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Eni Investor Presentation 2021

Feb 19, 2021

4348_rns_2021-02-19_c6d66dc0-01ca-464f-8f1c-98c8db0cd8bd.pdf

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STRATEGY PRESENTATION 2021-2024

19 February 2021

INFO

DIGITAL
SIGN

DISCLAIMER

This document contains forward‐looking statements regarding future events and the future results of Eni that are based on current expectations, estimates, forecasts, and projections about the industries in which Eni operates and the beliefs and assumptions of the management of Eni. In addition, Eni's management may make forward‐looking statements orally to analysts, investors, representatives of the media and others. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on capital, risk management and competition are forward looking in nature. Words such as 'expects', 'anticipates', 'targets', 'goals', 'projects', 'intends', 'plans', 'believes', 'seeks', 'estimates', variations of such words, and similar expressions are intended to identify such forward‐looking statements. These forward‐looking statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Therefore, Eni's actual results may differ materially and adversely from those expressed or implied in any forward‐looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in Eni's Annual Reports on Form 20‐F filed with the U.S. Securities and Exchange Commission (the "SEC") under the section entitled "Risk factors" and in other sections. These factors include but are not limited to:

  • Fluctuations in the prices of crude oil, natural gas, oil products and chemicals;
  • •Strong competition worldwide to supply energy to the industrial, commercial and residential energy markets;
  • • Safety, security, environmental and other operational risks, and the costs and risks associated with the requirement to comply with related regulation, including regulation on GHG emissions;
  • • Risks associated with the exploration and production of oil and natural gas, including the risk that exploration efforts may be unsuccessful and the operational risks associated with development projects;
  • •Uncertainties in the estimates of natural gas reserves;
  • The time and expense required to develop reserves;
  • •Material disruptions arising from political, social and economic instability, particularly in light of the areas in which Eni operates;
  • • Risks associated with the trading environment, competition, and demand and supply dynamics in the natural gas market, including the impact under Eni take‐or‐pay long‐term gas supply contracts;
  • •Laws and regulations related to climate change;
  • •Risks related to legal proceedings and compliance with anti‐corruption legislation;
  • Risks arising from potential future acquisitions; and
  • •Exposure to exchange rate, interest rate and credit risks.

Any forward‐looking statements made by or on behalf of Eni speak only as of the date they are made. Eni does not undertake to update forward‐looking statements to reflect any changes in Eni's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further disclosures Eni may make in documents it files with or furnishes to the SEC and Consob.

BOOSTINGOUR TRANSFORMATION

LEADING ENERGY TRANSITION

CARBON NEUTRAL BY 2050

LEVERAGING INTEGRATION

COMBINING RENEWABLES & CLIENTS

FINANCIAL ROBUSTNESS

2024 CASH NEUTRALITY < \$ 40/BBL

STAKEHOLDER VALUE CREATIONENHANCED REMUNERATION

HIGHLIGHTS
2020

W.R

2020: FAST REACTION TO COVID CRISIS

*Pre IFRS

2020 MAIN RESULTS

OIL, GAS, LNG CCS/CCUS AND FORESTRY

TRADITIONAL TO BIO, BLUE, GREEN PRODUCTS

NATURAL RESOURCES

  • PRODUCTION: 1,733 KBOE/D
  • DISCOVERED RESOURCES: 400 MBOE
  • GAS & LNG: EBIT € 330 MLN (+70%)
  • FORESTRY REDD+: OFFSET 1.5 MTON CO2EQ.; CCUS UK LICENSE AWARDED

ENERGY EVOLUTION

  • RENEWABLES: 1 GW CAPACITY INSTALLED AND SANCTIONED
  • ENTERED WORLD'S LARGEST OFFSHORE WIND PROJECT IN UK
  • RETAIL G&P: EBIT € 330 MLN (+ 17%)
  • BIO REFINING & MARKETING: EBIT € 550 MLN (+27%)

2020 FINANCIALS

CFFO and FCF @ Replacement Cost before Working Capital Adj

OUR STRATEGY

AW

IS.CL F

AN INTEGRATED, ZERO CARBON, ENERGY COMPANY

ENHANCING VALUE THROUGH DIGITALIZATION & NEW TECHNOLOGIES

SUPPORTING BUSINESS...

STRATEGY PRESENTATION 2021-2024

10

ENI NET ZERO EMISSIONS BY 2050

1111

LEVERS

  • CARBON FREE PRODUCTS AND SERVICES
  • INCREASED SHARE OF GAS ON TOTAL PRODUCTION
  • BIO‐METHANE FOR DOMESTIC USE AND MOBILITY
  • BIOREFINERIES AND CIRCULAR ECONOMY
  • BLUE AND GREEN HYDROGEN
  • CCS AND REDD+ PROJECTS

FULLY COMPREHENSIVE METHODOLOGYCONSIDERING ALL OUR ACTIVITIES AND ALL PRODUCTS WE TRADE

NATURAL
RESOURCES $2021 - 2024$

UPSTREAMFLEXIBILITY AND RESILIENCE

Upstream capex coverage = Brent pric 13 e at which upstream capex are covered by upstream CFFO

€ 4.5 BLNAVERAGE PER YEAR>55% UNCOMMITTED IN 2023‐24

FLEXIBILITY

2021‐2024

CAPEX

EXPLORATIONLED BY GAS, TIME TO MARKET & EFFICIENCY

MAIN BASINS & DISCOVERY EXPECTATIONS IN 4Y PLAN

14

CASH FLOW GROWTH

2024 PROVEN RESERVES: 55% GAS

2021 after OPEC cut CFFO after Working Capital

GAS & LNG ENHANCING EQUITY MONETIZATION

2021‐2024 CUMULATIVE FCF: € 0.8 BLN

FCF after Working Capital

REDUCING OUR CARBON FOOTPRINT

TOWARDS NET ZERO EMISSIONS

REDD+ FORESTRY OFFSET @ 2024: > 6 MTON CO 2

ENERGY EVOLUTION 2021-2024

REFINING & MARKETING A PROGRESSIVE CONVERSION TO BIO‐PRODUCTS

*Pro‐forma with Adnoc

Adj. EBIT* | € Bln BIO‐REFINERIES CAPACITY

PALM‐OIL FREE IN 2023

RETAIL + RENEWABLE

INCREASING INTEGRATION ALONG THE GREEN POWER VALUE CHAIN

GEOGRAPHICAL FOOTPRINT

VALUE ADDED PROPOSITION LEVERAGING OUR RETAIL BASE

RETAIL + RENEWABLE

INCREASING INTEGRATION ALONG THE GREEN POWER VALUE CHAIN

21

FINANCIAL STRATEGY

FLEXIBILITY AND SELECTIVITY IN THE CAPEX PLAN

M&A TO SPEED UP PORTFOLIO TRANSFORMATION

NEW BUSINESS COMBINATIONSTO FOCUS AND MAXIMIZE GROWTH

NEW FINANCIAL TOOLS LINKED TO SUSTAINABILITY KPIs

A PROGRESSIVE AND COMPETITIVE DISTRIBUTION POLICY

FOCUS ON GREEN & RETAIL AND SHORT CYCLE PROJECTS

PORTFOLIO OPTIMIZATION STRATEGY

2021 ‐ 2024 DISPOSALPLAN

UPSTREAMRATIONALIZATION OF NON CORE ASSETS

€>2 BLN

GROSS

OTHER BUSINESSESASSETS OPTIMIZATION

25

NEW BUSINESS COMBINATIONS

(REPLICATE VÅR ENERGI SUCCESS)

RESILIENT CASH GENERATION AND FLEXIBILITY

2024 CASH NEUTRALITY @ FLOOR DIVIDEND < \$40/BBL

CFFO and FCF @ Replacement Cost before Working Capital Adj. Eni Scenario 2021: Brent \$50/bl, PSV €147/kcm & €/\$ 1.19

REMUNERATION POLICY

CONCLUSIONS

DECARBONISATION CARBON NEUTRAL BY 2050

DIVERSIFICATION RETAIL + RENEWABLES EBITDA > € 1 Bln @2024

FLEXIBILITY & RESILIENCE CASH NEUTRALITY < \$ 40/bbl @2024

ENHANCED REMUNERATION

DIVIDEND INCREASE AND ACCELERATED BUYBACK

28

SCENARIO ASSUMPTIONS

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REMUNERATION POLICY

31

MAIN PLAN TARGETS

2024 CASH NEUTRALITY @ FLOOR DIVIDEND: < \$40/BBL

ALL TARGETS REFER TO 2024

NATURAL RESOURCES

UPSTREAM + GLOBAL GAS&LNG TARGETS

FCF after Working Capital

ENERGY EVOLUTION G&P RETAIL, RENEWABLES, POWER, R&M AND CHEMICALS

A SELF‐FINANCED SUSTAINABLE TRANSFORMATION

BOUNDARY OF ENI GHG ACCOUNTING

ENI'S ROADMPAP TO 2050

MAIN DECARBONISATION TARGET

MAIN BUSINESSES TARGETS

KEY PROJECTS STARTING UP IN 2021‐24 [1/2]

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NOTE: Average yearly production in peak year/ at plateau

KEY PROJECTS STARTING UP IN 2021‐24 [2/2]

Start up: 2023 Progress: 55% Production (kboed): 190 (100%) – 40 (equity) @2025

Start up: 2024

Production (kboed): 130 (100%) – 33 (equity) @2025

LIQ

NORWAY

Breidablikk29% WI

Start up: 2024 Progress: < 5% Production (kboed):

29% WI

Start up: 2024 Production (kboed): 26 (100%) – 3 (equity) @2026

RENEWABLE

FUTURE GROWTH

41

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