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March 2016 Investor Presentation – Eni S.P.A

Eni S.P.A · Mar 18, 2016 · 18 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. March 2016 Investor Presentation – Eni S.P.A – slide 1
    2016-2019 Strategy Presentation London, 18 March 2016
  2. March 2016 Investor Presentation – Eni S.P.A – slide 2
    Strategy execution is well advanced S TRATEGIC P ILLARS Transformation Restructuring Profitable growth into a fully integrated O&G mid-downstream C OST E FFICIENCY Capex -17% Saipem Take-or-pay Refining and Chemicals Opex -13%…
  3. March 2016 Investor Presentation – Eni S.P.A – slide 3
    Enis 4YP targets 2015-19 production CAGR +3% Efficient and Upstream Capex 18% vs previous plan valuable growth Exploration resources 1.6 bln boe 2.3/boe G&P in structural breakeven from 2017 Restructuring Refining breakeven at…
  4. March 2016 Investor Presentation – Eni S.P.A – slide 4
    Enis unique exploration track record Cumulative discovered resources bln boe Discoveries vs production 2008-15 bln boe yearly additions 1.4 Discoveries cumulative 2008-15 Discoveries / production ratio 10.5 peers*…
  5. March 2016 Investor Presentation – Eni S.P.A – slide 5
    Exploration Focus on near-term and low-cost options Near field and Short Deep Water focused incremental exploration Time to Market on material opportunities Exploration Targets gas oil 4YP target 1.6 bln boe at 2.3/boe…
  6. March 2016 Investor Presentation – Eni S.P.A – slide 6
    Main start-ups in the 4YP GOLIAT KASHAGAN JANGKRIK MARINE XII OCTP 15/06 ZOHR East hub Norway Kazakhstan Indonesia Congo Ghana Angola Egypt achieved 2H 16 1H 17 ongoing 2H 17 2H 17 2H 17 65 65 40 150 40 45 400 9
  7. March 2016 Investor Presentation – Eni S.P.A – slide 7
    Focus on Zohr Project scheme Highlights FID in Feb 2016 (6 months after discovery) Start-up from Q4 2017 Carbonate reservoir in 1500m water depth 30 Tcf (850 bln m3) OGIP Working interest: 100% eni Plateau 2.7 bcf/d or 500 kboed (eq…
  8. March 2016 Investor Presentation – Eni S.P.A – slide 8
    Production growth Oil & gas production Mboe/d CAGR 2015-19 3% Vandumbu OCTP gas (W.Hub) WLGP debott. MLE Jangkrik Bahr Ess. ph2 CAFC boost East hub Ochigufu Loango one off CAFC oil (W.Hub) Goliat Asfour OCTP oil Mpungi…
  9. March 2016 Investor Presentation – Eni S.P.A – slide 9
    Speeding up alignment between cost and prices -60% -50% -40% -30% -20% -10% -0% drillship (DW/UDW) from jack-up rig 2014 to 2017 land rig Total rig fleet reduction upstream from 109 to 73 logistic (-33%) drilling ancillary Avg…
  10. March 2016 Investor Presentation – Eni S.P.A – slide 10
    Increasing flexibility in our capex plan Upstream bln Group 45 -18% 37* 90% upstream Zohr -39% 10% mid-downstream Group Capex net of disposal 37 bln * Gross capex before disposals 2015-18 capex plan restated at…
  11. March 2016 Investor Presentation – Eni S.P.A – slide 11
    A valuable portfolio of new upstream projects New projects breakeven /boe New projects 2P res Bep /boe onshore 15 deep water 30 30 shallow water Oil 31% - Gas 69% Enhancing project profitability Excluding…
  12. March 2016 Investor Presentation – Eni S.P.A – slide 12
    Completing the turnaround in g&p Average adj. EBIT bln Reduce Legacy Grow Costs Profitability Supply Contracts Integrated Sales renegotiations Channels Operation & Logistic LNG portfolio Retail Systems Retail customer…
  13. March 2016 Investor Presentation – Eni S.P.A – slide 13
    Increasing downstream resilience to scenario Refocused European portfolio Key pillars Full conversion of the barrel to light products (EST Technology) 2 green refineries with a capacity of 1160 Kton PCK in 2019 Fixed cost…
  14. March 2016 Investor Presentation – Eni S.P.A – slide 14
    Efficiency in operations Opex /boe F&D avg /boe peers peers peers = BP, CVX, RDS, REP, TOT*, XOM *no data available for 2015 F&D Costs 17
  15. March 2016 Investor Presentation – Eni S.P.A – slide 15
    Additional flexibility from portfolio management New plan 7 bln Dual exploration model Saipem Other Other Galp & Snam Galp & Snam 90% of previous 4YP target achieved in 2015 Pre tax value 18
  16. March 2016 Investor Presentation – Eni S.P.A – slide 16
    Cash flow 4YP balance Cash flow bln Capex 17-19 growth, turnaround, +10/bbl asset efficiency disposal uncommitted asset scenario disposal capex 42% CFFO CFFO 58% committed 45 63 Large flexibility even in a…
  17. March 2016 Investor Presentation – Eni S.P.A – slide 17
    Remuneration - Confirmed dividend policy Competitive distribution policy progressive with underlying earnings growth and scenario Floor dividend cash sustainability Cash neutrality 50/bbl including disposals in 2016 60/bbl…
  18. March 2016 Investor Presentation – Eni S.P.A – slide 18
    Key start-ups Equity project country op start up (kboed) peak in 4 YP Goliat Norway yes Achieved 65 Nidoco NW Egypt yes Achieved 30 Heidelberg USA no…

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