00 | | J.O. |
| | (Egypt) | | | | Third
parties | 50.00 | | | |
| DLNG Service SAE (†) | Damietta | Egypt | USD | 1,000,000 | Damietta LNG | 98.00 | 50.00 | | J.O. |
| | (Egypt) | | | | Eni Gas Liquef. BV | 1.00 | | | |
| | | | | | Third parties | 1.00 | | | |
| GreenStream
BV (†) | Amsterdam | Libya | EUR | 200,000,000 | Eni North
Africa BV | 50.00 | 50.00 | | J.O. |
| | (Netherlands) | | | | Third
parties | 50.00 | | | |
| Société Energies
Renouvelables | Tunis | Tunisia | TND | 11,100,000 | Eni International BV | 50.00 | | | Eq. |
| Eni-ETAP
SA (†) | (Tunisia) | | | | Third
parties | 50.00 | | | |
| (*) F.C.
= full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value. | | | | | | | | | |
| (†)
Jointly controlled entity. | | | | | | | | | |
| (a) Equity
ratio equal to the Eni's working interest. | | | | | | | | | |

Field: Page; Sequence: 128

Field: /Page

122 ENI INTERIM CONSOLIDATED REPORT 2023

| SUSTAINABLE
MOBILITY, REFINING AND CHEMICALS | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sustainable
Mobility and Refining | | | | | | | | |
| IN ITALY | | | | | | | | |
| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method () |
| Arezzo Gas SpA (†) | Arezzo | Italy | EUR | 394,000 | Ecofuel SpA | 50.00 | | Eq. |
| | | | | | Third parties | 50.00 | | |
| CePIM
Centro Padano Interscambio | Fontevivo
(PR) | Italy | EUR | 6,642,928.32 | Ecofuel
SpA | 44.78 | | Eq. |
| Merci
SpA | | | | | Third
parties | 55.22 | | |
| Consorzio Operatori GPL
di Napoli | Napoli | Italy | EUR | 102,000 | Ecofuel SpA | 25.00 | | Co. |
| | | | | | Third parties | 75.00 | | |
| Costiero
Gas Livorno SpA (†) | Livorno | Italy | EUR | 26,000,000 | Ecofuel
SpA | 65.00 | 65.00 | J.O. |
| | | | | | Third
parties | 35.00 | | |
| Disma SpA | Segrate (MI) | Italy | EUR | 2,600,000 | Ecofuel SpA | 25.00 | | Eq. |
| | | | | | Third
parties | 75.00 | | |
| Porto Petroli di Genova
SpA | Genova | Italy | EUR | 2,068,000 | Ecofuel SpA | 40.50 | | Eq. |
| | | | | | Third parties | 59.50 | | |
| Raffineria
di Milazzo ScpA (†) | Milazzo
(ME) | Italy | EUR | 171,143,000 | Eni SpA | 50.00 | 50.00 | J.O. |
| | | | | | Third
parties | 50.00 | | |
| Seram SpA | Fiumicino (RM) | Italy | EUR | 852,000 | Eni SpA | 25.00 | | Eq. |
| | | | | | Third parties | 75.00 | | |
| Sigea
Sistema Integrato Genova | Genova | Italy | EUR | 3,326,900 | Ecofuel
SpA | 35.00 | | Eq. |
| Arquata
SpA | | | | | Third
parties | 65.00 | | |
| Società
Oleodotti Meridionali - | Rome | Italy | EUR | 3,085,000 | Eni
SpA | 70.00 | | Eq. |
| SOM
SpA (†) | | | | | Third
parties | 30.00 | | |
| South Italy Green Hydrogen
Srl (†) | Rome | Italy | EUR | 10,000 | Eni SpA | 50.00 | | Eq. |
| | | | | | Third
parties | 50.00 | | |
| OUTSIDE
ITALY | | | | | | | | |
| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method () |
| Abu
Dhabi Oil Refining Company | Abu
Dhabi | United
Arab | AED | 500,000,000 | Eni Abu Dhabi R&T BV | 20.00 | | Eq. |
| (TAKREER) | (United Arab | Emirates | | | Third parties | 80.00 | | |
| | Emirates) | | | | | | | |
| ADNOC
Global Trading Ltd | Abu Dhabi | United Arab | USD | 100,000,000 | Eni Abu Dhabi R&T BV | 20.00 | | Eq. |
| | (United Arab | Emirates | | | Third parties | 80.00 | | |
| | Emirates) | | | | | | | |
| AET - Raffineriebeteiligungsgesellschaft | Schwedt | Germany | EUR | 27,000 | Eni Deutsch. GmbH | 33.33 | | Eq. |
| mbH (†) | (Germany) | | | | Third parties | 66.67 | | |
| Bayernoil
Raffineriegesellschaft mbH (†) | Vohburg | Germany | EUR | 10,226,000 | Eni Deutsch.
GmbH | 20.00 | 20.00 | J.O. |
| | (Germany) | | | | Third
parties | 80.00 | | |
| (*) F.C.
= full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value. | | | | | | | | |
| (†) Jointly controlled entity. | | | | | | | | |

Field: Page; Sequence: 129

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 123

| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | | Shareholders | %
Ownership | | | Consolidation or valutation method () |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| City
Carburoil SA (†) | Monteceneri | Switzerland | CHF | 6,000,000 | | Eni
Suisse SA | 49.91 | | | Eq. |
| | (Switzerland) | | | | | Third parties | 50.09 | | | |
| Egyptian International
Gas | New Cairo | Egypt | EGP | 100,000,000 | | Eni International
BV | 40.00 | | | Eq. |
| Technology
Co | (Egypt) | | | | | Third parties | 60.00 | | | |
| ENEOS Italsing Pte Ltd | Singapore | Singapore | SGD | 12,000,000 | | Eni Sust.
Mobility SpA | 22.50 | | | Eq. |
| | (Singapore) | | | | | Third parties | 77.50 | | | |
| Fuelling
Aviation Services GIE | Tremblay- | France | EUR | 0 | | Eni France
Sàrl | 25.00 | | | Co. |
| | en-France | | | | | Third parties | 75.00 | | | |
| | (France) | | | | | | | | | |
| Mediterranée Bitumes
SA | Tunis | Tunisia | TND | 1,000,000 | | Eni International BV | 34.00 | | | Eq. |
| | (Tunisia) | | | | | Third parties | 66.00 | | | |
| Routex
BV | Amsterdam | Netherlands | EUR | 67,500 | | Eni Sust.
Mobility SpA | 20.00 | (b) | | Eq. |
| | (Netherlands) | | | | | Routex BV | 20.00 | | | |
| | | | | | | Third
parties | 60.00 | | | |
| Saraco SA | Meyrin | Switzerland | CHF | 420,000 | | Eni Suisse SA | 20.00 | | | Co. |
| | (Switzerland) | | | | | Third
parties | 80.00 | | | |
| St.
Bernard Renewables Llc (†) | Wilmington | USA | USD | 0 | (a) | ESM US Inc. | 50.00 | | | Eq. |
| | (USA) | | | | | Third
parties | 50.00 | | | |
| Supermetanol
CA (†) | Jose
Puerto | Venezuela | VED | 0 | | Ecofuel
SpA | 34.51 | 50.00 | (c) | J.O. |
| | La Cruz | | | | | Supermetanol CA | 30.07 | | | |
| | (Venezuela) | | | | | Third
parties | 35.42 | | | |
| TBG
Tanklager Betriebsgesellschaft | Salzburg | Austria | EUR | 43,603.70 | | Eni
Marketing A. GmbH | 50.00 | | | Eq. |
| GmbH (†) | (Austria) | | | | | Third
parties | 50.00 | | | |
| Weat Electronic Datenservice
GmbH | Düsseldorf | Germany | EUR | 409,034 | | Eni Deutsch. GmbH | 20.00 | | | Eq. |
| | (Germany) | | | | | Third
parties | 80.00 | | | |
| ()
F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value. | | | | | | | | | | |
| (†) Jointly controlled
entity. | | | | | | | | | | |
| (a) Shares without nominal
value. | | | | | | | | | | |
| (b)
Controlling interest: | Eni Sust. Mobility SpA | | | 25.00 | | | | | | |
| | Third parties | | | 75.00 | | | | | | |
| (c) Equity
ratio equal to the Eni's working interest. | | | | | | | | | | |

Field: Page; Sequence: 130

Field: /Page

124 ENI INTERIM CONSOLIDATED REPORT 2023

Chemicals
IN ITALY
Company
name	Registered
office	Country
of operation	Currency	Share
Capital	Shareholders	%
Ownership	%
Equity ratio	Consolidation or valutation method (*)
Brindisi
Servizi Generali Scarl	Brindisi	Italy	EUR	1,549,060	Versalis SpA	49.00		Eq.
					Eni Rewind SpA	20.20
					EniPower SpA	8.90
					Third parties	21.90
IFM
Ferrara ScpA	Ferrara	Italy	EUR	5,304,464	Versalis
SpA	19.61		Eq.
					Eni Rewind SpA	11.51
					S.E.F. Srl	10.63
					Third
parties	58.25
Matrìca SpA (†)	Porto Torres (SS)	Italy	EUR	37,500,000	Versalis SpA	50.00		Eq.
					Third parties	50.00
Novamont
SpA	Novara	Italy	EUR	20,000,000	Versalis
SpA	36.00		Eq.
					Third
parties	64.00
Priolo Servizi ScpA	Melilli (SR)	Italy	EUR	28,100,000	Versalis SpA	37.22		Eq.
					Eni Rewind SpA	5.65
					Third parties	57.13
Ravenna
Servizi Industriali ScpA	Ravenna	Italy	EUR	5,597,400	Versalis
SpA	42.13		Eq.
					EniPower SpA	30.37
					Ecofuel SpA	1.85
					Third
parties	25.65
Servizi Porto Marghera
Scarl	Venezia	Italy	EUR	8,695,718	Versalis SpA	48.44		Eq.
	Marghera (VE)				Eni Rewind SpA	38.39
					Third
parties	13.17
OUTSIDE
ITALY
Company
name	Registered
office	Country
of operation	Currency	Share
Capital	Shareholders	%
Ownership	%
Equity ratio	Consolidation or valutation method (*)
Lotte
Versalis Elastomers Co Ltd (†)	Yeosu	South
Korea	KRW	601,800,000,000	Versalis
SpA	50.00		Eq.
	(South Korea)				Third parties	50.00
Versalis
Chem-invest Llp (†)	Uralsk
City	Kazakhstan	KZT	64,194,000	Versalis
International SA	49.00		Eq.
	(Kazakhstan)				Third
parties	51.00
VPM Oilfield Specialty
Chemicals Llc (†)	Abu Dhabi	United Arab	AED	1,000,000	Versalis International SA	49.00		Eq.
	(United Arab	Emirates			Third parties	51.00
	Emirates)
(*) F.C.
= full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value.
(†) Jointly controlled entity.

Field: Page; Sequence: 131

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 125

| PLENITUDE
& POWER | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Plenitude | | | | | | | | |
| IN ITALY | | | | | | | | |
| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method () |
| Atis
Floating Wind Srl (†) | Milan | Italy | EUR | 10,000 | Eni New Energy SpA | 70.00 | | Eq. |
| | | | | | Third
parties | 30.00 | | |
| Bettercity
SpA | Bergamo | Italy | EUR | 4,050,000 | Eni
Plenitude SpA SB | 50.00 | | Eq. |
| | | | | | Third
parties | 50.00 | | |
| Evogy
Srl Società Benefit | Seriate
(BG) | Italy | EUR | 11,785.71 | Evolvere
Venture SpA | 45.45 | | Eq. |
| | | | | | Third
parties | 54.55 | | |
| GreenIT SpA (†) | San Donato | Italy | EUR | 50,000 | Eni Plenitude SpA SB | 51.00 | | Eq. |
| | Milanese
(MI) | | | | Third
parties | 49.00 | | |
| Hergo Renewables SpA (†) | Milan | Italy | EUR | 50,000 | Eni Plenitude SpA SB | 65.00 | | Eq. |
| | | | | | Third parties | 35.00 | | |
| Krimisa
Floating Wind Srl (†) | Milan | Italy | EUR | 10,000 | Eni New
Energy SpA | 70.00 | | Eq. |
| | | | | | Third
parties | 30.00 | | |
| Messapia
Floating Wind Srl (†) | Milan | Italy | EUR | 10,000 | Eni
New Energy SpA | 70.00 | | Eq. |
| | | | | | Third
parties | 30.00 | | |
| Renewable
Dispatching Srl | Milan | Italy | EUR | 200,000 | Evolvere
Venture SpA | 40.00 | | Eq. |
| | | | | | Third
parties | 60.00 | | |
| Siel
Agrisolare Srl (†) | Cesena | Italy | EUR | 10,000 | Eni
Plen. S&M Italia Srl | 51.00 | | Eq. |
| | (FC) | | | | Third
parties | 49.00 | | |
| Tate Srl | Bologna | Italy | EUR | 408,509.29 | Evolvere Venture SpA | 36.00 | | Eq. |
| | | | | | Third
parties | 64.00 | | |
| OUTSIDE
ITALY | | | | | | | | |
| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method () |
| Bluebell Solar Class A
Holdings II Llc | Wilmington | USA | USD | 82,351,634 | Eni New Energy US Inc | 99.00 | | Eq. |
| | (USA) | | | | Third
parties | 1.00 | | |
| Clarensac
Solar SAS | Meyreuil | France | EUR | 25,000 | Eni
Plen. Op. Fr. SAS | 40.00 | | Eq. |
| | (France) | | | | Third
parties | 60.00 | | |
| Enera
Conseil SAS (†) | Clichy | France | EUR | 9,690 | Eni
G&P France SA | 51.00 | | Eq. |
| | (France) | | | | Third
parties | 49.00 | | |
| EnerOcean
SL (†) | Malaga | Spain | EUR | 444,773 | Eni
Plenitude SpA SB | 30.90 | | Eq. |
| | (Spain) | | | | Third
parties | 69.10 | | |
| Novis
Renewables Holdings Llc | Wilmington | USA | USD | 100 | Eni
New Energy US Inc | 49.00 | | Eq. |
| | (USA) | | | | Third
parties | 51.00 | | |
| Novis Renewables Llc (†) | Wilmington | USA | USD | 100 | Eni
New Energy US Inc | 50.00 | | Eq. |
| | (USA) | | | | Third
parties | 50.00 | | |
| POW
- Polish Offshore | Warsaw | Poland | PLN | 5,000 | Eni
Energy Solutions BV | 95.00 | | Eq. |
| Wind-Co
Sp zoo (†) | (Poland) | | | | Third
parties | 5.00 | | |
| Vårgrønn
AS (†) | Stavanger | Norway | NOK | 600,000 | Eni
Energy Solutions BV | 65.00 | | Eq. |
| | (Norway) | | | | Third
parties | 35.00 | | |
| (*) F.C.
= full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value. | | | | | | | | |
| (†) Jointly controlled entity. | | | | | | | | |

Field: Page; Sequence: 132

Field: /Page

126 ENI INTERIM CONSOLIDATED REPORT 2023

Power
IN ITALY
Company
name	Registered
office	Country
of operation	Currency	Share
Capital	Shareholders	%
Ownership	%
Equity ratio	Consolidation or valutation method (*)
Società EniPower
Ferrara Srl (†)	San Donato	Italy	EUR	140,000,000	EniPower SpA	51.00	26.01	J.O.
	Milanese
(MI)				Third
parties	49.00
(*) F.C.
= full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value.
(†) Jointly controlled entity.

Field: Page; Sequence: 133

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 127

CORPORATE AND OTHER ACTIVITIES
Corporate
and financial companies
IN ITALY
Company
name	Registered
office	Country
of operation	Currency	Share
Capital	Shareholders	%
Ownership	%
Equity ratio	Consolidation or valutation method (*)
Consorzio
per l'attuazione del Progetto	Frascati
(RM)	Italy	EUR	1,000,000	Eni
SpA	25.00		Co.
Divertor
Tokamak Test DTT Scarl (†)					Third
parties	75.00
Energy
Dome SpA (b)	Milan	Italy	EUR	182,830.21	Eni Next Llc			Eq.
					Third
parties
Saipem SpA (#)
(†)	Milan	Italy	EUR	501,669,790.83	Eni SpA	31.19	(a)	Eq.
					Saipem SpA	0.02
					Third
parties	68.79
OUTSIDE
ITALY
Company
name	Registered
office	Country
of operation	Currency	Share
Capital	Shareholders	%
Ownership	%
Equity ratio	Consolidation or valutation method (*)
Avanti Battery Company (b)	Natick	USA	USD	683	Eni Next Llc			Eq.
	(USA)				Third parties
Commonwealth
Fusion Systems Llc (b)	Wilmington	USA	USD	904,64	Eni Next
Llc			Eq.
					CFS
	(USA)				Third
parties
Cool
Planet Technologies Ltd (b)	London	United	GBP	1,000	Eni
Next Llc			Eq.
	(United
Kingdom)	Kingdom			Third
parties
CZero
Inc (b)	Wilmington	USA	USD	334	Eni
Next Llc			Eq.
	(USA)				Third
parties
Form Energy Inc (b)	Somerville	USA	USD	1,129	Eni Next Llc			Eq.
	(USA)				Third parties
M2X
Energy Inc (b)	Wilmington	USA	USD	99	Eni Next
Llc			Eq.
	(USA)				Third
parties
sHYp BV PBC (b)	Wilmington	USA	USD	86	Eni Next Llc			Eq.
	(USA)				Third parties
Tecninco
Engineering Contractors Llp (†)	Aksai	Kazakhstan	KZT	29,478,455	EniProgetti
SpA	49.00		Eq.
	(Kazakhstan)				Third
parties	51.00
Thiozen Inc (b)	Wilmington	USA	USD	351	Eni Next Llc			Eq.
	(USA)				Third
parties
(*) F.C.
= full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value.
(#) Company with shares quoted on
regulated market of Italy or of other EU countries.
(†) Jointly controlled entity.
(a) Controlling interest:	Eni SpA			31.20
	Third parties			68.80
(b) The information relating to share
capital refers to ordinary shares.

Field: Page; Sequence: 134

Field: /Page

128 ENI INTERIM CONSOLIDATED REPORT 2023

| Other
activities | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| IN ITALY | | | | | | | | |
| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | %
Equity ratio | Consolidation or valutation method () |
| HEA
SpA (†) | Bologna | Italy | EUR | 50,000 | Eni
Rewind SpA | 50.00 | | Co. |
| | | | | | Third
parties | 50.00 | | |
| LabAnalysis
Environmental Science Srl (†) | San Giovanni | Italy | EUR | 100,000 | Eni Rewind SpA | 30.00 | | Eq. |
| | Teatino
(CH) | | | | Third
parties | 70.00 | | |
| Progetto
Nuraghe Scarl | Porto Torres (SS) | Italy | EUR | 10,000 | Eni Rewind SpA | 48.55 | | Eq. |
| | | | | | Third
parties | 51.45 | | |
| () F.C.
= full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value. | | | | | | | | |
| (†) Jointly controlled
entity. | | | | | | | | |

Field: Page; Sequence: 135

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 129

| OTHER
SIGNIFICANT INVESTMENTS | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EXPLORATION
& PRODUCTION | | | | | | | | |
| IN ITALY | | | | | | | | |
| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | | Shareholders | %
Ownership | Consolidation or valutation method () |
| BF
SpA (#) | Jolanda
di Savoia | Italy | EUR | 187,059,565 | | Eni
Natural Energies SpA | 5.32 | F.V. |
| | (FE) | | | | | Third
parties | 94.68 | |
| Consorzio
Universitario in Ingegneria | Pisa | Italy | EUR | 138,000 | | Eni SpA | 16.67 | F.V. |
| per
la Qualità e l’Innovazione | | | | | | Third
parties | 83.33 | |
| OUTSIDE
ITALY | | | | | | | | |
| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | | Shareholders | %
Ownership | Consolidation or valutation method () |
| Administradora
del Golfo | Caracas | Venezuela | VED | 0 | | Eni
Venezuela BV | 19.50 | F.V. |
| de Paria Este SA | (Venezuela) | | | | | Third parties | 80.50 | |
| Brass
LNG Ltd | Lagos | Nigeria | USD | 1,000,000 | | Eni Int.
NA NV Sàrl | 20.48 | F.V. |
| | (Nigeria) | | | | | Third
parties | 79.52 | |
| Darwin LNG Pty Ltd | West Perth | Australia | AUD | 187,569,921.42 | | Eni G&P LNG Aus. BV | 10.99 | F.V. |
| | (Australia) | | | | | Third parties | 89.01 | |
| New
Liberty Residential Urban | West Trenton | USA | USD | 0 | (a) | Eni Oil
& Gas Inc | 17.50 | F.V. |
| Renewal Company Llc | (USA) | | | | | Third parties | 82.50 | |
| (former
New Liberty Residential Co Llc) | | | | | | | | |
| Nigeria LNG Ltd | Port Harcourt | Nigeria | USD | 1,138,207,000 | | Eni Int. NA NV Sàrl | 10.40 | F.V. |
| | (Nigeria) | | | | | Third parties | 89.60 | |
| North
Caspian Operating Company NV | The Hauge | Kazakhstan | EUR | 128,520 | | Agip Caspian
Sea BV | 16.81 | F.V. |
| | (Netherlands) | | | | | Third
parties | 83.19 | |
| Petrolera
Güiria SA | Caracas | Venezuela | VED | 0 | | Eni
Venezuela BV | 19.50 | F.V. |
| | (Venezuela) | | | | | Third
parties | 80.50 | |
| Torsina Oil Co | Cairo | Egypt | EGP | 20,000 | | Ieoc Production BV | 12.50 | F.V. |
| | (Egypt) | | | | | Third
parties | 87.50 | |
| (*) F.C.
= full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value. | | | | | | | | |
| (#) Company with shares quoted on
regulated market of Italy or of other EU countries. | | | | | | | | |
| (a) Shares without nominal value. | | | | | | | | |

Field: Page; Sequence: 136

Field: /Page

130 ENI INTERIM CONSOLIDATED REPORT 2023

| GLOBAL
GAS & LNG PORTFOLIO | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| OUTSIDE
ITALY | | | | | | | |
| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | Consolidation or valutation method () |
| Norsea
Gas GmbH | Friedeburg-Etzel | Germany | EUR | 1,533,875.64 | Eni
International BV | 13.04 | F.V. |
| | (Germany) | | | | Third
parties | 86.96 | |
| () F.C.
= full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value. | | | | | | | |

Field: Page; Sequence: 137

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 131

| SUSTAINABLE
MOBILITY, REFINING AND CHEMICALS | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sustainable
Mobility and Refining | | | | | | | | |
| OUTSIDE
ITALY | | | | | | | | |
| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | | Shareholders | %
Ownership | Consolidation or valutation method () |
| BFS
Berlin Fuelling Services GbR | Berlin | Germany | EUR | 89,199 | | Eni
Deutsch. GmbH | 12.50 | F.V. |
| | (Germany) | | | | | Third parties | 87.50 | |
| Compañía
de Economia Mixta | Cuenca | Ecuador | USD | 6,863,493 | | Eni Ecuador
SA | 13.38 | F.V. |
| “Austrogas” | (Ecuador) | | | | | Third
parties | 86.62 | |
| Dépôt
Pétrolier de la Côte d’Azur SAS | Nanterre | France | EUR | 207,500 | | Eni France Sàrl | 18.00 | F.V. |
| | (France) | | | | | Third parties | 82.00 | |
| Dépôts
Pétroliers de Fos SA | Fos-Sur-Mer | France | EUR | 3,954,196.40 | | Eni France
Sàrl | 16.81 | F.V. |
| | (France) | | | | | Third
parties | 83.19 | |
| Gestión
de Envases Comerciales e | Madrid | Spain | EUR | 3,000 | | Eni
Iberia SLU | 16.40 | F.V. |
| Industriales
SL | (Spain) | | | | | Third
parties | 83.60 | |
| Joint
Inspection Group Ltd | Cambourne | United | GBP | 0 | (a) | Eni
Sust. Mobility SpA | 12.50 | F.V. |
| | (United Kingdom) | Kingdom | | | | Third
parties | 87.50 | |
| Saudi
European Petrochemical Co | Al Jubail | Saudi
Arabia | SAR | 1,200,000,000 | | Ecofuel
SpA | 10.00 | F.V. |
| "IBN
ZAHR" | (Saudi
Arabia) | | | | | Third
parties | 90.00 | |
| S.I.P.G. Société
Immobilière Pétrolière | Tremblay-en- | France | EUR | 40,000 | | Eni France Sàrl | 12.50 | F.V. |
| de Gestion Snc | France | | | | | Third parties | 87.50 | |
| | (France) | | | | | | | |
| Sistema
Integrado de Gestion | Madrid | Spain | EUR | 175,713 | | Eni Iberia
SLU | 15.45 | F.V. |
| de
Aceites Usados | (Spain) | | | | | Third
parties | 84.55 | |
| Tanklager - Gesellschaft
Tegel | Hamburg | Germany | EUR | 4,953 | | Eni Deutsch. GmbH | 12.50 | F.V. |
| (TGT) GbR | (Germany) | | | | | Third parties | 87.50 | |
| TAR
- Tankanlage Ruemlang AG | Ruemlang | Switzerland | CHF | 3,259,500 | | Eni Suisse
SA | 16.27 | F.V. |
| | (Switzerland) | | | | | Third
parties | 83.73 | |
| Tema Lube Oil Co Ltd | Accra | Ghana | GHS | 258,309 | | Eni International BV | 12.00 | F.V. |
| | (Ghana) | | | | | Third
parties | 88.00 | |
| ()
F.C. = full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value. | | | | | | | | |
| (a) Shares without nominal
value. | | | | | | | | |

Field: Page; Sequence: 138

Field: /Page

132 ENI INTERIM CONSOLIDATED REPORT 2023

| CORPORATE
AND OTHER ACTIVITIES | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Corporate
and financial companies | | | | | | | |
| OUTSIDE
ITALY | | | | | | | |
| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | Consolidation or valutation method () |
| New
Energy One Acquisition | London | United | GBP | 56,220.61 | Eni International
BV | 5.01 | F.V. |
| Corporation
Plc (#) | (United
Kingdom) | Kingdom | | | Third
parties | 94.99 | |
| Other
activities | | | | | | | |
| IN ITALY | | | | | | | |
| Company
name | Registered
office | Country
of operation | Currency | Share
Capital | Shareholders | %
Ownership | Consolidation or valutation method () |
| Ottana Sviluppo ScpA | Nuoro | Italy | EUR | 516,000 | Eni Rewind SpA | 30.00 | F.V. |
| (in bankruptcy) | | | | | Third
parties | 70.00 | |
| (*) F.C.
= full consolidation, J.O. = joint operation, Eq. = equity-accounted, Co. = valued at cost, F.V. = valued at fair value. | | | | | | | |
| (#) Company with shares quoted on
regulated market of extra-EU countries. | | | | | | | |

Field: Page; Sequence: 139

Field: /Page

INTERIM CONSOLIDATED REPORT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ANNEX 133

Changes in the scope of consolidation for the first half 2023

Fully consolidated subsidiaries

COMPANIES INCLUDED (No. 17)

| BT
Kellam Solar Llc | Austin | Plenitude | Acquisition |
| --- | --- | --- | --- |
| Eni
CCUS Holding Ltd | London | Exploration
& Production | Constitution |
| Eni
GoM Llc | Dover | Exploration
& Production | Constitution |
| Eni
In Amenas Ltd | Aberdeen | Exploration
& Production | Acquisition |
| Eni
In Salah Ltd | Nassau | Exploration
& Production | Acquisition |
| Eni
IS Exploration Ltd | London | Exploration
& Production | Acquisition |
| Eni
Peri Mahakam Ltd | London | Exploration
& Production | Constitution |
| Eni
Sustainable Mobility US Inc | Dover | Sustainable
Mobility and Refining | Constitution |
| EniBioCh4in
Flaibano Srl Società Agricola | San
Donato Milanese (MI) | Sustainable
Mobility and Refining | Acquisition |
| HLS
Bonete PV SLU | Madrid | Plenitude | Acquisition |
| HLS
Bonete Topco SLU | Madrid | Plenitude | Acquisition |
| Kellam
Solar Class B Llc | Dover | Plenitude | Acquisition |
| Kellam
Tax Equity Partnership Llc | Dover | Plenitude | Acquisition |
| Maristella
Directorship SLU | Madrid | Plenitude | Acquisition |
| Versalis
Pacific (India) Private Ltd | Mumbai | Chemicals | Relevancy |
| Wind
Grower SLU | Ourense | Plenitude | Acquisition |
| Wind
Hero SLU | Ourense | Plenitude | Acquisition |

Field: Page; Sequence: 140

Field: /Page

134 ENI INTERIM CONSOLIDATED REPORT 2023

COMPANIES EXCLUDED (No. 19)

| CEF
3 Wind Energy SpA | Milan | Plenitude | Fusion |
| --- | --- | --- | --- |
| CGDB
Enrico Srl | San
Donato Milanese (MI) | Plenitude | Fusion |
| CGDB
Laerte Srl | San
Donato Milanese (MI) | Plenitude | Fusion |
| Eni
Corridor Srl | San
Donato Milanese (MI) | Global
Gas & LNG Portfolio | Sale
of the control |
| Eni
Ireland BV | Amsterdam | Exploration
& Production | Irrelevancy |
| Eni
Montenegro BV | Amsterdam | Exploration
& Production | Irrelevancy |
| Eni
Myanmar BV | Amsterdam | Exploration
& Production | Irrelevancy |
| EniBioCh4in
Società Agricola Il Bue Srl | San
Donato Milanese (MI) | Sustainable
Mobility and Refining | Sale |
| Finpower
Wind Srl | Milan | Plenitude | Fusion |
| Finproject
Brasil Industria De Solados Eireli | Franca | Chemicals | Irrelevancy |
| Finproject
Viet Nam Company Limited | Hai
Phong | Chemicals | Irrelevancy |
| Padanaplast
America Llc | Wilmington | Chemicals | Irrelevancy |
| Padanaplast
Deutschland GmbH | Hannover | Chemicals | Irrelevancy |
| Società
Energie Rinnovabili 1 SpA | Rome | Plenitude | Fusion |
| Società
Energie Rinnovabili SpA | Palermo | Plenitude | Fusion |
| Société
de Service du Gazoduc Transtunisien SA - Sergaz SA | Tunis | Global
Gas & LNG Portfolio | Sale
of the control |
| Société
pour la Construction du Gazoduc Transtunisien SA - Scogat SA | Tunis | Global
Gas & LNG Portfolio | Sale
of the control |
| Trans
Tunisian Pipeline Co SpA | San
Donato Milanese (MI) | Global
Gas & LNG Portfolio | Sale
of the control |
| Wind
Park Laterza Srl | San
Donato Milanese (MI) | Plenitude | Fusion |

Consolidated joint operations

COMPANIES EXCLUDED (No. 1)

Transmediterranean Pipeline Co Ltd St. Helier Global Gas & LNG Portfolio Sale of the control

Field: Page; Sequence: 141

Field: /Page

Eni SpA

Headquarters

Piazzale Enrico Mattei,1 - Rome - Italy

Capital Stock as of June 30, 2023 :€ 4,005,358,876.00 fully paid

Tax identification number 00484960588

Branches

Via Emilia, 1 - San Donato Milanese (Milan) - Italy

Piazza Ezio Vanoni, 1 - San Donato Milanese (Milan) - Italy

Contacts

eni.com

+39-0659821

800940924

segreteriasocietaria.azionisti@eni.com

Investor Relations

Piazza Ezio Vanoni,1 - 20097 San Donato Milanese (Milan)

Tel. +39-0252051651 - Fax +39-0252031929

e-mail: investor.relations@eni.com

Field: Page; Sequence: 1

Field: /Page

Field: Page; Sequence: 2; Options: Last

Field: /Page