Q1 2017 results

10 May 2017

2

Highlights

• Production growth: 1,795 kboed (+6% net of PSA and Opec cuts vs IQ2016)

• 2017 start-ups

• Jangkrik & OCTP start-up in coming weeks

• Zohr start-up confirmed by end of this year

• Kashagan ramp up on track: 200 kbbl/d oil reached

Upstream

• 2017 announced deals €2.7bn post tax (€3bn pre-tax)

• 25% Area 4 in Mozambique to ExxonMobil. Completion by 4Q17

• Belgium gas & power retail unit

• Additional cash – in from Zohr disposals : ~€1bn net in 2017

Disposals

• G&P: 2017 structural breakeven on track

• Refining: breakeven margin reduced below $4/bbl

• Chemicals: strong economic results Mid-downstream

4.2

4.7

4.2

1Q 2016 4Q 2016 1Q 2017

153

202 219

136

182 195

1Q 2016 4Q 2016 1Q 2017

PSV TTF

1.1021.078 1.065

1Q 2016 4Q 2016 1Q 2017

33.9

49.553.8

1Q 2016 4Q 2016 1Q 2017

European gas prices (€/kcm)

Brent ($/bbl) Exchange rate (€/$)

Standard Eni Refining Margin ($/bbl)

3

Market scenario

1,7541,795

55

1,650

1,700

1,750

1,800

1,850

1,900

1Q 2016 1Q 2017

95

1,415

1Q 16 1Q 17

4

Upstream

2017 production and cash flow targets confirmed

1Q 2016 1Q 2017

Oil & Gas Production | kboed EBIT Adj | € mln

+6%

Higherexploration

write offs for €100 mln

OPEC cuts + PSA effect

2017 start-ups

5

96%

Execution Time 41 months

FIDFID

Startup

Peak 100%: 80 kboe/d

JANGKRIK – Indonesia(WI: 55%)

Peak 100%: 500 kboe/d

ZOHR – Egypt (WI: 60%)

60%FIDFIDStart

up

December 2017

90%

Execution Time 29 months

FIDFIDStart

up

Peak 100%: 85 kboe/d

OCTP – Ghana (WI: 44%)

Execution Time 22 months

6

Upstream cost - relative benchmark

Eni’s portfolio is low cost

Opex | $/boe F&D | $/boe

Peers: BP, CVX, COP, XOM, RDS, STL, TOT

4

8

12

16

2012 2013 2014 2015 201610

35

60

2012-14 2013-15 2014-16

160

7

53 52 49

32 31 2921

12

Discounted Net Cash Flow (DNCF) vs peers

Peers: BP, CVX, COP, XOM, RDS, STL, TOT

Eni’s portfolio is high value and resilient

Proved Reservesbln boe (31 Dec 16) 7.520.0

Unit DNCF$/boe

2016 DNCF$ bln

4.22.7

11.1

4.7

17.8

2.8

13.2

2.4

11.5

2.6 4.3

6.4

1.9

peer 1 peer 2 peer 3 peer 7peer 6peer 5peer 4

5.0

8

Mid-Downstream

G&P EBIT adj | € mln Versalis EBIT adj | € mlnR&M EBIT adj | € mln

285

338

1Q 2016 1Q 2017

66 66

1Q 2016 1Q 2017

111

123

1Q 2016 1Q 2017

Strong economic performance

9

Group economic results

Adjusted net profit: €744 M

0.6

1.35

0.2 0.1

1Q 2016 scenario OPEC + oneoffs growth +efficiency

1Q 2017

Group EBIT adj | € bln

1.83

Cash flow pre working capital at replacement cost

10

Accelerated and accretive cash generation

1Q 2015without Saipem

54$/bbl

54$/bbl

2.2

1.51.0

1.4 1.6

2.6

1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017

€ bln

2017 Cash Balance

11

Dividend cash neutrality around $45/bbl

0

5

10

15

CASH IN CASH OUT

€ bln

DIVIDEND

CAPEX

CFFO + proceeds

from disposals

55$/bbl