Eni — Investor Presentation 2020

Jul 30, 2020

The New Eni: Accelerating the Energy Transition

Strategy Update and H1 2020 Results

THE NEW ENI: ORGANIZATIONAL STRUCTURE

TO BE A LEADER IN THE ENERGY TRANSITION

LONG TERM STRATEGY UNCHANGED

IMPROVED 2020 AND 2021 CAPEX AND COST REDUCTION

2020 ACTIONS: >€1 Bln vs previous guidance 2020+2021 ACTIONS: ~€ 8 Bln vs original plan

GROUP CAPEX PLAN

NEW 2020-2023 CAPEX | € Bln

ACCELERATING THE ENERGY TRANSITION

NEW VS ORIGINAL 2020 -2023 PLAN

GREEN: + € 0.8 Bln UPSTREAM: - € 6 Bln

UPSTREAM

PRODUCTION | Mboed

2020 – 2023 MAIN START UPS

Berkine North (ALGERIA) Nené ph. 2B (CONGO) Mahani (UAE – SHARJAH)

2021

Cabaça North (ANGOLA) Merakes (INDONESIA) Area 1 Full Field (MEXICO) Fenja (NORWAY)

2022 Coral (MOZAMBIQUE)

Balder X (NORWAY)

2023

Agogo EP Ph. 2 (ANGOLA) Bouri Gas Utilization (LIBYA) Bahr Essalam Compression (LIBYA) Breidablikk (NORWAY) Johan Castberg (NORWAY) Dalma (UAE)

GROWTH IN DECARBONIZED PRODUCTS

SHAREHOLDERS REMUNERATION POLICY

PROGRESSIVE FLOOR DIVIDEND	€0.36 dividend when Brent Scenario is \$45 / bbl or above Floor is evaluated yearly for growth considering the execution of the strategic plan
ADDITIONAL VARIABLE DIVIDEND	Equal to 30 – 45% of additional FCF generated between \$45 – 60 / bbl Brent
ANNUAL BUYBACK	€400m for Brent between \$61 - 65 / bbl €800m for Brent above \$65 / bbl

HIGHLIGHTS H1 2020

RESPONSE TO COVID19	People health measures implemented worldwide integrity maintained Assets
UPSTREAM	Exploration success in Egypt, Angola, Mexico and Sharjah (UAE) Production: 1.74 Mboed (-5% YoY). Start up in Angola and Algeria
MID - DOWNSTREAM	G&P: EBIT adj € 0.65 Bln (+70% YoY). Strong optimizations. R&M: EBIT adj € 0.17 Bln (+67% YoY) . Resilient Bio refining. Renewables: installed capacity 250 MW (+44% vs end of 2019)
FINANCIALS	Adj CFFO (pre WC): € 3.3 Bln Capex: € 2.9 Bln Adjusted FCF positive contribution

UPSTREAM: STILL POSITIVE IN A VERY WEAK ENVIRONMENT

EBIT ADJ| € Bln

FX

STRONG MID-DOWNSTREAM RESULT

2020 GUIDANCE: € 0.8 bln (+33%)

R&M includes pro-forma ADNOC Refining

CASH RESULTS

2020 CFFO @ \$ 40/BBL: € 6.5 bln

SELECTIVE AND SUSTAINABLE TRANSFORMATION AND GROWTH

FINANCIAL FRAMEWORK

PROGRESSIVE REMUNERATION RESILIENT IN A WEAKER ENVIRONMENT

Annex

ANNEX

MARKET SCENARIO

15

1H 2019 1H 2020

ASSUMPTIONS AND SENSITIVITY

4YP Scenario	2020	2021		2022		2023
Brent dated (\$/bbl)	40	48		55		60
(\$/€) FX avg	1.116	1.130		1.150		1.180
Med Dated Strip (\$/bbl) Ural MED c.i.f. -	-0.5	-1.3		-1.4		-1.5
Std. Eni Refining Margin (\$/bbl)	3.8	4.3		4.5		4.6
(\$/mmbtu) NBP	4.1	6.8		6.9		7.4
(€/kcm) PSV	99	147		163		167
Sensitivity 2020	EBIT adj	(€ bln)	Net adj (€ bln)		FCF (€ bln)
(+1 \$/bbl) Brent	0.23		0.16		0.17
Std. Eni Refining Margin (+1 \$/bbl)	0.13		0.09			0.13
(-0.05 \$/€) Exchange rate \$/€	0.09		0.02		0.1

Brent sensitivity assumes oil and gas prices move proportionally. It is applicable for \$5-\$10/bbl moves in Brent.

KEY PROJECTS STARTING UP IN 2020-23 [1/2]

ALGERIA GAS	49% WI Berkine North & BRN Pipeline	ANGOLA CONGO	Nené ph. 2B	65% WI
LIQ	Gas Start up: March 2020 2020 Equity: 13 kboed Production (kboed): 71 (100%) – 35 (equity) @2022	LIQ LIBYA LIBYA	EP Start up: March 2020 (FF: 2022) 2020 Equity: 2 kboed Production (kboed): 14 (100%) – 9 (equity) @2023
LIQ MEXICO	Area 1 100% WI EP Start up: June '19 (FF: H2 2021) 2020 Equity: 16 kboed FF Progress: 46% Production (kboed): 92 (100%) @ 2025 - 60 (eq.) @2022	LIQ ANGOLA	Agogo EP 37% WI Ph.1 Start up: Dec '19 (Ph. 2: 2023) 2020 Equity: 4 kboed Production (kboed): 33 (100%) – 11 (equity) @2025

Mahani 50% WI

Start up: Q4 2020 Progress: 19% Production (kboed): 18 (100%) – 9 (equity ) @2022

Start up: H1 2021 Production (kboed): 78 (100%) – 46 (equity) @2022

KEY PROJECTS STARTING UP IN 2020-23 [2/2]

NORWAY Breidablikk 29% WI Start up: 2023 Progress: FID (2020) Production (kboed): 47 (100%) – 14 (equity) @2024 NORWAY LIQ NORWAY 205 (100%) – 43 (equity) @2025