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ENI TOP MANAGEMENT [1/3]
He was appointed Chief Financial Officer in Eni on 1st August, 2020.
He graduated in Economics and Commerce at the University of Bologna.
He joined Agip S.p.A. in 1995. From 2001 to 2005 he was Head of
Negotiations & Commercial Planning in Libya activities. From 2006 to 2008,
he became Head of Business Planning and Development activities for Africa,
Europe, Asia & America, supporting the E&P Division’s Deputy General
Director. In 2009, he was appointed Head of Upstream M&A, contributing
to the rationalization of the portfolio. In 2011, he became Senior Vice
President of Market Scenarios and Strategic Options in Eni SpA. In 2014, he
was appointed Head of Investor Relations and also acted as Secretary to
Eni's Advisory Board from 2016 to 2019. In 2019, he moved to Houston to
become Upstream Director of the Americas, managing the E&P business in
the USA, Mexico, Venezuela and Argentina.
Francesco Gattei - CFO
Claudio Descalzi - CEO
He has been Eni’s CEO since May 2014.
He graduated in physics in 1979 from the University of Milan.
He joined Eni in 1981 as Oil & Gas field petroleum engineer. In 1990
he was appointed Head of Reservoir and operating activities for
Italy. From 2000 to 2001 he held the position of Executive Vice
President for Africa, Middle East and China. From 2002 to 2005 he
was Executive Vice President for Italy, Africa, Middle East, covering
also the role of member of the board of several Eni subsidiaries in
the area.
In 2005, he was appointed Deputy Chief Operating Officer of the
E&P Division in Eni. From 2008 to 2014 he was Chief Operating
Officer in the E&P Division of Eni. In 2012, Claudio Descalzi was the
first European in the field of Oil&Gas to receive the prestigious
“Charles F. Rand Memorial Gold Medal 2012” award from the
Society of Petroleum Engineers and the American Institute of Mining
Engineers. In May 2022 he received the Distinguished Business
Leadership Award from the Atlantic Council.
Giuseppe Ricci – Energy Evolution
Guido Brusco – Natural Resources
He was appointed Chief Operating Officer Natural Resources of Eni
on February 7th, 2022.
After graduating with Honors in Mechanical Engineering at the
University of Roma “La Sapienza”, he joined Eni in 1997.
He began his career in drilling and production, holding positions of
growing responsibility, in different countries, up to the role of
Deputy Operations General Manager in Egypt in 2005 and
Operations Division Director in Kazakhstan in 2009. He took up the
roles of Managing Director of Agip KCO in Kazakhstan in 2013,
Managing Director of Agip Caspian Sea in 2014 and subsequently
Managing Director in Angola. In 2018 he was appointed Executive
Vice President for Sub-Saharan Africa Region and in 2020 Director of
Upstream.
He was appointed Chief Operating Officer of Energy Evolution on January
1, 2021. He joined Eni in 1985 initially working in the study and
development
of new refining processes at the Sannazzaro refinery, In 2000 he became
responsible for Refining Processes Development. He took over in 2004 as
director of the Gela Refinery, a challenging assignment both from a
managerial perspective and in terms of the refining cycle and plant
complexity. In 2006 he was appointed managing director of the refinery.
In June 2010 he was made Senior Vice President of the Industrial Sector
for Refining & Marketing, holding also chairmanship of Gela and Milazzo.
In 2012 he took on the delicate role of Eni’s Executive Vice President
HSEQ.](https://image.slidesharecdn.com/investor-presentation-221231205848-1b74bc7a/85/Investor-presentation-pdf-38-320.jpg)
![39
ENI TOP MANAGEMENT [2/3]
He was appointed as Upstream Director on Feb. 7th, 2022. He graduated
with honors in Mining Engineering from the Alma Mater Studiorum
University of Bologna in 1988. He joined Eni Group in 1990, at the beginning
of his career as a reservoir engineer at Agip SpA. Luca has matured a
considerable experience in managing complex Joint Ventures, and in
commercial negotiations in challenging environments. In 2009 he was
appointed Technical Director in Eni UK and in 2010 he became Managing
Director of Eni in Turkmenistan. He Moved to Egypt in late 2011, serving
Agiba as General Manager & Manager Director. In the period from 2012 to
2020 he was working in Kazakhstan, where he covered the position of EVP
of Central Asia Region (2016-2020). From 2020 to 2021 he has been the
Head of Commercial Negotiations for Eni, and the Head of Sub-Saharan
Africa Region Upstream Business from 2021 to early 2022.
Luca Vignati - Upstream
Umberto Carrara – Green/Trad. R&M
He was appointed as Deputy of Chief Operating Officer Energy Evolution
on November 4th, 2021. Since January 2021 he’s also Director of
Green/Traditional Refining and Marketing.
He graduated in Civil/Hydraulic Engineering and joined Eni in 1985.
He began his career in the Petroleum Engineering, holding positions of
growing responsibility in different countries up to the role of Managing
Director in the most critical Upstream geographical contexts (Norway,
Egypt, Libya). In 2005 he came back to Italy as Director of Exploration in
the E&P Division; then he took up the role of Managing Director of
Kazakhstan Subsidiary until 2013. Since 2013 he has been in charge of
the International Negotiations Department and in 2015 of the Sub-
Saharian Africa Region. At the beginning of 2018 he was appointed
Executive VP International Business Development R&M and in the 2019
he added also the responsibility of Licensing.
He was appointed Deputy of Chief Operating Officer Natural Resources
and also Director Global Gas & Lng Portfolio of Eni on July 1, 2020.
He graduated in Mechanical Engineering in 1999 from the Politecnico
di Milano. In 2000, he was awarded a scholarship for a research
doctorate at the Politecnico di Milano’s Department of Energy. After
experience in McKinsey and Citigroup, he joined Eni in 2007, in the Office
of the CEO. Between 2008 and 2016, he worked in Eni's Gas & Power
business, first as Senior Vice President International Sales and later as
Executive Vice President International Markets and LNG. In 2016, he took
the position of Executive Vice President Portfolio Strategy & Long Term
Gas Negotiations in the Midstream business. In 2018, he became
Executive Vice President of the Gas Business Unit with responsibility for
the entire midstream gas value chain. In 2019, he was appointed Chief
Gas & Lng Marketing and Power Officer of Eni.
Cristian Signoretto - Global Gas & LNG Portfolio
Francesca Zarri – Technology, R&D & digital
She was appointed Director of Technology, R&D & Digital of Eni
on July 1, 2020.
In 1997, she joined Agip S.p.A to work in the Reservoir Department
as reservoir modeler and petroleum engineer. In 2004, after moving
to the Engineering and Projects Department, she became the head
of the Adriatic Off-shore Projects department. In 2006, she became
Head of the Production Optimization Technology Department, which
at that time, also included most of the Eni’s Laboratories in Bolgiano.
From 2007 to 2010, she worked for West Africa as Project and
Development Director of Eni Congo. In 2011 she became the Head
of American Region in the procurement function, then the Head
of Procurement Services. During the same period, she was Eni's
representative for Commercial Committee in the South Stream
Project.](https://image.slidesharecdn.com/investor-presentation-221231205848-1b74bc7a/85/Investor-presentation-pdf-39-320.jpg)
![40
ENI TOP MANAGEMENT [3/3]
Adriano Alfani – Versalis S.p.A.
He was appointed Versalis’ Chief Executive Officer starting from the
1st January, 2021. He started his career at EniChem after working at Dow
since 2001, where he adopted a business model based on innovation,
circular economy and sustainability principles. He has 20-years of
experience in the international Chemical industry, having operated in
large, important and complex markets, and holding several international
roles at Senior Global Business Director and Senior Global Strategy
Director levels.
Stefano Goberti – Plenitude S.p.A.
He was appointed Plenitude’ Chief Executive Officer on November 5th,
2021. Stefano graduated in Economics and Banking from University of
Siena.
He joined Eni in 1991. Stefano spent over 30 years in Eni group, covering
different strategic positions in Italy and abroad, including : Eni Exploration
& Production division (various roles in Finance and Control), Executive
Vice President Planning & Control of Eni, CFO of Saipem, Head of Finance
and Insurances for Eni. Since March 2021 Stefano led the Eni Retail and
Renewables valorization project, and on November 2021 he was
appointed by Eni BoD as the new company CEO.](https://image.slidesharecdn.com/investor-presentation-221231205848-1b74bc7a/85/Investor-presentation-pdf-40-320.jpg)
![42
KEY PROJECTS START UPS OVER 2022-25 [1/2]
Start up: February 2022
2022 Equity: 35 kboed
FF Progress: 69%
Prod. (kboed): 98 (100%) @ 2025 - 35 (eq.) @2022
Area 1 Full Field 100% WI
MEXICO LIQ
Johan Castberg 19% WI LIQ
Balder X 58% WI
Breidablikk 27% WI
NORWAY
LIQ
Start up: 2024
Prod. (kboed): 57 (100%) – 13 (equity) @2026
Start up: Q3 2024
Prod. (kboed): 71 (100%) – 41 (equity) @2024
Start up: 2024
Prod. (kboed): 184 (100%) – 36 (equity) @2025
LIQ
Cassiopea 60% WI
ITALY GAS
Start up: 2024
Progress: 24%
Prod. (kboed): 27 (100%) – 16 (equity) @2025
A&E Structure 50% WI
Start up: 2024 (Struct. A)
Prod. (kboed): 205 (100%) – 120 (equity) @2027
LIBYA GAS
Melehia ph.2 76% WI
EGYPT LIQ/GAS
Berkine South 75% WI
ALGERIA LIQ/GAS
Start up: Oct. 2022 (press release 10.10.22)
2022 Equity: 3 kboed
Prod. (kboed): 49 (100%) – 18 (equity) @2025
Start up: 2024 (Gas)
2022 Equity: 8 kboed (oil&gas)
Prod. (kboed): 50 (100%) – 27 (equity) @2025
NOTE: Average yearly production in peak year at plateau](https://image.slidesharecdn.com/investor-presentation-221231205848-1b74bc7a/85/Investor-presentation-pdf-42-320.jpg)
![43
KEY PROJECTS START UPS OVER 2022-25 [2/2]
NOTE: Average yearly production in peak year at plateau
Start up: 2023
Prod. (kboed): 15 (100%) – 12 (equity) @2024
Baleine ph.1 83% WI
IVORY COAST LIQ/GAS
Start up: 2024
Prod. (kboed): 17 (100%) – 9 (equity) @2025
Merakes East 65% WI
INDONESIA GAS
Start up: June 2022
2022 Equity: 10 kboed
Prod. (kboed): 106 (100%) – 28 (equity) @2023
Coral FLNG 25% WI
MOZAMBIQUE GAS
Marine XII LNG 65% WI
Start up: 2023
Prod. (kboed): 72 (100%) – 51 (equity) @2025
CONGO GAS
Agogo EP ph.2 18% WI
ANGOLA LIQ
Start up: Q4 2022 (Ph.1: Dec ‘19)
2022 Equity: <1 kboed
Progress: 81%
Dalma Gas 25% WI
Start up: 2025
Progress: 18%
Prod. (kboed): 56 (100%) – 14 (equity) @2025
UAE GAS
Start up: 2025
Prod. (kboed): 29 (100%) – 6 (equity) @2026
Maha 40% WI GAS](https://image.slidesharecdn.com/investor-presentation-221231205848-1b74bc7a/85/Investor-presentation-pdf-43-320.jpg)
More Related Content
Investor-presentation.pdf
- 1. 1 INVESTOR PRESENTATION N o ve m b e r 2 0 2 2
- 2. 2 DISCLAIMER IMPORTANT: You mustread the following before continuing. The following applies to this document, the oral presentation of the information in this document by Eni S.p.A., Eni Plenitude S.p.A. società benefit, and their affiliates (collectively, the “Company”) or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the “Information”). In accessing the Information, you agree to be bound by the following terms and conditions. The Information may not be reproduced, redistributed, published or passed on to any other person, directly or indirectly, in whole or in part, for any purpose. This document may not be removed from the premises. If this document has been received in error it must be returned immediately to the Company. The Information is not intended for potential investors and does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase securities of the Company, and nothing contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever. The Information contains forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. Such statements, that may include 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, the Company’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 the Company‘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: (i) fluctuations in the prices of crude oil, natural gas, oil products and chemicals; (ii) strong competition worldwide to supply energy to the industrial, commercial and residential energy markets; (iii) 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; (iv) 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; (v) uncertainties in the estimates of natural gas reserves; (vi) the time and expense required to develop reserves; (vii) material disruptions arising from political, social and economic instability, particularly in light of the areas in which the Company operates; (viii) risks associated with the trading environment, competition, and demand and supply dynamics in the natural gas market, including the impact under the Company take-or-pay long-term gas supply contracts; (ix) laws and regulations related to climate change; (x) risks related to legal proceedings and compliance with anti- corruption legislation; (xii) risks arising from potential future acquisitions; and (xiii) exposure to exchange rate, interest rate and credit risks. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the Information or the opinions contained therein. The Information has not been independently verified and will not be updated. The Information, including but not limited to forward-looking statements, applies only as of the date of this document and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the Information, including any financial data or forward-looking statements, and will not publicly release any revisions it may make to the Information that may result from any change in the Company’s expectations, any change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date of this document. Market data used in the Information not attributed to a specific source are estimates of the Company and have not been independently verified.
- 3. 3 ENI’S ULTIMATE GOAL OURTRIPLE MANDATE: SUSTAINABILITY, ENERGY SECURITY & VALUE CREATION …is to work for the security and sustainability of the energy system, while keeping a sharp focus on a just energy transition and value creation for our stakeholders Claudio Descalzi, CEO Eni
- 4. 4 ENI: VALUE ORIENTED& DIVERSIFIED TECHNOLOGICAL ENERGY COMPANY ORGANIC EXPLORATION DRIVEN E&P WITH FOCUS ON CAPITAL EFFICIENCY, RETURNS AND TIME TO MARKET A WIDE AND GROWING PORTFOLIO OF NEW ENERGY SOURCES TO MEET DECARBONIZED NEEDS A LEADER AMONG PEERS IN THE PATH TO NET ZERO ROBUST FINANCIALS WITH IMPRESSIVE CASH FLOW GENERATION AND SHAREHOLDER RETURN EXECUTIVE SUMMARY 1 2 3 4 5 4
- 5. 5 TABLE OF CONTENT INTRO ESG STRATEGY NATURAL RESOURCES ENERGY EVOLUTION FINANCIALS •Eni at a glance • A winning value proposition • New business & financial models • Company business structure • Leading the path to net zero • Top ranked ESG ratings • Best in class exploration • Low risk, high return upstream portfolio • Diversified, flexible & conventional production • Integrated gas projects • CCS, leadership in carbon management • Agri-feedstock • Growing organically our biofuels capacity • Sustainable mobility, a winning services hub • Traditional refining system footprint • Plenitude, supporting Eni’s net zero Scope 3 objective • Magnetic fusion, a star in a bottle • Compelling financial strategy • Impressive cash flow generation • Market recognises strategy delivery
- 6. 6 • Best inclass exploration • Low risk, high return upstream portfolio • Diversified, flexible & conventional production • Integrated gas projects • CCS, leadership in carbon management • Agri-feedstock • Growing organically our biofuels capacity • Sustainable mobility, a winning services hub • Traditional refining system footprint • Plenitude, supporting Eni’s net zero Scope 3 objective • Magnetic fusion, a star in a bottle • Leading the path to net zero • Top ranked ESG ratings • Compelling financial strategy • Impressive cash flow generation • Market recognises strategy delivery INTRO ESG STRATEGY NATURAL RESOURCES ENERGY EVOLUTION FINANCIALS • Eni at a glance • A winning value proposition • New business & financial models • Company business structure TABLE OF CONTENT
- 7. 7 ENI AT AGLANCE NATURAL RESOURCES Decarbonizing and Enhancing our Upstream Portfolio O&G PRODUCTION 1.7 MBOED NEW EXPLORATION RESOURCES 700 MBOED discovered UPSTREAM CASH NEUTRALITY 30 $/BBL ENERGY EVOLUTION Growing profitably while transforming PLENITUDE 1.1 GW RES CAPACITY 10 MLN CUSTOMERS ~6’500 CHARGING POINTS REFINING CAPACITY BIO 1.1 MTPA TRADITIONAL 732* KBOE/D ENERGY EVOLUTION Aligning industrial and financial strategy FINANCIALS CAPITAL DISCIPLINE 5.8 €BLN STRONG BALANCE SHEET 20% Leverage CASH FLOW FROM OPERATIONS 12.7 €BLN Before working capital FOUNDED IN 1953 70 Years of Innovation History 32’000 Numbers of staff At the end of 2021 69 Countries we work in Listed Since 1995 E NYSE ENI MIB 2021 RESULTS *Including ADNOC contribution
- 8. 8 A WINNING VALUEPROPOSITION TO ADDRESS THE CHALLENGES OF THE CURRENT ENERGY MARKET COMPETITIVE ADVANTAGES A DISTINCTIVE APPROACH TOP RANKING SHAREHOLDER DISTRIBUTION A VALUABLE AND DIVERSIFIED ENERGY COMPANY UNLOCKING VALUE THROUGH DEDICATED SATELLITE COMPANIES SHARING THE UPSIDE WITH OUR SHAREHOLDERS Exploration Track Record Low Breakeven Upstream, TTM track record Integrated green value chain World’s first biorefinery conversion Azule Energy Plenitude Vår Energi Sustainable Mobility TOTAL SHAREHOLDER YIELD ~12%* in 2022 *share price closing as of 28 October 2022, calculated on announced dividend of 0.88 €/share and share buyback of € 2.4 Bln assuming a reference Brent price of 100 $/bbl
- 9. 9 NEW BUSINESS &FINANCIAL MODEL FOR VALUE, GROWTH AND DECARBONIZATION NEW AND INNOVATIVE BUSINESS STRUCTURES TARGET CHALLENGES AND OPPORTUNITIES OF ENERGY MARKETS Azule Energy Plenitude Vår Energi Sustainable Mobility ACCELERATING GROWTH & DECARBONIZATION DEEPER OPERATIONAL FOCUS ACCESS TO DIVERSIFIED CAPITAL MARKETS TAILORED CAPITAL ALLOCATION STRATEGIC AND FINANCIAL FLEXIBILITY UNLOCKING HIDDEN VALUE
- 10. 10 COMPANY BUSINESS STRUCTURE* ENERGY EVOLUTION GiuseppeRicci NATURAL RESOURCES Guido Brusco ENI REWIND SpA Paolo Grossi VERSALIS SpA Adriano Alfani ENI PLENITUDE SpA Stefano Goberti CCUS,FORESTRY & AGRI- FEEDSTOCK Luigi Ciarrocchi REFINING EVOLUTION & TRANSFORMATION Umberto Carrara GLOBAL GAS & LNG PORTFOLIO Cristian Signoretto VÅR ENERGI SpA CHIEF EXECUTIVE OFFICER Claudio Descalzi Fully owned Partially owned Listed *Simplified company structure (Eni share 63.1%) CHIEF FINANCIAL OFFICER Francesco Gattei TECHNOLOGY, R&D & DIGITAL Francesca Zarri SUSTAINABLE MOBILITY Stefano Ballista AZULE ENERGY EXPLORATION Aldo Napolitano SAIPEM SpA (Eni share 30.5%) UPSTREAM Luca Vignati Adriano Mongini POWER GENERATION AND MARKETING Francesco Giunti
- 11. 11 • Growing organically ourbiofuels capacity • Sustainable mobility, a winning services hub • Traditional refining system footprint • Plenitude, supporting Eni’s net zero Scope 3 objective • Magnetic fusion, a star in a bottle • Compelling financial strategy • Impressive cash flow generation • Market recognises strategy delivery • Leading the path to net zero • Top ranked ESG ratings INTRO ESG STRATEGY NATURAL RESOURCES ENERGY EVOLUTION FINANCIALS • Eni at a glance • A winning value proposition • New business & financial models • Company business structure • Best in class exploration • Low risk, high return upstream portfolio • Diversified, flexible & conventional production • Integrated gas projects • CCS, leadership in carbon management • Agri-feedstock TABLE OF CONTENT
- 12. 12 NATURAL RESOURCES LEADERSHIP INCARBON MANAGEMENT (CCS) Safe & mature process, leveraging on Upstream heritage for time & cost effectiveness BEST-IN-CLASS EXPLORATION FOR OVER A DECADE Highest profitability rate, first in terms of RRR, primary source for low breakeven portfolio EXPLORATION DISTINCTIVE FACTORS Focus on near-field & short-cycle, technology-led & high equity stake LOW-RISK HIGH-RETURN UPSTREAM PORTFOLIO Above average value of reserves, unequalled quality of assets & cost-competitive DIVERSIFIED, FLEXIBLE & CONVENTIONAL PRODUCTION Low cost, low risk, low emissions, with zero exposure to unconventional INTEGRATED GAS PROJECTS Developing fast-track projects, securing supply with long-term partnership with host countries 12
- 13. 13 BEST-IN-CLASS EXPLORATION FOR OVERA DECADE Sources: WoodMackenzie for IRR, 20-F SEC disclosure for Exploration cost and IHS for reserves | RRR peers include Equinor, TotalEnergies, Chevron, BP, ConocoPhillips, Shell and ExxonMobil Exploration IRR peers include Equinor, TotalEnergies, Chevron, BP, Shell and ExxonMobil. THE PRIMARY SOURCE OF OUR LOW BREAKEVEN PORTFOLIO THE HIGHEST PROFITABILITY RATE OVER THE PAST 10 YEARS AND 1ST IN TERMS OF RESERVES-REPLACEMENT-RATIO 70 MILLION BILLION mathematical operations PERFORMED BY HPC1 1. High Performance Computing, one of fastest supercomputer in industry (number of calculations in 1 second refer to HPC4+HPC5) 1.4 1.7 14.5 UNIT EXPL. COST (2017-2021 AVG) $/BBL 110% 107% 97% 91% 88% 83% 61% 51% RRR ORGANIC HYDROCARBONS (2012-2021) 34% 9% 7% 5% 5% 4% 4% CONVENTIONAL FULL-CYCLE IRR (2012-21) Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peers ADAPTED TO TRANSITION - TECHNOLOGY-LED, EXISTING INFRASTRUCTURE, EARLY MONETIZATION min max ~90% of exp capex for prospects NEAR FIELD & PROVEN BASINS 11 B$ in last 10 years through DUAL EXPLORATION MODEL
- 14. 14 EXPLORATION DISTINCTIVE FACTORS KNOW-HOW& TECHNOLOGY AT THE BASES OF OUR SUCCESSFUL STRATEGY MAIN DISCOVERIES | 2012-21 Peers: BP, CVX, EQNR, XOM, RDS, TOT GAS OIL INDONESIA • Merakes MOZAMBIQUE • Rovuma • Coral EGYPT • Zohr • Nooros • Nour • Baltim ANGOLA • Agogo • Afoxè • Agidigbo • Ndungu • Cuica MEXICO • Area1 IVORY COAST • Baleine VIETNAM • Ken Bau NORWAY • Johan Castberg • King/Pr GHANA • Sankofa • Akoma • Eban SUSTAINABLE PERFORMANCE GUARANTEEING FUTURE DELIVERY DISCOVERIES | BLN BARRELS / YEAR SOLID AND SIMPLE STRATEGY High shares, simple JVs COMPETENCES & TECHNOLOGIES Integrated mix of professionals, insourcing of key phases DATA MANAGEMENT Focus on data content, quality, fruition by all teams CENTRALISED PROCESSES Discipline & project ranking on a WW portfolio MORE THAN 1,000 PROSPECT & LEADS ‘Live portfolio’ of opportunities CONTINUOUS ACREAGE RELOADING Selective but continuous new ventures activity INTEGRATED OPERATING MODEL Collaborative, iterative and parallel workflow COMPUTATIONAL CAPABILITY Proprietary algorithms, master in seismic imaging 1.3 0.5 Eni Peers DISCOVERIES > 2.5 TIMES VS PEERS DISCOVERIES > 4.5 TIMES VS PEERS NORMALIZED WITH PRODUCTION Avg. 2012-21
- 15. 15 EXPLORATION IN THE4YP ACCELERATING TIME TO MARKET THROUGH DISCOVERY OF ADVANTAGED BARRELS ENABLING A GROWING GAS PORTFOLIO 2.2 in 4YP 90% 10% NEAR FIELD, "ILX" & PROVEN BASINS FRONTIER Oil Gas O&G Mboe Equity < 100 100-200 > 200 < 1.5 average 2022-25 2022-2025 CAPEX BY ACTIVITY EQUITY RESOURCES | BLN boe UNIT EXPLORATION COST | $/boe Egypt & East Mediterranean Norway Algeria Arabic Gulf Oman Mexico Congo & Angola Mozambique Vietnam Indonesia Cote d’Ivoire MAIN ACTIVITIES IN 4Y PLAN Cyprus Western Desert Abu Dhabi Berkine North YTD 2022 Discoveries Volumes in place of 2022 main discoveries: Cyprus 2.5 TCF and Abu Dhabi 1.0-1.5 TCF
- 16. 16 4.4 5.5 5.7 6.0 8.0 8.79.0 9.3 10.6 Peer 1 Peer 2 Peer 3 Eni Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 ROLLING AVERAGES OF PRODUCTION COSTS ($/BOE) 2017-19 2018-20 2019-21 LOW-RISK HIGH-RETURN UPSTREAM PORTFOLIO POSITIONED TO SUCCEED IN ANY ENVIRONMENT KEEPING A COMPETITIVE ADVANTAGE ON COSTS ~ 3 YEARS TIME-TO-MARKET from discovery to production 2X FASTER INDUSTRY AVERAGE FAST, COMPETITIVE AND SUSTAINABLE A RESILIENT PORTFOLIO regularly stress tested with lowest carbon scenario Impairment data are net pre-tax amounts. Source: annual reports or quarterly result announcements (perimeters may differ from peer to peer). Discounted Net Cash flow data are after tax amounts Peers for impairments and DCNF/boe include Equinor, TotalEnergies, Chevron, BP, ConocoPhillips, Shell and ExxonMobil Peers for production costs include Equinor, TotalEnergies, Chevron, BP, ConocoPhillips, Shell, ExxonMobil and Apache 8,9 8,2 Eni Sector DNCF/BOE OF PROVED RESERVES IN 2021 ($/BOE) VALUE OF PROVED RESERVES ABOVE SECTOR AVERAGE UNEQUALLED PAST AND PRESENT QUALITY OF ASSETS -65% NET CARBON FOOTPRINT (scope 1+2) by 2025 (vs 2018) 8.2 8.9 4.0 9.3 9.6 16.6 17.9 21.1 22.0 27.8 ENI Peer 2 Peer 1 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 IMPAIRMENTS REPORTED IN 2017-2021 (B$)
- 17. 17 PRODUCTION BY REGION DIVERSIFIED,FLEXIBLE & CONVENTIONAL PRODUCTION UPSTREAM OVERVIEW 1 2021 production figures 2 See appendix for full list of major projects PRODUCTION BY REGION & TYPE KEY PROJECT START UPS 22-25 2 STRATEGIC DRIVERS: LOW COST, LOW RISK, LOW EMISSIONS SUB SAHARAN AFRICA NORTH AFRICA CENTRAL ASIA MIDDLE EAST & FAR EAST EUROPE & AMERICAS Dalma Gas 25% WI Start up: 2025 Progress: 18% Prod. (kboed): 56 (100%) – 14 (equity) @2025 UAE GAS Start up: February 2022 2022 Equity: 35 kboed FF Progress: 69% Prod. (kboed): 98 (100%) @ 2025 - 35 (eq.) @2022 Start up: June 2022 2022 Equity: 10 kboed Prod. (kboed): 106 (100%) – 28 (equity) @2023 Marine XII LNG 65% WI Start up: 2023 Prod. (kboed): 72 (100%) – 51 (equity) @2025 CONGO Coral FLNG 25% WI MOZAMBIQUE GAS Area 1 Full Field 100% WI MEXICO LIQ GAS ULTRA DEEP WATER 1.7 Mboed1 3% CAGR 22-25 DEEP WATER ONSHORE SHALLOW WATER UPSTREAM CASH NEUTRALITY 25$/BBL AVG 2022-25
- 18. 18 Australia Indonesia Mozambique Qatar Italy UK Norway Algeria Lybia Egypt Congo Angola Nigeria INTEGRATED GAS PROJECTS BOOSTINGGAS SUPPLY TO KEY MARKETS THROUGH FAST TRACK PROJECTS SECURING GAS SUPPLY LEVERAGING EXISTING LONG-TERM PARTNERSHIPS WITH HOST COUNTRIES GAS/LNG PROJECTS Incremental volumes KEY MARKETS LNG GROWTH: 15 MTPA @2025 (+11% vs 2021) CONTRACTED VOLUMES 2022 2023 2024-2025 50% by 2022-23 80% by 2023-24 100% by 2024-25 Speeding up incremental GAS/LNG Portfolio volumes Russian volumes replacement
- 19. 19 CARBON CAPTURE &STORAGE LEADERSHIP IN CARBON MANAGEMENT DECARBONIZING OUR ASSETS PROVIDING SERVICES FOR THIRD PARTIES CO2 CAPTURE TRANSPORT PERMANENT STORAGE A SAFE AND MATURE PROCESS PROJECTS PIPELINE UNDER DEVELOPMENT NEW INITIATIVES IN OPERATION CO2 CO2 UK - Hynet ITALY - Ravenna CARBON GROSS VOLUME STORED AT 2030 ~30 MTPA LEVERAGING ON UPSTREAM HERITAGE TO EFFICIENTLY DELIVER TIMELY AND COST-EFFECTIVE PROJECTS Start up: 2023 (ph. 1, early injection) 2027 (ph. 2, industrial scale) Storage: 500 Mln ton CO2 Initial storage injection: 4 MTPA @2027 Start up: 2025 Storage: 190 Mln ton CO2 Initial storage injection: 4.5 MTPA UK Government Funds: 33 Mln£ for concept selection & definition access to 1Bln£ fund for the execution phase 100% WI NORWAY Sleipner UK Bacton LIBYA BES EGYPT UAE Gasha AUSTRALIA 100% WI
- 20. 20 FEEDSTOCK FOR ENIBIOREFINERIES LEVERAGING ENI’S UPSTREAM PRESENCE TO SECURE SUPPLY ENI’S VERTICAL INTEGRATION REGULATORY FRAMEWORKS WILL PROMOTE WASTE AND ADVANCED FEEDSTOCK 2025 2030 35 150 WASTE & RESIDUES LOW ILUC & COVER CROPS MTPA * Argus 2019 MTPA – SECURED SUPPLY 35% 55% % Level of vertical integration (LOW ILUC & WASTE AND RESIDUE COLLECTION ) FEEDSTOCKS MARKET SIZE@2030* ENI COMPETITIVE ADVANTAGES SUPPORT TO SOCIAL - ECONOMICAL DEVELOPMENT PROMOTING CIRCULAR ECONOMY PROJECTS INVOLVING LOCAL COMMUNITIES WORLDWIDE ENI AGRO BIO FEEDSTOCK @ 2030 > 0.8 MTPA Palm oil procurement ended in October 2022 (ahead of target in 2023) KAZAKHSTAN FLEXIBLE OPERATIONS TO DIVERSIFY FEEDSTOCK AND PRODUCTS WORLDWIDE PRESENCE TO SECURE FEEDSTOCK & BOOST VERTICAL INTEGRATION
- 21. 21 • Best inclass exploration • Low risk, high return upstream portfolio • Diversified, flexible & conventional production • Integrated gas projects • CCS, leadership in carbon management • Agri-feedstock • Eni at a glance • A winning value proposition • New business & financial models • Company business structure • Compelling financial strategy • Impressive cash flow generation • Market recognises strategy delivery • Leading the path to net zero • Top ranked ESG ratings INTRO ESG STRATEGY NATURAL RESOURCES ENERGY EVOLUTION FINANCIALS TABLE OF CONTENT • Growing organically our biofuels capacity • Sustainable mobility, a winning services hub • Traditional refining system footprint • Plenitude, supporting Eni’s net zero Scope 3 objective • Magnetic fusion, a star in a bottle
- 22. 22 ENERGY EVOLUTION A STARIN A BOTTLE: MAGNETIC FUSION Safe, sustainable, inexhaustible clean energy source - a breakthrough technology NEW ENERGY SOLUTIONS FOR THE SHORT-MEDIUM & LONG TERM A portfolio of technologies to meet decarbonized energy needs SUSTAINABLE MOBILITY A winning multienergy & multiservice hub PLENITUDE, OUR INTEGRATED GREEN ENERGY COMPANY Growing pipeline, financially strong, resilient & diversified WORLD’S FIRST BIOREFINERY CONVERSION Proprietary technology (EcofiningTM), brown-field approach and low GHG intensity 22
- 23. 23 NEW ENERGY SOLUTIONS APORTFOLIO OF TECHNOLOGIES TO MEET DECARBONIZED ENERGY NEEDS SOLAR & WIND ENERGY BIOFUELS BIO & GREEN CHEMICALS BLUE HYDROGEN MAGNETIC FUSION H2 CAPITAL ALLOCATION Traditional New Energy Solutions 2025 2030 2040 ~30% ~60% >80% OUR PATH TOWARDS DECARBONIZED ENERGY SOLUTIONS MEDIUM TERM 2025-30 LONG TERM POST 2030 SHORT TERM 2022-25 H2 GREEN HYDROGEN
- 24. 24 ENI’S STRATEGY EcofiningTM proventechnology * Re-use existing infrastructure (brown-field approach) Existing workforce – social benefit (just transition) ~50% lower capex than new/green field plant Higher process flexibility Higher quality product (HVO) Very low process GHG intensity index (< 10 gCO2/MJ) GROWING ORGANICALLY OUR BIOFUELS CAPACITY WITH PROPRIETARY TECHNOLOGY AND DEPLOYED SKILLS VENEZIA – 1st world conversion of a traditional-to-bio refinery 15 Months from FID to Start up Capacity: 0.4 MTPA currently; 0.6 MTPA by 2023 Upgrades Ongoing: Hydrogen unit production Conversion and Upgrading Capex: 0.3 B$ 20 Months from FID to Start up Capacity: 0.7 MTPA Upgrades Ongoing: Biomass treatment to maximize flexibility Conversion And Upgrading Capex: 0.5 B$ GELA – 2nd Eni brown field tranformation 2007 2019 2014 2021 R&D VENICE PLANT START UP GELA PLANT START UP 1.1 MTPA CAPACITY 2025 2035 6 MTPA CAPACITY ~2 MTPA CAPACITY * For more details: Ecofining™: turning organic waste into biofuel (eni.com)
- 25. 25 BUILDING A SUSTAINABLEMOBILITY AN INTEGRATED VALUE CHAIN FOR A GROWING MARKET BIOFUELS MARKET SHARE ~40% OF EUROPE TOTAL SALES @2040 ENI LIVE STATIONS, MARKETING, SECONDARY LOGISTIC STRATEGIC RATIONAL SUPPLY CHAIN BIOFUELS COMPANIES MARKET PREMIUM>10 EV/EBITDA FEEDSTOCK SUPPLY AND PRIMARY LOGISTIC BIOREFINERIES (Gela & Venice Biorefineries) ENI LIVE STATIONS, MARKETING, SECONDARY LOGISTIC First delivery of vegetable oil from Kenya in October 3rd biorefinery in Livorno under study
- 26. 26 SUSTAINABLE MOBILITY A WINNINGMULTIENERGY, MULTISERVICE HUB SMART SERVICES BIO PRODUCTS >5’000 ENI SERVICE STATIONS 1.5 € BLN EBITDA @ 2030 ~1.5 MLN TOUCHPOINTS PER DAY BE CHARGE
- 27. 27 TRADITIONAL REFINING SYSTEMFOOTPRINT STRATEGIC PRESENCE WITH RESPECT TO END MARKETS OWNERSHIP % CAPACITY kbbl/d NCI * ITALY Sannazzaro 100 200 12.1 Taranto 100 104 7.8 Livorno 100 84 14.3 WHOLLY-OWNED REFINERIES 388 ITALY Milazzo 50 200 6.4 GERMANY Vohburg/Neustadt (Bayernoil) 20 205 7 Schwedt 8.33 228 10 ABU DHABI ADNOC refinery 20 920 9.5 PARTIALLY-OWNED REFINERIES (Eni share) 344 TOTAL (Eni share) 732 *Nelson Complexity Index SANNAZZARO Capacity: 200 kbbl/d LIVORNO Capacity: 84 kbbl/d BAYERNOIL (20%) Capacity: 41 kbbl/d SCHWEDT (8.33%) Capacity: 19 kbbl/d TARANTO Capacity: 104 kbbl/d MILAZZO (50%) Capacity: 100 kbbl/d ADNOC Refining (20%) Capacity: 184 kbbl/d UNITED ARAB EMIRATES Partially owned refinery Wholly owned refinery Data on capacity relate to Eni’s share of balanced capacity in 2021.
- 28. 28 TARGETING NET ZEROBY 2040 & BOOSTING STAKEHOLDER VALUE PLENITUDE: INTEGRATED GREEN ENERGY COMPANY PROVIDING DECARBONIZED ENERGY PRODUCTS & SERVICES TO OUR CUSTOMERS *Pro quota of consolidated and non-consolidated companies. **Adjusted for neutralization extra-ordinary effects from derivatives due to market scenario for EUR 0.15 BLN and other adjustments. A UNIQUE PROPOSITION E-MOBILITY CUSTOMERS GENERATION 0.4** 1.1 integrated platform 0.3 0.6 0.1 CAGR 2021-25E c.30% SIZEABLE & DIVERSIFIED GROWING FINANCIALLY STRONG NET CASH AT 1ST JAN 2022 LONG-TERM NET DEBT / EBITDA UP TO 3-4X 25% TARGET DIVIDEND PAYOUT 21-25E ~30% CFFO CAGR RESILIENT & DIVERSIFIED % $ 2021-25E CFFO* evolution (EUR BLN)
- 29. 29 A TURNING POINTFOR ENERGY GENERATION THROUGH MAGNETIC FUSION ENI INVEST 50 M$ IN CFS BECOMING ITS MAIN SHAREHOLDER SUCCESSFUL TEST TOWARDS ACHIEVING MAGNETIC CONFINEMENT SPARC PILOT PLANT GENERATING NET ENERGY FROM FUSION CFS NEW FUNDING ROUND EXCEPTIONAL RESPONSE FROM THE MARKET (>1.8 B$) SAFE, SUSTAINABLE, INEXHAUSTIBLE CLEAN ENERGY SOURCE MILESTONES AND TIMELINE ARC REALIZATION THE FIRST INDUSTRIAL FUSION POWER PLANT LARGEST SHAREHOLDER IN CFS*, SITS ON THE BoD, WITH ACTIVE ROLE IN R&D STRONG CONTRIBUTION IN TECHNOLOGY, SUPPLY CHAIN & PROJECT MANAGEMENT WITH ENI’S PEOPLE September 2021 December 2021 2025 2018 Early 2030s BUSINESS TARGET BENEFITS CARBON FREE HIGHEST ENERGY DENSITY KNOWN SOURCE INTEGRATED IN EXISTING GRID INFRASTRUCTURE BREAKTHROUGH TECHNOLOGY FOR CLEAN ENERGY ROLE OF ENI «A Star in a Bottle» cit. The New Yorker Commonwealth Fusion Systems (CFS), an MIT spin-out NO POLLUTING SUB PRODUCTS
- 30. 30 • Best inclass exploration • Low risk, high return upstream portfolio • Diversified, flexible & conventional production • Integrated gas projects • CCS, leadership in carbon management • Agri- feedstock • Growing organically our biofuels capacity • Sustainable mobility, a winning services hub • Traditional refining system footprint • Plenitude, supporting Eni’s net zero Scope 3 objective • Magnetic fusion, a star in a bottle • Compelling financial strategy • Impressive cash flow generation • Market recognises strategy delivery • A winning value proposition • Eni at a glance • Company business structure INTRO ESG STRATEGY NATURAL RESOURCES ENERGY EVOLUTION FINANCIALS • Leading the path to net zero • Top ranked ESG ratings TABLE OF CONTENT
- 31. 31 LEADING THE PATHTO NET ZERO ENI ALIGNED TO 1.5° SCENARIO @2050 The above graph is updated to Eni 2021 Strategy. Source: Transition Pathway Initiative website (link) *In 2021, -92% Upstream Fugitive Methane Emissions in 2025 vs 2014 (target reached in 2019) -80% UPSTREAM FUGITIVE METHANE EMISSIONS IN 2025 VS 2014* ZERO ROUTINE FLARING IN 2025 -43% GHG EMISSION INTENSITY INDEX UPSTREAM IN 2025 VS 2014* NET ZERO CARBON FOOTPRINT UPSTREAM IN 2030, ENI IN 2035 NET ZERO @2050 DELIVERING AND ACCELERATING GHG EMISSIONS REDUCTION TARGETS Emissions intensity - Scope 1+2+3 - (gCO2/MJ) 80 90 70 60 50 40 30 20 10 0 2015 2020 2025 2030 2035 2040 2045 2050 1,5 Degrees Below 2 Degrees National Pledges ENI Reported Targeted PEERS Reported Targeted
- 32. 32 TOP RANKED ESGRATINGS LEADING THE PEER GROUP ON ENVIRONMENT MSCI ESG SUSTAINALYTICS ESG RISK RATING MOODY’S ESG SOLUTIONS ISS ESG CDP CLIMATE CHANGE CDP WATER CA100+ NZ BENCHMARK AAA NEGLIGIBLE RISK ADVANCED A+ A A # ALIGNED METRICS CCC SEVERE RISK WEAK D- D-/F D-/F 0 ** *B- corresponds to Prime status – investment grade ** First out of 30 companies in the European oil & gas sector Eni peers: Shell, TotalEnergies, BP, Equinor, Chevron, ExxonMobil, Conoco Phillips, Marathon Oil, Occidental, APA Corporation. Average calculated as per last available data.
- 33. 33 • Best inclass exploration • Low risk, high return upstream portfolio • Diversified, flexible & conventional production • Integrated gas projects • CCS, leadership in carbon management • Agri-feedstock • Growing organically our biofuels capacity • Sustainable mobility, a winning services hub • Traditional refining system footprint • Plenitude, supporting Eni’s net zero Scope 3 objective • Magnetic fusion, a star in a bottle • Eni at a glance • A winning value proposition • New business & financial models • Company business structure • Leading the path to net zero • Top ranked ESG ratings INTRO ESG STRATEGY NATURAL RESOURCES ENERGY EVOLUTION FINANCIALS • Compelling financial strategy • Impressive cash flow generation • Market recognises strategy delivery TABLE OF CONTENT
- 34. 34 COMPELLING FINANCIAL STRATEGY COMMITTEDTO SHAREHOLDER RETURN AND PRESERVING STRONG FINANCIALS IMPROVING OUR RESILIENCE BY MATERIALLY REDUCING CASH NEUTRALITY 21% IRR UPSTREAM PROJECTS in execution @ Eni scenario PORTFOLIO MANAGEMENT & PROJECTS SELECTIVITY Source: Annual Report 2021 for Identifiable assets Remuneration data exclude disposal plans; Share prices closing as of 31 October 2022. Eni yield calculated on announced dividend and share buyback assuming a reference Brent price of 80-90 $/bbl scenario Leverage and net debt data are ante lease liability ex IFRS 16; CFFO and FCF are before working capital at replacement cost 200 BPS RENEWABLE PROJECTS outperforming WACC after tax 13.7 9.0 22% 20% 0% 5% 10% 15% 20% 25% - 2,0 4,0 6,0 8,0 10,0 12,0 14,0 16,0 2014 2021 2022-2025 Net debt (B€) Leverage (%) ONE OF THE HIGHEST REMUNERATION YIELD IN THE SECTOR 114 40 2014 2021 CASH NEUTRALITY ($/BBL) CFFO=CAPEX+FLOOR DIVIDEND NEW BUSINESS MODELS DELIVERED Vår Energi IPO, Azule BC & SPAC ~10% STRONG BALANCE SHEET IN A HIGHLY VOLATILE MARKET 12.7% 12.0% 11.9% 11.0% 10.3% 8.8% 6.5% 6.4% Peer 1 Peer 2 Eni Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 REMUNERATION YIELD 2022 (ESTIMATED, %) Buyback Total dividend Dividend
- 35. 35 -5 5 15 25 35 45 55 65 75 2022 2022-2025 Capex OrganicFCF IMPRESSIVE CASH FLOW GENERATION DURABLE FREE CASH FLOW UNDERPINS REMUNERATION TO SHAREHOLDERS € ~55 BLN 1 4YP CUMULATIVE CFFO 1 Figures at Eni scenario as per CMD 2022 2 Green: Decarbonization & Circular CFFO and FCF before working capital at replacement cost € >25 BLN 1 4YP CUMULATIVE FCF 2022-25 CUMULATIVE CASH FLOWS| € BLN 2022-2025 € 8.3 BLN CAPEX 2022 unchanged at constant FX EXCESS FCF REMUNERATION PURE UPSIDE SHARED WITH INVESTORS For Brent price> Eni scenario € ~7 BLN1 AVG CAPEX 2022-25 40% cumulative capex uncommitted CFFO € 20 BLN AT $100 BRENT +€ 5 BLN CFFO 2022 FROM SCENARIO UPSIDE
- 36. 36 JP Morgan, Jefferies,Santander, Morgan Stanley: April 2022 Goldman Sachs, Société Générale: March 2022 MARKET RECOGNISES STRATEGY DELIVERY 36
- 37.
- 38. 38 ENI TOP MANAGEMENT[1/3] He was appointed Chief Financial Officer in Eni on 1st August, 2020. He graduated in Economics and Commerce at the University of Bologna. He joined Agip S.p.A. in 1995. From 2001 to 2005 he was Head of Negotiations & Commercial Planning in Libya activities. From 2006 to 2008, he became Head of Business Planning and Development activities for Africa, Europe, Asia & America, supporting the E&P Division’s Deputy General Director. In 2009, he was appointed Head of Upstream M&A, contributing to the rationalization of the portfolio. In 2011, he became Senior Vice President of Market Scenarios and Strategic Options in Eni SpA. In 2014, he was appointed Head of Investor Relations and also acted as Secretary to Eni's Advisory Board from 2016 to 2019. In 2019, he moved to Houston to become Upstream Director of the Americas, managing the E&P business in the USA, Mexico, Venezuela and Argentina. Francesco Gattei - CFO Claudio Descalzi - CEO He has been Eni’s CEO since May 2014. He graduated in physics in 1979 from the University of Milan. He joined Eni in 1981 as Oil & Gas field petroleum engineer. In 1990 he was appointed Head of Reservoir and operating activities for Italy. From 2000 to 2001 he held the position of Executive Vice President for Africa, Middle East and China. From 2002 to 2005 he was Executive Vice President for Italy, Africa, Middle East, covering also the role of member of the board of several Eni subsidiaries in the area. In 2005, he was appointed Deputy Chief Operating Officer of the E&P Division in Eni. From 2008 to 2014 he was Chief Operating Officer in the E&P Division of Eni. In 2012, Claudio Descalzi was the first European in the field of Oil&Gas to receive the prestigious “Charles F. Rand Memorial Gold Medal 2012” award from the Society of Petroleum Engineers and the American Institute of Mining Engineers. In May 2022 he received the Distinguished Business Leadership Award from the Atlantic Council. Giuseppe Ricci – Energy Evolution Guido Brusco – Natural Resources He was appointed Chief Operating Officer Natural Resources of Eni on February 7th, 2022. After graduating with Honors in Mechanical Engineering at the University of Roma “La Sapienza”, he joined Eni in 1997. He began his career in drilling and production, holding positions of growing responsibility, in different countries, up to the role of Deputy Operations General Manager in Egypt in 2005 and Operations Division Director in Kazakhstan in 2009. He took up the roles of Managing Director of Agip KCO in Kazakhstan in 2013, Managing Director of Agip Caspian Sea in 2014 and subsequently Managing Director in Angola. In 2018 he was appointed Executive Vice President for Sub-Saharan Africa Region and in 2020 Director of Upstream. He was appointed Chief Operating Officer of Energy Evolution on January 1, 2021. He joined Eni in 1985 initially working in the study and development of new refining processes at the Sannazzaro refinery, In 2000 he became responsible for Refining Processes Development. He took over in 2004 as director of the Gela Refinery, a challenging assignment both from a managerial perspective and in terms of the refining cycle and plant complexity. In 2006 he was appointed managing director of the refinery. In June 2010 he was made Senior Vice President of the Industrial Sector for Refining & Marketing, holding also chairmanship of Gela and Milazzo. In 2012 he took on the delicate role of Eni’s Executive Vice President HSEQ.
- 39. 39 ENI TOP MANAGEMENT[2/3] He was appointed as Upstream Director on Feb. 7th, 2022. He graduated with honors in Mining Engineering from the Alma Mater Studiorum University of Bologna in 1988. He joined Eni Group in 1990, at the beginning of his career as a reservoir engineer at Agip SpA. Luca has matured a considerable experience in managing complex Joint Ventures, and in commercial negotiations in challenging environments. In 2009 he was appointed Technical Director in Eni UK and in 2010 he became Managing Director of Eni in Turkmenistan. He Moved to Egypt in late 2011, serving Agiba as General Manager & Manager Director. In the period from 2012 to 2020 he was working in Kazakhstan, where he covered the position of EVP of Central Asia Region (2016-2020). From 2020 to 2021 he has been the Head of Commercial Negotiations for Eni, and the Head of Sub-Saharan Africa Region Upstream Business from 2021 to early 2022. Luca Vignati - Upstream Umberto Carrara – Green/Trad. R&M He was appointed as Deputy of Chief Operating Officer Energy Evolution on November 4th, 2021. Since January 2021 he’s also Director of Green/Traditional Refining and Marketing. He graduated in Civil/Hydraulic Engineering and joined Eni in 1985. He began his career in the Petroleum Engineering, holding positions of growing responsibility in different countries up to the role of Managing Director in the most critical Upstream geographical contexts (Norway, Egypt, Libya). In 2005 he came back to Italy as Director of Exploration in the E&P Division; then he took up the role of Managing Director of Kazakhstan Subsidiary until 2013. Since 2013 he has been in charge of the International Negotiations Department and in 2015 of the Sub- Saharian Africa Region. At the beginning of 2018 he was appointed Executive VP International Business Development R&M and in the 2019 he added also the responsibility of Licensing. He was appointed Deputy of Chief Operating Officer Natural Resources and also Director Global Gas & Lng Portfolio of Eni on July 1, 2020. He graduated in Mechanical Engineering in 1999 from the Politecnico di Milano. In 2000, he was awarded a scholarship for a research doctorate at the Politecnico di Milano’s Department of Energy. After experience in McKinsey and Citigroup, he joined Eni in 2007, in the Office of the CEO. Between 2008 and 2016, he worked in Eni's Gas & Power business, first as Senior Vice President International Sales and later as Executive Vice President International Markets and LNG. In 2016, he took the position of Executive Vice President Portfolio Strategy & Long Term Gas Negotiations in the Midstream business. In 2018, he became Executive Vice President of the Gas Business Unit with responsibility for the entire midstream gas value chain. In 2019, he was appointed Chief Gas & Lng Marketing and Power Officer of Eni. Cristian Signoretto - Global Gas & LNG Portfolio Francesca Zarri – Technology, R&D & digital She was appointed Director of Technology, R&D & Digital of Eni on July 1, 2020. In 1997, she joined Agip S.p.A to work in the Reservoir Department as reservoir modeler and petroleum engineer. In 2004, after moving to the Engineering and Projects Department, she became the head of the Adriatic Off-shore Projects department. In 2006, she became Head of the Production Optimization Technology Department, which at that time, also included most of the Eni’s Laboratories in Bolgiano. From 2007 to 2010, she worked for West Africa as Project and Development Director of Eni Congo. In 2011 she became the Head of American Region in the procurement function, then the Head of Procurement Services. During the same period, she was Eni's representative for Commercial Committee in the South Stream Project.
- 40. 40 ENI TOP MANAGEMENT[3/3] Adriano Alfani – Versalis S.p.A. He was appointed Versalis’ Chief Executive Officer starting from the 1st January, 2021. He started his career at EniChem after working at Dow since 2001, where he adopted a business model based on innovation, circular economy and sustainability principles. He has 20-years of experience in the international Chemical industry, having operated in large, important and complex markets, and holding several international roles at Senior Global Business Director and Senior Global Strategy Director levels. Stefano Goberti – Plenitude S.p.A. He was appointed Plenitude’ Chief Executive Officer on November 5th, 2021. Stefano graduated in Economics and Banking from University of Siena. He joined Eni in 1991. Stefano spent over 30 years in Eni group, covering different strategic positions in Italy and abroad, including : Eni Exploration & Production division (various roles in Finance and Control), Executive Vice President Planning & Control of Eni, CFO of Saipem, Head of Finance and Insurances for Eni. Since March 2021 Stefano led the Eni Retail and Renewables valorization project, and on November 2021 he was appointed by Eni BoD as the new company CEO.
- 41. 41 WE DEVELOP &DELIVER NEW TECHNOLOGIES BECAUSE WE ARE, FIRST AND FOREMOST, A TECHNOLOGY COMPANY Outcomes from BNEF Oil & Gas Transition Scores 2022 INVESTING ON BOTH MATURE & EARLY-STAGE TECHNOLOGIES The research compares ~30 oil & gas companies on their business model preparedness for a low carbon world Data source: company annual reports & data updates on Bloomberg Scalable transition strategies Include investments into: • renewable energy assets (wind, solar, biomass, geothermal and marine energy) • battery storage • EV charging • petrochemical capacity • biofuels capacity • other low-carbon M&A (new materials, mobility and digitalization) Early-stage transition strategies Activities involved in: • CCUS • hydrogen 0 2 4 6 8 10 0 2,5 5 7,5 10 Scalable transition strategy score Early-stage transition strategy score Key definitions: Oil&Gas companies Eni 2.5 5 7.5
- 42. 42 KEY PROJECTS STARTUPS OVER 2022-25 [1/2] Start up: February 2022 2022 Equity: 35 kboed FF Progress: 69% Prod. (kboed): 98 (100%) @ 2025 - 35 (eq.) @2022 Area 1 Full Field 100% WI MEXICO LIQ Johan Castberg 19% WI LIQ Balder X 58% WI Breidablikk 27% WI NORWAY LIQ Start up: 2024 Prod. (kboed): 57 (100%) – 13 (equity) @2026 Start up: Q3 2024 Prod. (kboed): 71 (100%) – 41 (equity) @2024 Start up: 2024 Prod. (kboed): 184 (100%) – 36 (equity) @2025 LIQ Cassiopea 60% WI ITALY GAS Start up: 2024 Progress: 24% Prod. (kboed): 27 (100%) – 16 (equity) @2025 A&E Structure 50% WI Start up: 2024 (Struct. A) Prod. (kboed): 205 (100%) – 120 (equity) @2027 LIBYA GAS Melehia ph.2 76% WI EGYPT LIQ/GAS Berkine South 75% WI ALGERIA LIQ/GAS Start up: Oct. 2022 (press release 10.10.22) 2022 Equity: 3 kboed Prod. (kboed): 49 (100%) – 18 (equity) @2025 Start up: 2024 (Gas) 2022 Equity: 8 kboed (oil&gas) Prod. (kboed): 50 (100%) – 27 (equity) @2025 NOTE: Average yearly production in peak year at plateau
- 43. 43 KEY PROJECTS STARTUPS OVER 2022-25 [2/2] NOTE: Average yearly production in peak year at plateau Start up: 2023 Prod. (kboed): 15 (100%) – 12 (equity) @2024 Baleine ph.1 83% WI IVORY COAST LIQ/GAS Start up: 2024 Prod. (kboed): 17 (100%) – 9 (equity) @2025 Merakes East 65% WI INDONESIA GAS Start up: June 2022 2022 Equity: 10 kboed Prod. (kboed): 106 (100%) – 28 (equity) @2023 Coral FLNG 25% WI MOZAMBIQUE GAS Marine XII LNG 65% WI Start up: 2023 Prod. (kboed): 72 (100%) – 51 (equity) @2025 CONGO GAS Agogo EP ph.2 18% WI ANGOLA LIQ Start up: Q4 2022 (Ph.1: Dec ‘19) 2022 Equity: <1 kboed Progress: 81% Dalma Gas 25% WI Start up: 2025 Progress: 18% Prod. (kboed): 56 (100%) – 14 (equity) @2025 UAE GAS Start up: 2025 Prod. (kboed): 29 (100%) – 6 (equity) @2026 Maha 40% WI GAS
- 44. 44 GAS SUPPLY DIVERSIFICATIONOPPORTUNITIES UPDATE ON DELIVERING ENERGY SECURITY INITIATIVES FROM KEY PRODUCING COUNTRIES ALGERIA TRANSMED SPARE CAPACITY EGYPT LNG OPTIMIZATION CONGO MARINE XII MODULAR LNG QATAR STRENGHTENED PARTNERSHIP Early April Mid April End of April Mid June UP TO 6 BCM BY 2023 UP TO 9 BCM BY 2024 UP TO 3 BCM UP TO 1 BCM BY 2023 UP TO 4 BCM BY 2025 LIBYA ITALY SEIZING ADDITIONAL OPPORTUNITIES FROM OUR UPSTREAM AND GLOBAL GAS AND LNG PORTFOLIO ANGOLA MOZAMBIQUE INDONESIA LNG figures assume regasification capacity expansion program in Italy as planned UP TO 1.5 BCM BY 2025 A GLOBAL SCALE OF SHORT, MEDIUM & LONG-TERM OPTIONS ADDITIONAL SUPPLY FLEXIBILITY FOR ITALY AND EUROPE UP TO 20 BCM BY 2024-2025
- 45. 45 MANAGING RISK ACROSSENI GAS VALUE CHAIN ~100% RUSSIAN GAS REPLACED BY 2024-2025 Market size and flows are illustrative UPS GAS & LNG THIRD PARTY GAS GGP EUROPEAN MARKET NON EUROPEAN MARKET ITALY ENI (*) CONSUMPTION SPOT/UNCOMMITTED MARKET PLENITUDE 6.4 100% covered by LNG Russia ex Turkey ~30% in 2021 B2B ADDING NEW SUPPLY CONTRACTS MAJORITY OF BUSINESS CONDUCTED ON HUB-BASED PRICING HEDGING CONSISTENT WITH SUPPLY RE-ROUTING FLOWS CAPTIVE PROTECTION HEDGING CONSISTENT WITH CUSTOMER COMMITMENTS INCREASING HUB EXPOSURE CAREFUL MANAGEMENT OF NEW CUSTOMER ADDITIONS INCREASING EQUITY CONTRIBUTION (*) Enipower, R&M, Versalis ~70 Bcm CAPTIVE PROTECTION
- 46. 46 CARBON OFFSET OFFSETTING RESIDUALEMISSIONS WITH HIGH-QUALITY CARBON CREDITS AFRICA: ZAMBIA*, TANZANIA*, ANGOLA, DRC, GHANA, MALAWI, MOZAMBIQUE, SENEGAL, COTE D’IVOIRE, KENYA REDD+ PROJECTS & OTHER OFFSET LEVERS LATIN AMERICA: MEXICO*, COLOMBIA ASIA: UAE, VIETNAM, MALAYSIA, INDONESIA * REDD+ PROJECTS IN OPERATIONS CARBON OFFSET: ~ 15 MTON CO2 IN 2030 Distribution of high-efficiency cookstoves, reducing the amount of non-renewable biomass required for cooking, decreasing associated ghg emissions in african countries
- 47. 47 PLENITUDE: RENEWABLES PIPELINE EXPANDINGAND DE-RISKING OUR PIPELINE 2.3 3.7 4.7 Installed & under construction High visibility & medium maturity Low maturity LOW MATURITY INSTALLED & UNDER CONSTRUCTION HIGH VISIBILITY & MEDIUM MATURITY (GW) 1 High visibility and medium maturity pipeline contains projects that have already secured land rights, demonstrated feasibility and have connection rights and/or permitting process already completed or in an advanced stage. 2 The majority of projects in this category have land already secured or about to be secured and the feasibility confirmed. 3 Includes storage and other technologies. 4 Undisclosed M&A already risked. 5 Includes Australia and Kazakhstan. 6 Mainly offshore wind. Note: installed capacity includes pro-quota of consolidated and non-consolidated capacity. 1 2 2.3GW 3.7GW Other5 <= 2021 2022 2023 2024 2022 2023 2024 2025 2022 2023 2024 2025 2026 2.3GW 3.7GW 4.7GW 2.3GW 3.7GW 4.7GW 6 6 Photovoltaic Onshore wind Offshore wind Other3 Undisclosed M&A4 4.7GW PIPELINE > 10 GW EXP. COMPLETION DATE BY GEOGRAPHY BY TECHNOLOGY
- 48. 48 Produces biofuels fromthe Organic Fraction of Municipal Solid Waste (OFMSW) Developed and patented the first of its type in the world 3% - 16% of bio-oil, bio methane & up to 60% of recovered water available for other uses Pilot project start up in 2018 in Gela biorefinery CIRCULAR ECONOMY PROJECTS EXAMPLES OF SUSTAINABLE SUCCESS WASTE TO FUEL TECHNOLOGY HOOPTM CHEMICAL RECYCLING Transforming mixed plastic waste, that cannot be mechanically recycled, into new virgin polymers Building first plant of 6’000 tonnes per year at the Mantova site Theoretically endless plastic recycling process producing new virgin polymers identical to polymers that come from fossil OFMSW WASTE- TO-FUEL WATER BIO METHANE BIO OIL HOOPTM PYROLYSIS TECHNOLOGY PLASTIC WASTE CREATION OF NEW VIRGIN POLYMERS
- 49. 49 SCENARIO ASSUMPTIONS 4YP SCENARIO2022 2023 2024 2025 Brent dated ($/bbl) 100* 75 70 70 FX avg ($/€) 1.05* 1.18 1.21 1.24 Ural MED c.i.f. - Med Dated Strip ($/bbl) -1.5 -1.4 -1.5 -1.5 Std. Eni Refining Margin ($/bbl) ~8.0 1.5 2.6 3.2 NBP ($/mmbtu) 21.1 14.4 11.7 9.6 PSV (€/kcm) 688 452 363 293 SENSITIVITY 2022 EBIT ADJ (€ BLN) Net adj (€ bln) FCF (€ BLN) Brent (+1 $/bbl) 0.21 0.15 0.13 Std. Eni Refining Margin (+1 $/bbl) 0.14 0.10 0.14 Exchange rate $/€ (-0.05 $/€) 1.00 0.70 0.70 Brent sensitivity assumes oil and gas changes are directional and proportional. Sensitivity is valid for limited price variation. *Updated @Q3 2022.
- 50. 50 DISTRIBUTION POLICY SHARING THEUPSIDE WITH OUR SHAREHOLDERS € 0.88 Dividend per share RAISED BUYBACK BY € 1.3 BLN TO € 2.4 BLN (FROM € 1.1 BLN) in July SIMPLIFIED, ENHANCED DPS SLIDING SCALE vs previous policy DIVIDEND PAID ON A QUARTERLY BASIS STARTED 3Q 2022 2022 DISTRIBUTION UPSIDE RESILIENCE SHARING VALUE CREATION € 2.4 Bln buyback Brent reference price @100 $/bbl
- 51. 51 12 21 23 31 18 28 21 36 -38 11 9 15 10 15 18 28 -37 4 5 8 1111 13 30 EQUINOR TOTAL CHEVRON EXXON SHELL ENI CONOCO BP Q3 2021 Q2 2022 Q3 2022 STRONG BALANCE SHEET IN A VERY VOLATILE MARKET SUCCESSFUL IN PROGRESSIVE DELEVERAGING | % OUR CAPITAL STRUCTURE Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 @ 31.12.2021 € 4 BLN SHORT-TERM DEBT (15% OF THE TOTAL) € <24 BLN LONG-TERM DEBT (85% OF THE TOTAL) € 5 BLN HYBRID BONDS € >5 BLN LEASE LIABILITIES WITH AN AVERAGE LEVERAGE OVER PLAN OF ~10% (PRE IFRS)
- 52. 52 SUSTAINABLE FINANCE A STRUCTURALCORE COMPONENT IN THE EXECUTION OF OUR PLAN CREDIT LINES 100% SUSTAINABLE SINCE 2022 SENIOR BONDS NEW ISSUANCE 100% SUSTAINABLE >25% SUSTAINABLE GROSS DEBT BY 2025 KEY FIGURES 2019 2021 2025 0 >13 8 Sustainable instruments include: bond, loans, bank credit lines and rates derivatives CONTRIBUTING TO SDGs SUSTAINABLE INSTRUMENTS| € BLN
- 53. 53 Ebit and NetProfit are adjusted. Cash Flows are adjusted pre working capital at replacement cost and exclude effects of derivatives. Net debt and leverage: before IFRS 16. EBIT NET PROFIT CFFO CAPEX PROFIT FROM ASSOCIATES € 16.8 BLN € 10.8 BLN € 16.3 BLN € 5.5 BLN € 1.7 BLN NET DEBT € 6.4 BLN Strong contributions from each business line ~4x vs 9M 2021 9M CFFO ~3x covering yearly distribution In line with guidance, at constant fx Growing contribution at associate level Leverage at record lowest ORGANIC FCF | € BLN 10,8 16,3 5,5 8,1 9M 2021 CFFO CFFO CAPEX FCF ROBUST CASH GENERATION STRENGHTENING BALANCE SHEET AND OFFERING STRATEGIC FLEXIBILITY 9M 2022 GROUP RESULTS REINFORCING FINANCIAL STRENGHT IN THE CYCLE
- 54. 54 € 8.3 BLN CAPEX 1.63MBOED PRODUCTION € >1.8 BLN GGP EBIT € >0.6 BLN PLENITUDE EBITDA 15% LEVERAGE DOWNSTREAM EBIT Plenitude: EBITDA is pro-forma; Downstream: EBIT is pro-forma. Cash Flows are adjusted pre working capital at replacement cost and exclude effects of derivatives. Leverage: before IFRS 16 lease liabilities. at constant FX CFFO 750 MBOE DISCOVERED RESOURCES € 2.4 BLN BUYBACK 1.67 adj. for FM effects, unplanned events in Kashagan and lower contribution from Norway € 2.5 BLN AT $100 BRENT € 20 BLN 2022 GUIDANCE In line with previous, adj for WFT and inorganic spending
- 55. 55 MAIN DECARBONISATION TARGETS grafico GHGEMISSIONS CCS NET ZERO CARBON FOOTPRINT SCOPE 1+2 NET GHG LIFECYCLE EMISSIONS SCOPE 1+2+3 VS 2018 NET CARBON INTENSITY SCOPE 1+2+3 VS 2018 ROUTINE FLARING msM3 a UPSTREAM GHG EMISSION INTENSITY VS 2014 a UPSTREAM FUGITIVE METHANE EMISSIONS VS 2014 a ENI NET ZERO UPS NET ZERO UPS -65% ENI -40% -35% NET ZERO -80% 2030 NET ZERO 0 -43% -80% reached @2019 2035 ~ 10 ~50 CARBON CAPTURE & STORAGE CO2 b (Mton CO2/y) CARBON OFFSET, INCLUDING NATURAL CLIMATE SOLUTIONS (Mton CO2/y) <25 ~ 15 ✓ 2040 -15% -50% >1 -55% a) 100% according to operatorship b) Equity Eni, including CCUS services for third parties ~ 20 ~ 35 CARBON OFFSET 2025 2050
- 56. 56 MAIN BUSINESS TARGETS 20252030 2035 2040 a) Plenitude 100% RETAIL CUSTOMER BASE MLN POD a PALM OIL FREE INSTALLED CAPACITY GW a NATURAL GAS PRODUCTION | % ON PORTFOLIO BIO REFINING RENEWABLES OIL & GAS BIO REFINING MLN TON/Y 11.5 >15 6 >20 >90 60 60 >15 ~2 >6 BY 2023 >2 ~10 CHARGING POINTS k a EV ~160 ~35 ~30 >12 >30 2022 2050
- 57. 57 TRANSITION STRATEGY: ENIvs PEERS H2 2022-25 2025-30 2023-25 2025 2021-28 2022-27 2022-25 ~30% ~30%* 30% 10% 11% 40% % TOTAL CAPEX * CCGT incl. CO2 ~45%
- 58. 58 ENI GHG TARGETSLEAD THE WAY TO NET ZERO NET CARBON INTENSITY (SCOPE 1+2+3) gCO2eq/MJ NET GHG LIFECYCLE EMISSIONS (SCOPE 1+2+3) MtCO2eq NET CARBON FOOTPRINT (SCOPE 1+2) MtCO2eq Equity accounting Baseline 2018: 37 • -65% UPS @2025 • -40% Eni @2025 • UPS Net Zero @2030 • Eni Net Zero @2035 100% Operated asset Baseline 2016 : 83 • -50% @2030 • Net Zero @2050 100% Operated asset Baseline 2015: 46 • -15% @2025 • <-40% @2030 • Net Zero @2050 100% Operated asset Baseline 2019: 54 • -20% @2025 • -50% @2030 • Net Zero @2050 100% Operated asset Baseline 2018: ~ 17 • -50% @2030 (ambition) of which 10% offset Equity accounting Baseline 2016: 67 • Net Zero @2050 (aspiration) 100% Operated asset Baseline 2016: 116 • -20%/30% intensity @2030 • Net Zero @2050 (ambition) Lifecycle Scope 1+2+3 Baseline 2018: 505 2020: 439 • -35% @2030 • -55% @2035 • -80% @2040 • Net Zero @2050 Lifecycle Scope 1+2+3 Baseline 2016: ca. 1,700 • Net Zero @2050 Just Scope 3 end-use EU Baseline 2015: 256 • -30% @2030 • Net Zero @2050 Global Scope 3 • <-30% @2030 (Oil) • Net Zero @2050 (ambition) Just Scope 3 end-use UPS (excl. Rosneft) Baseline 2019: • -20% @2025 • -35%/-40% @2030 • Net-Zero @2050 Scope 1+2 100% operated + Scope 3 end-use Baseline 2020: 264 • Net Zero @2050 Lifecycle Intensity Baseline 2018: 68 2020: 68 • -15% @2030 • -50% @2040 • Net Zero @2050 Lifecycle Intensity Baseline 2016: 79 • -6%/-8% @2023 • -9%/-12% @2024 • -20% @2030 • -45% @2035 • Net Zero @2050 Lifecycle Intensity Baseline 2015: 71 • <-20% @2030 • -35% @2040 • Net Zero @2050 Lifecycle Intensity Baseline 2019: 79.7 • -5% @2025 • -15%/-20% @2030 (aim) • Net Zero @2050 (aim) Scope 1+2+ Scope 3 end-use Baseline 2020: 68 • -20% @2030 • -40% @2035 • Net Zero @2050 (ambition) Lifecycle Intensity Scope 1+2+3 Baseline 2016: 71 • > - 5% @2028