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2011 2014 Guidance Update Call – Eni Us Operating Co

Eni Us Operating Co · Mar 10, 2011 · 42 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 1
    2011-2014 Strategy 10 March 2011 eni.com
  2. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 2
    update on Libya Personnel safety first priority Some assets in operation, mainly gas Facilities on hot standby ready to restart quickly Payback on existing investments already achieved Limited investments in the plan period…
  3. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 3
    Libya: impacts on eni 2011 outlook Negatives Positives E&P E&P Lower contribution from Higher oil price scenario production G&P G&P Higher supply costs Lower ToP prepayments Negative impacts fully offset 3
  4. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 4
    E&P: a solid pipeline to support growth Production growth Well-positioned to grow: kboe/d Industry-leading low decline CAGR rate 3% 2,050 Strong pipeline of project start-ups Focus on giant projects with 1,815 long plateau…
  5. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 5
    longer term upside: promising growth opportunities Unconventional gas Russian giants in East Europe Samburgskoye Poland Urengoskoye Yaro and others Venezuela full field developments Junin 5 Perla Sub-Saharan Africa Pacific…
  6. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 6
    G&P: tackling short term challenges.... Proforma Ebitda Short term scenario Ebitda sustained by: Demand recovery Regulated and low-volatility businesses Spot price increase Volume and market share growth LT contract renegotiation…
  7. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 7
    to benefit from medium-term recovery opportunities Long term scenario European demand growth Bcm and additional opportunities from fuel switching 600 +1% 550 Continuous decline of 500 European domestic 450 production 400…
  8. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 8
    R&M: enhanced efficiency in a difficult market Limited improvements expected in refining scenario Doubling efficiency target to 200m Increase flexibility of supply slates Improve integration of Italian refining system Marketing…
  9. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 9
    enis key assets: enhanced value creation prospects Snam Saipem Galp Limited impact from Delivering outstanding Great financial EU gas directive results investment Continuing profitability Key synergies with Additional upside…
  10. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 10
    Exploration & Production Claudio Descalzi, COO eni.com
  11. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 11
    2010: achieved key milestones for future growth Iraq Venezuela Perla Perla Zubair Gas in place over 16 tcf Sanction of Rehabilitation Plan 20 kboed booked in Q4 Junin 5 Junin-5 First Major to enter cost recovery phase Set up…
  12. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 12
    enhanced asset base: the foundation of long-term growth 2010 total resources* By type 13% 7% Bln boe 31 Others 6% Onshore Offshore 41% Deepwater Arctic 33% By area 2P reserves Other reserves/ 21% 19% North Africa…
  13. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 13
    2011-2014: accelerating growth CAGR 2011-14 Production sensitivity CAGR 3% 3% 2,050 1,815 2.5% 2% 2010 2014 80 90 100 /bl 79.5 70 price scenario 2011-14: 70/bbl flat 13
  14. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 14
    growth based on low decline rate.... 4 year plan production Production optimization 20% of total 4Y plan capex 1,300 actions in 4Y plan 500 infilling & workover 800 facilities upgrading reducing decline rate 220 kboed…
  15. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 15
    and a strong pipeline of new start-ups Production 2014 15 major projects for growth 2014 equity 630 kboe/d Fields Country Op. FID Start-up prod. (kboed) Nikaitchuq USA 2011 22 MLE Algeria 2011 15 Others 10% CAFC Algeria 2012…
  16. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 16
    more operatorship... Operated production 100% and equity Mboed Competences & know how 12% 4.4 Cost efficiency HSE rules 2.8 2.5 Technical standards 1.1 1.2 1.4 Improved Improved performance performance & & 2009…
  17. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 17
    and more giant projects Contribution from new giants Main start-ups kboed 900 Goliat Nikaitchuq Russian projects Jasmine West Franklin Kashagan 600 Val dAgri ph.2 Burun Ph.2 Appaloosa CAFC/MLE Zubair El Merk Junin 5 &…
  18. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 18
    long term growth: solid and balanced exploration portfolio Capex 2011-14 Barents Sea Alaska 3.6 Bln 30% North Africa Middle East frontier & new basins Gulf of Mexico Pakistan Pacific Area India Venezuela 40% Ghana/Togo…
  19. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 19
    strategic position in unconventional projects Exploration drivers Eastern Europe gas shales Low entry costs China gas shales Profitable gas market Barnett Shale North Africa Pakistan gas/oil shales Developed tight gas…
  20. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 20
    high-return capex plan Capex 2011-2014 IRR Bln +4.3% Production optimization 39.1 IRR: 40% 37.4 1.8 payback below 24 months 2.1 3.6 3.6 PSA 65% 20% 31.7 33.7 80% Growth projects IRR: 23% 2010-13 2011-14 New…
  21. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 21
    short time-to-market crucial for returns Time-to-market of resources Australia Kitan discovered in 2008-2010 2.5 years Discovery date: 2008 Start-up: 2011 Venezuela Perla 27% 3 years 52% Discovery date: 2010 Start-up: 2013…
  22. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 22
    confirmed leadership in efficiency Opex F&D cost /boe /boe 10 10 35 9 9 30 8 28.8 8 28.9 25 77 7 20 66 19.3 5.7 15 55 5.4 4.8 10 44 3 5 3 06-08 07-09 08-10 11-14 06-08 07-09 08-10 eni Benchmark…
  23. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 23
    leading cash generation and value Cash Flow eni 2P NPV/boe by region /boe /boe 35 35 12 Avg 100 11.5/boe 100 /bbl 3030 8 Avg. 70 7.5 /boe 26.6 26.7 26.7 70 /bbl 2525 4 20 20 0 06-08 07-09 08-10 11-14 North…
  24. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 24
    E&P operating model Assets Actions Goals Giants Time to market Long term Conventional growth Production Profitability Balanced optimization exploration Operatorship Technology 24
  25. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 25
    Gas & Power Domenico Dispenza, COO eni.com
  26. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 26
    European gas market 2011-2014: a gradual rebalancing Key trends 2011- 2014 (bcm) Europe Japan and Korea North America Gas demand Strong demand and No significant import recovery and import growth. Contract No export in 2014 horizon…
  27. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 27
    G&P targets 2011-2014: recovering profitability Pro-forma adj. EBITDA Marketing & Power Bln Supply cost improvement 4.2 5% CAGR of sales in Italy and 3.8 key European markets Development of integrated trading activities…
  28. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 28
    growth driven by international expansion Sales in EU (excl. Italy) bcm Sales driven by: 16% integrated pan-European platform 56 multi country offering 48 development of new customised commercial offers Expansion of direct…
  29. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 29
    and Italian market share recovery Sales in Italy * bcm Recovery in business segments: improved competitiveness of enis 36% offer 44 tailored solutions and customized contracts 32 Expansion of retail customer base: new…
  30. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 30
    capex plan: increasing focus on regulated businesses Total capex 7.5 billion Regulated business 1% 6.4 billion with guaranteed returns 13% improvement of flexibility, reliability and quality of service development of storage…
  31. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 31
    Refining & Marketing Angelo Fanelli, COO eni.com
  32. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 32
    weak scenario with limited improvements EU demand/capacity Refining marker margin 2010-2014 Mbl/d TRC Brent /bl +0.1 7 6 5 4 3 2 1 0 -1.5 2008 2009 2010 11-14 avg capacity demand Stable demand Improving refining…
  33. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 33
    R&M target: return to profitability Refining Marketing Operational improvement Retail network upgrading Integration of refining cycles New premium products Energy saving: -6% consumption Rebranding Fuel mix optimizations:…
  34. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 34
    selective capex plan Bln 2.9 Development 2.7 65% 30% 40% 12% 23% Stay in HSE business 60% 70% Main projects: EST in Sannazzaro (breakthrough Plan 10-13 Plan 11-14 technology, resilient to scenario changes) Logistic…
  35. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 35
    Financial Outlook Alessandro Bernini, CFO eni.com
  36. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 36
    efficiency programme Bln 4.4 E&P 11% 1.7 G&P 11% Corporate & others 46% R&M 11% 2.4 Chem. 17% E&C 4% 0.3 2004-05 2006-10 2004-14 2004-05 achievements 2006-10 achievements 2011-14 target Procurement optimization…
  37. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 37
    financial debt: low risk 2010 net debt Snam Rete Gas Lowest risk profile of enis portfolio 2011 guidance (at 70/bl) 10 billion Self financing Divestments 2 bln Net debt to equity down compared to Saipem Major vessels almost…
  38. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 38
    financial debt: high quality Debt by instrument Debt by maturity 5% 10 yrs Commercial paper 16% 46% 4-10 yrs Bonds 52% 27% 2-4 yrs Banks 22% 32% Current M/L Term Extension of debt maturity, privileging bond…
  39. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 39
    capex 2011-2014 Bln Others 1.1 52.8 0.5 53.3 1.4 Saipem 3.3 2.4 2.7 2.9 R&M 8.3 7.5 G&P Upstream focus: 70% Selective G&P and downstream investment Completion of E&C E&P 37.4 39.1 investment cycle 2010-2013…
  40. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 40
    a progressive dividend policy For 2010 we will propose a 1 a share dividend Under enis four-year oil price assumption, we will increase our dividend in line with OECD inflation from 2011 40
  41. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 41
    Closing remarks Paolo Scaroni, CEO eni.com
  42. 2011 2014 Guidance Update Call – Eni Us Operating Co – slide 42
    strategy 2011-2014: a strengthened growth profile E&P: faster growth coming through G&P: solid business with long term upside R&M: enhanced efficiency in difficult market 42

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