Eni — Investor Presentation 2019

Sep 19, 2019

FIELD TRIP TO ABU DHABI 19th September 2019

• A strategic transformation
• The integrated expansion in Middle East
• Focus on the Arabian Peninsula
• Eni's commitment towards energy transition
• Future targets and ambitions

MANAGING THE DOWNTURN FIELD TRIP

	2014	2018
UPSTREAM EXPLORATION		1.851 +16% PRODUCTION MLN BOE/D > 460,000 KM2 * NET ACREAGE +37%
LNG CONTRACTED VOLUMES		8.8 +63% LNG MTPA
DOWNSTREAM		3 -50% **/BBL REFINING BREAK-EVEN ~ \$
RENEWABLES & DECARBONIZATION		FIRST RENEWABLES PROJECTS STARTED-UP 21.4 -20% UPSTREAM GHG EMISSION INTENSITY INDEX tCO2eq/KBOE
FINANCIAL		7.9 -35% CAPEX € BLN 6.5 Organic Free Cash Flow € BLN +123% 8.3 Net Debt € BLN -40%
		60,000 km2 Includes expected in the first period of 2019 * At 2018 scenario budget

AN EFFECTIVE STRATEGIC PATHWAY FIELD TRIP

ACHIEVING GEOGRAPHICAL AND BUSINESS DIVERSIFICATION

CASH IN FROM DUAL EXPLORATION

\$ 10.6 bln

since 2013

DUAL EXPLORATION MODEL FAST TRACK DEVELOPMENT

* Source: Wood Mackenzie

* Source: IHS

AN EFFICIENT EXPLORATION MODEL

ENI'S TECHNOLOGICAL EDGE FIELD TRIP

7,300 PATENTS AND >350 PROJECTS

DIGITALIZATION and NEW GENERATION EXASCALE HPC

• A strategic transformation
• The integrated expansion in Middle East
• Focus on the Arabian Peninsula
• Eni's commitment towards energy transition
• Future targets and ambitions

ENI'S PORTFOLIO IN MIDDLE EAST

• A strategic transformation
• The integrated expansion in Middle East
• Focus on the Arabian Peninsula
• Eni's commitment towards energy transition
• Future targets and ambitions

EXPANSION IN THE ARABIAN PENINSULA

NEW EXPLORATION OPPORTUNITIES	10 blocks
DEVELOPMENT	7 FIDs GHASHA including THE LARGEST GAS PROJECT IN UAE
PRODUCING FIELDS	LOWER ZAKUM, UMM SHAIF/NASR ~ 50 KBOED (2019) EQUITY	BAHRAIN ABU DHABI	RAK SHARJAH
REFINING	20% EQUITY INTEREST IN ADNOC REFINING	OMAN
TRADING	2 JOINT VENTURES CRUDE FEEDSTOCK AND REFINING PRODUCTS OILFIELD CHEMICALS	4YP INVESTMENTS IN UPSTREAM	2.5 \$ bln
16*	16 AGREEMENTS SIGNED IN MONTHS	LONG TERM PRODUCTION	~ 400 kboed EQUITY

NEW TECHNOLOGIES

> 20 TECHNICAL WORKSHOPS WITH ADNOC TO EXPLAIN ENI'S TECHNOLOGICAL EDGE

(*) Upstream (13), Downstream (1), Versalis (1), Trading (1)

EXPLORATION PORTFOLIO IN THE ARABIAN PENINSULA

thousand km2

FIELD TRIP

Eni's Acreage 117

12

EXPLORATION ACTIVITY IN THE ARABIAN PENINSULA

ABU DHABI – UPSTREAM DEVELOPMENT PROJECTS

CAPEX	AVG IRR	AVG BREAKEVEN PRICE
2.4 bln \$ in the 4YP	21% ~	20-25 ~ \$ /bbl

CONCESSIONS ALREADY IN PRODUCTION

EQUITY PRODUCTION (2019)	2P RESERVES	LONG-TERM PLATEAU (> 2030)
~ 50 KBOED	~ 580 MBOE	1 MBOED (100%)

25% ENI SHARE; OPERATOR: ADNOC

~ 50 kboed Peak Production (100%)

DALMA GAS HAIL & GHASHA

25% ENI SHARE; OPERATOR: ADNOC

17

DOWNSTREAM EXPANSION IN THE ARABIAN PENINSULA

922 Today 2024 CAPACITY CONVERSION CRUDE FLEXIBILITY EFFICIENCY >1,100

ADNOC REFINING CAPACITY | Kbpd

A TRADING JV TO MAXIMIZE THE VALUE OF ADNOC REFINING (ADNOC GLOBAL TRADING)

FIELD TRIP

A UNIQUE AND HIGHLY INNOVATIVE CASE OF A GLOBAL TRADING COMPANY BETWEEN A NOC AND TWO INTERNATIONAL PARTNERS

• A strategic transformation
• The integrated expansion in Middle East
• Focus on the Arabian Peninsula
• Eni's commitment towards energy transition
• Future targets and ambitions

CONFIRMING ENI'S STRONG COMMITMENT TOWARDS THE ENERGY TRANSITION

FIELD TRIP

CCUS (Carbon Capture, Utilization and Storage) Natural climate solutions

NEW TECHNOLOGIES

ABU DHABI – CO2 MANAGEMENT STRATEGY (1/2)

UPSTREAM NET ZERO EMISSIONS* BY 2030 (SCOPE 1)

ABU DHABI – CO2 MANAGEMENT STRATEGY (2/2)

• A strategic transformation
• The integrated expansion in Middle East
• Focus on the Arabian Peninsula
• Eni's commitment towards energy transition
• Future targets and ambitions

FUTURE TARGETS AND AMBITIONS