Eni Green Data Center
STRATEGY PRESENTATION 2019-2022 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. 2
OUR DISTINCTIVE FACTORS Access to new acreage Strong exploration results Fast monetisation of discoveries Original renewables model Financial discipline Fast. Efficient. Responsible.
STRATEGY PRESENTATION 2019-2022 UPSTREAM UPSTREAM LNG LNG DOWNSTREAM DOWNSTREAM CIRCULAR CIRCULAR RENEWABLES RENEWABLES ORGANIC GROWTH EXPANSION ECONOMY ECONOMY 5
DRIVING VALUE TH THROUGH TE TECHNOLOGY STRATEGY PRESENTATION 2019-2022 >7,300 PATENTS AND >350 PROJECTS GHG CIRCULAR ECONOMY OPERATIONAL EXCELLENCE DECARBONISATION EFFORT BENEFITS* € 900 Mln ~900 Mln € ~ € 4 Bln 4YP 2019-2022 FULL LIFE 6 * Estimated on a 100% share basis
UPSTREAM KEY TARGETS STRATEGY PRESENTATION 2019-2022 4YP EXP. RESOURCES CAGR 2018-22 3.5 % 2.5 bln boe UPSTREAM CAPEX COVERAGE 4YP UPSTREAM FCF ~ $ 37 /bbl € 22 bln 7
A GLOBAL RANGE OF EXPLORATION OPPORTUNITIES STRATEGY PRESENTATION 2019-2022 Norway Algeria UK Libya Egypt US Alaska Cyprus Middle East Mexico Pakistan Ghana & Vietnam Ivory Coast Indonesia Angola Mozambique Risked Exploration potential CURRENT NET ACREAGE Resources to discover +37% vs 2014 2.5 bln boe >460 >140 WELLS IN THE 4YP thousands km 2 UEC ~ $ 1.6 /boe 8
FOCUS BLOCK 15/0 /06 STRATEGY PRESENTATION 2019-2022 Oil discoveries Development leases TECHNOLOGY: OUR COMPETITIVE ADVANTAGE 9
START UPS DRIVING GROWTH STRATEGY PRESENTATION 2019-2022 PRODUCTION GROWTH 4YP MAIN START UPS 2019 2020 Mboed Indonesia - Merakes 2.4 Algeria – Berkine & BRN Pipeline CAGR Congo - Nené ph.2B Egypt – Baltim SW >2.1 Egypt - Meleiha ph.2 Mexico – Area 1 1.88 2018-22 Norway - Smorbukk Norway – Trestakk 1.85 2021 2022 Angola – Cabaça North, Congo – Nené ph.3 3.5 % Northern Gas Complex Libya – A/E Structures Italy - Cassiopea Mozambique – Coral FLNG Norway – Fenja, Balder X Norway – Johan Castberg UAE – Dalma gas = new project start-ups and ramp-ups LONG TERM GROWTH: CAGR @ 2025 3.5% 10
AREAS OF UPSTREAM GROWTH STRATEGY PRESENTATION 2019-2022 VAR ENERGI 1,400 100 250 MEXICO U.A.E. (NORWAY) KBOED GROSS in 2022 KBOED GROSS KBOED in 2023 (VAR 100% ) in second half of next decade MEXICO Block 24 Block 12 * Block 10 Block 14 Block 7 Block 28 TECOALLI AREA 1 - develop. project AMOCA (execution phase) *Subject to local authorities’ approval MIZTON 11
LONG PIPE IPELINE OF NEW PROJECTS STRATEGY PRESENTATION 2019-2022 Coral ph.2 2019 - 2022 (Mozambique) Kalimba cluster Bonga SWA # MAIN FIDs ( Angola ) ( Nigeria ) Rovuma LNG ph.2 Val D’Agri (Mozambique) A/E Structures 18 Development ( Libya ) Minsala ( Italy ) ( Congo ) Balder X Meleiha ph.2 Nené ph.3 Lower Zakum ( Egypt ) ( Norway ) ( Congo ) Lower Zakum LTDP-2 LTDP-1 Dalma gas Berkine ( UAE ) ( UAE ) ( UAE ) ( Algeria ) FID 2021 - 2022 2023-2030 2020 2019 2019 - 2022 Umm Shaif gas ph.1 Hail & Ghasha Umm Shaif LTDP-2 Umm Shaif LTDP-1 ( UAE ) ( UAE ) ( UAE ) Bouri GUP ( UAE ) RRR ( Libya ) NGasComplex Rovuma LNG ph.1 Kalamkas ( Angola ) ( Mozambique ) UDR gas ( Kazakhstan ) ( UAE ) Kashagan Compression >100% Umm Shaif gas ph.2 ( Kazakhstan ) Karachaganak ph.3 ( Kazakhstan ) (UAE) D Structure ( Libya ) F/Q Structures ( Libya ) 12
THE RIS TH ISE OF UPSTREAM CASH FLOW STRATEGY PRESENTATION 2019-2022 CAPEX UPSTREAM CFFO | € bln 14 ~ € 6.5 BLN 13 PER YEAR 12 13.6 FCF 2019 - 2022 11 11.5 10 € 22 bln 2019 2022 Brent $/bl 62 70 1.15 1.21 Exchange Rate €/$ ~2X COVERAGE OF DIVIDEND WITH UPSTREAM FCF 13 2019 CFFO Excludes one-off
MID ID-DOWNSTREAM KEY TARGETS STRATEGY PRESENTATION 2019-2022 CFFO 4YP EBIT END OF PLAN € 2 BLN € 10 BLN CAPEX 4YP CASH FLOW AFTER CAPEX 4YP € 5 BLN ~ € 5 BLN 14 14 Includes G&P, R&M and Chemicals
GAS & POWER – AN IN INTE TEGRATED AND OPTIM TIMIZED MODEL STRATEGY PRESENTATION 2019-2022 EBIT | € bln FREE CASH FLOW | € bln Gas & LNG Marketing and Power (GLP) Retail – Eni gas e luce 0.7 € 2.3 bln 0.5 0.5 2019-2022 2018 2019 End of plan 15
RETAIL WIL ILL DOUBLE EBIT IT RESULT STRATEGY PRESENTATION 2019-2022 HIGH VALUE CUSTOMER BASE FAST GROWING CUSTOMER BASE 12 mln EXTRA - COMMODITY 20% TOTAL CU CUSTOMERS IN IN 2022 022 +26% vs 2018 of of 20 2022 22 EBIT IT > 4 mln 5X vs. 2018 EBIT POWER CU CUSTOMERS IN IN 2022 2022 2X vs 2018 16
LNG: : DOUBLING OUR PORTFOLIO STRATEGY PRESENTATION 2019-2022 EQUITY @2022 LNG PORTFOLIO @ 2022 >70% MTPA Egypt Qatar (current) 16 Damietta Vs 56% in 2018 14 Oman (current) Nigeria NLNG (current ) 8.8 Mozambique Nigeria Rovuma NLNG Indonesia Australia Jangkrik (current) Angola 2018 2022 2025 Indonesia Merakes = equity gas projects GAS: A KEY TRANSITIONAL RESOURCE 17
R&M – BIG R& IGGER AND MORE PROFITABLE STRATEGY PRESENTATION 2019-2022 EBIT adj.| € bln ORGANIC FCF | € bln Refining* € 2.6 Marketing 1.0 0.7 bln 0.4 2019-2022 2018 2019 End of plan $ 2.7 /bbl Green 1 Mton/y Breakeven production Margin* from 2020 from 2021 25% $ 1.5 /bbl Retail LT Breakeven market share Margin* from 2023 in Italy 18 * Include the pro-forma contribution of ADNOC Refining
RENEWABLES ORGANIC GROWTH STRATEGY PRESENTATION 2019-2022 4YP CAPEX| € bln INSTALLED CAPACITY @2022 CAPACITY | GWp ASIA ITALY 5 20% 17% 1.6 € 1.4 bln Rest of the GW AFRICA World 43% 20% > 1.6 Wind 15% 2019-2022 1 PV Hybrid 0.5 Photovoltaic 1.6 0.2 2% 83% GW 2019 2020 2021 2022 2025 19
STRATEGY PRESENTATION 2019-2022
THE DUAL CHALLENGE OF ENERGY TH STRATEGY PRESENTATION 2019-2022 130% We recognize the need for + 30 % full energy access 120% 280 mln boe/d 110% Energy demand 100% 32 Gton 90% CO 2 emissions 80% 70% We share the objectives of the - 45 % Paris agreement 60% to keep global warming <2° 50% 2017 2030 2040 Energy demand CO2 emissions from energy sector Energy Demand IEA New Policies Scenario 21 CO 2 Emissions IEA Sustainable Development Scenario
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