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FY 2019 Earnings Presentation – Eni S.P.A

Eni S.P.A · Feb 28, 2020 · 50 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. FY 2019 Earnings Presentation – Eni S.P.A – slide 1
    THE NEW ENI CREATING VALUE THROUGH THE ENERGY TRANSITION
  2. FY 2019 Earnings Presentation – Eni S.P.A – slide 2
    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…
  3. FY 2019 Earnings Presentation – Eni S.P.A – slide 3
    SHAPING OUR FUTURE ENIS JOURNEY TO 2050
  4. FY 2019 Earnings Presentation – Eni S.P.A – slide 4
    4
  5. FY 2019 Earnings Presentation – Eni S.P.A – slide 5
    17 SUSTAINABLE DEVELOPMENT GOALS STRONG INTEGRATED POSITIONING ALONG THE ENERGY VALUE CHAIN CAPITAL DISCIPLINE AND STRONG FINANCIAL STRUCTURE PROGRESSIVE SHAREHOLDER REMUNERATION POLICY 5
  6. FY 2019 Earnings Presentation – Eni S.P.A – slide 6
    ENIS FRAMEWORK 6
  7. FY 2019 Earnings Presentation – Eni S.P.A – slide 7
    EXPLORATION & PRODUCTION: FLEXIBLE & RESILIENT RESILIENCE FLEXIBILITY CONVENTIONAL ASSETS LOW BREAKEVEN PRODUCTION CAGR 2019 - 2025 3.5% RAPID TIME TO MARKET CONFIRMED FLEXIBLE PRODUCTION PROFILE FROM 2025 PRODUCTION PLATEAU…
  8. FY 2019 Earnings Presentation – Eni S.P.A – slide 8
    EXPLORATION & PRODUCTION: RESILIENCE EXISTING 3P RESERVES BREAKEVEN /BOE 35 30 25 AVG BREAKEVEN 20 15 10 20 / BOE 5 0 0% 25% 50% 75% 100% CUMULATIVE PRODUCTION 8
  9. FY 2019 Earnings Presentation – Eni S.P.A – slide 9
    EXPLORATION & PRODUCTION: FLEXIBILITY - NO STRANDED ASSETS EXISTING 3P RESERVES NPV REALISED RESERVES BY 2035 94% PRODUCED BY 2035 85% NPV BOOK VALUE FLAT BRENT 50/bl & PSV 5/MMBTU 9
  10. FY 2019 Earnings Presentation – Eni S.P.A – slide 10
    RENEWABLES: A GLOBAL INTEGRATED OPERATOR IN THE GREEN POWER VALUE CHAIN INSTALLED CAPACITY GW DESTINATION MARKETS 55 70% Retail & industrial customers OECD COUNTRIES 25 PPA contracts 15 30% 3 NON-OECD COUNTRIES State…
  11. FY 2019 Earnings Presentation – Eni S.P.A – slide 11
    ENI GAS E LUCE: GROWING IN RETAIL TO CAPTURE MARKET VALUE CUSTOMER BASE mln SERVICES CONTRIBUTION % EXPECTED EBITDA 20 100% Centinaia 11 50% 2023 2035 2050 0% 2023 2035 2050 Conventional Renewables & POWER Services…
  12. FY 2019 Earnings Presentation – Eni S.P.A – slide 12
    GAS & LNG MARKETING AND POWER: FOCUS ON EQUITY FLOWS INTEGRATION MARKET ENERGY PLAYER FOR EQUITY GAS, POWER AND ZERO CARBON ENERGY MARKET MAXIMIZING VALUE FROM EQUITY FLOWS MIDSTREAM BIO-CH4 H2 G&P PROGRESSIVELY REDUCING NON…
  13. FY 2019 Earnings Presentation – Eni S.P.A – slide 13
    CARBON CAPTURE AND STORAGE LEVERAGING UNIQUE OPPORTUNITIES ITALIAN HUB INTERNATIONAL DEPLOYMENTS BLUE HYDROGEN EQUITY GAS STEAM REFORMING NATURAL GAS CO2 CO2 CAPTURE LOW CARBON POWER GENERATION POWER PLANT BLUE HYDROGEN…
  14. FY 2019 Earnings Presentation – Eni S.P.A – slide 14
    FORESTRY MTON CO2/Y ABSORBED 30 20 10 2025 2030 2050 SOCIAL AND LOCAL CONSERVATION OF FORESTS CONSERVATION INCLUSIVENESS BIODIVERSITY DEVELOPING PROJECTS ACCORDING TO REDD+ PROGRAMME 14
  15. FY 2019 Earnings Presentation – Eni S.P.A – slide 15
    REFINING: A PROGRESSIVE CONVERSION TO BIO-PRODUCTS RUWAIS BIO-REFINERIES ENHANCING FEEDSTOCK FLEXIBILITY MAXIMISING EFFICIENCY 5 Mton/y THROUGH TECHNOLOGY 2050 DEPLOYMENT WORLDWIDE ECOFINING TECHNOLOGY DEPLOYMENT PROGRESSIVE…
  16. FY 2019 Earnings Presentation – Eni S.P.A – slide 16
    MARKETING: SUSTAINABLE FUELS AND SERVICES SHARE OF SUSTAINABLE FUELS SERVICES % EBIT 100% 40% 30% 20% 25% 5% 2025 2035 2050 2025 2035 2050 SMART MOBILITY BIO-CNG HYDROGEN BIOFUELS LOGISTICS HUB BIO-LNG POWER ENHANCED FOOD…
  17. FY 2019 Earnings Presentation – Eni S.P.A – slide 17
    VERSALIS: INCREASING EFFICIENCY TOWARD BIO AND RECYCLED PRODUCTS EFFICIENCY HIGH QUALITY - HIGH PERFORMANCE POLYMERS FROM UPGRADED PROCESSES DEVELOPMENT OF CHEMICALS FROM RENEWABLES INTEGRATED PLATFORM FOR PLASTIC WASTE…
  18. FY 2019 Earnings Presentation – Eni S.P.A – slide 18
    ENI LIFECYCLE EMISSIONS: A FULLY COMPREHENSIVE MODEL SETTING A UNIQUE METHODOLOGY* TO ACCOUNT SCOPE 1+2+3 EMISSIONS (EQUITY) FULLY COMPREHENSIVE OF ALL ENERGY PRODUCTS IN ENI VALUE CHAIN SCOPE 1+2 THIRD PARTIES SCOPE 1+2…
  19. FY 2019 Earnings Presentation – Eni S.P.A – slide 19
    TARGETS ON NET LIFECYCLE EMISSIONS ABSOLUTE NET GHG LIFECYCLE EMISSIONS NET CARBON INTENSITY SCOPE 1+2+3 SCOPE 1+2+3 -30% -15% -80% -55% vs. -70% IEA SDS 2018 2035 2050 2018 2035 2050 ALL BUSINESSES NET ZERO SCOPE 1+2…
  20. FY 2019 Earnings Presentation – Eni S.P.A – slide 20
    THE NEW ENI TOWARDS 2050 UPSTREAM GAS & LNG MARKETING AND POWER GAS SHARE: 85% AN INTEGRATED MARKET ENERGY PLAYER REFINING 5 MTPA BIOFUELS MARKETING CHEMICALS FLEXIBLE, RESILIENT 100% SUSTAINABLE FUELS SPECIALTIES, & BIO &…
  21. FY 2019 Earnings Presentation – Eni S.P.A – slide 21
    2020-2023 ACTION PLAN
  22. FY 2019 Earnings Presentation – Eni S.P.A – slide 22
    2020 - 2023 KEY TARGETS KEY TARGETS UPSTREAM MID-DOWNSTREAM GREEN INVESTMENTS 2019-23 PRODUCTION 2023 ADJ. EBIT 2020-23 3.5 % 2 bln 4 bln CAGR 3X VS 2019 +30% vs PREVIOUS 4YP ORGANIC VALUE CREATION CASH NEUTRALITY IN 2023…
  23. FY 2019 Earnings Presentation – Eni S.P.A – slide 23
    UPSTREAM TARGETS 4YP FCF 25 Bln 4YP CAPEX 24 Bln 50% uncommitted in 2022/2023 2023 UPSTREAM GHG INTENSITY -38% vs 2014 A DISTINCTIVE INTEGRATED MODEL 23
  24. FY 2019 Earnings Presentation – Eni S.P.A – slide 24
    DIVERSIFIED RANGE OF EXPLORATION OPPORTUNITIES MAIN BASINS 2020-2023 WELLS Capex by well type 20% 40% 40% NEAR FIELD PROVEN BASINS FRONTIER 2020-2023 TARGET 2.5 bln boe LOW RISK AND HIGH POTENTIAL UEC 1.5 / boe 24
  25. FY 2019 Earnings Presentation – Eni S.P.A – slide 25
    DEVELOPMENT AND OPERATIONS DISTINCTIVE FACTORS TIME TO MARKET FINDING & DEVELOPMENT /boe PRODUCTION COST /boe FROM DISCOVERY TO PRODUCTION 60 12 50 Peers 10 Peers Industry* 3.6 3.2 6.8 40 8 Eni 30 6 Eni 1.6 2.0 3.6 20 Eni 4…
  26. FY 2019 Earnings Presentation – Eni S.P.A – slide 26
    MAIN FIELDS DRIVING GROWTH GROWTH PROFILE MBOED 4YP START UPS Indonesia - Merakes Congo - Nen ph.2B 2020 2.3 Algeria Berkine Gas 2.2 UAE - Sharjah 1.87 1.9 new Angola - Cabaa North 2021 production Norway - Fenja Mexico -…
  27. FY 2019 Earnings Presentation – Eni S.P.A – slide 27
    THE RISE OF UPSTREAM FREE CASH FLOW UPSTREAM FREE CASH FLOW bln AVERAGE CAPEX Figures at constant scenario Brent 60/bl, PSV 150/kcm & / 1.115 6 BLN 6.3 PER YEAR 3.5 UPSTREAM CAPEX 3.0 NEUTRALITY 34 /bbl 2019 2020 2023…
  28. FY 2019 Earnings Presentation – Eni S.P.A – slide 28
    MID-DOWNSTREAM KEY TARGETS 2023 2 Bln ADJ. EBIT 4YP CAPEX 5 Bln STRONGER AND 4YP CFFO 9 Bln GREENER Driven by Retail Gas and R&M MORE THAN TRIPLING EBIT & FCF (2019 vs 2023) Mid-downstream includes G&P, R&M and…
  29. FY 2019 Earnings Presentation – Eni S.P.A – slide 29
    GAS & POWER AN INTEGRATED AND OPTIMIZED MODEL Adj EBIT bln FREE CASH FLOW bln Gas & LNG Marketing and Power Retail Eni gas e luce 0.8 0.6 0.3 0.5 0.3 0.5 2.1 bln 0.3 0.3 2020-2023 0.2 2019 2020 2023 2019 EBIT…
  30. FY 2019 Earnings Presentation – Eni S.P.A – slide 30
    RETAIL GROWING CUSTOMERS AND SERVICES CUSTOMER BASE Mln EBITDA PER CUSTOMER power gas 65 11 9.4 50 44 2019 2020 2023 2019 2020 2023 15% growth in Additional Services customer base 20% of EBITDA in 2023 30
  31. FY 2019 Earnings Presentation – Eni S.P.A – slide 31
    R&M MORE SUSTAINABLE AND DIVERSIFIED Adj. EBIT bln CRUDE FLEXIBILITY ADNOC Full Potential CAPACITY 1.1 MB/D BY 2023 Marketing Figures at 2020 scenario TRADING START BY END 2020 Oil Refining EU ADNOC Refining&Trading* 1.4 Bio…
  32. FY 2019 Earnings Presentation – Eni S.P.A – slide 32
    BIO REFINERIES BIO REFINERIES CAPACITY Mton ECONOMICS 1200 oil Palm 80% 90% % 1000 feedstock 1 1 80% 70%…
  33. FY 2019 Earnings Presentation – Eni S.P.A – slide 33
    RENEWABLES GROWTH CAPACITY GW OUR BUSINESS MODEL 80% 5 20% 3 1.7 1.0 0.4 Countries with ongoing Countries of projects/operation interest 2020 2021 2022 2023 2025 Mainly organic growth CAPEX 2020-23 bln 2.6 bln…
  34. FY 2019 Earnings Presentation – Eni S.P.A – slide 34
    2020-2023 FIN ANCIAL PLAN
  35. FY 2019 Earnings Presentation – Eni S.P.A – slide 35
    OUR CAPEX PLAN AVERAGE CAPEX: LESS THAN 8 BLN PER YEAR 2020 BREAKDOWN 2023 BREAKDOWN AVG 2022-2023 60% 80%…
  36. FY 2019 Earnings Presentation – Eni S.P.A – slide 36
    UPSTREAM: FOCUS ON PROJECTS UNDER DEVELOPMENT IRR O&G PRICES SENSITIVITY IRR CO2 COST SENSITIVITY 26% IEA SDS Scenario 27% 24% 25% - 0.7 pp Non-deductible / non-recoverable 23% 22% -20% Eni Scenario +20% BREAKEVEN 23…
  37. FY 2019 Earnings Presentation – Eni S.P.A – slide 37
    GROUP CASH FLOW AND CAPEX GROUP CFFO AND CAPEX Figures at 2020 scenario 15 Bln Brent 60/bbl, PSV 150/kcm & / 1.115 20% CAGR 10 Free Cash Flow CAPEX CAPEX CAPEX CFFO CFFO 5 Before working before working capital ca CFFO…
  38. FY 2019 Earnings Presentation – Eni S.P.A – slide 38
    2019 HIGHLIGHT S & 2020 REMUNERATION
  39. FY 2019 Earnings Presentation – Eni S.P.A – slide 39
    2019: MAIN RESULTS RECORD PRODUCTION 1,871 KBOE/D DISCOVERED RESOURCES: 820 MBOE UPSTREAM RESERVE REPLACEMENT RATIO: 117% CREATED 2ND LARGEST PLAYER IN NORWAY BEST RESULT SINCE 2010 GAS & POWER RETAIL EBIT + 38% ADNOC…
  40. FY 2019 Earnings Presentation – Eni S.P.A – slide 40
    ORGANIC CASH BALANCE 2019 ORGANIC CASH BALANCE bln Brent: 64.3 /bbl EXCESS 12 FREE CASH FLOW 10 1 bln 2019 DIVIDEND DIVIDEND & BUYBACK + BUYBACK 8 6 4 CFFO CAPEX + 16 % 2 VS 2018 0 Sources Uses 40 Figures shown…
  41. FY 2019 Earnings Presentation – Eni S.P.A – slide 41
    REMUNERATION POLICY PROGRESSIVE DISTRIBUTION TO SHAREHOLDERS DIVIDEND: progressive with underlying earnings and FCF BUYBACK: 400 mln/year Brent 60 - 65/bbl Leverage steadily 800 mln/year Brent 65/bbl below 20%* 2020…
  42. FY 2019 Earnings Presentation – Eni S.P.A – slide 42
    BACK-UP
  43. FY 2019 Earnings Presentation – Eni S.P.A – slide 43
    ASSUMPTIONS AND SENSITIVITY 4YP Scenario 2020 2021 2022 2023 Brent dated (/bbl) 60 68 70 71.4 FX avg (/) 1.115 1.16 1.2 1.21 Ural MED c.i.f. - Med Dated Strip (/bbl) -1.6 -1.5 -1.5 -1.5 Std. Eni Refining Margin (/bbl) 5.5 5.1 4.7…
  44. FY 2019 Earnings Presentation – Eni S.P.A – slide 44
    ENI LIFECYCLE EMISSIONS: INDICATORS SCOPE 1+2 CARBON NET CARBON FOOTPRINT EMISSIONS SINKS Enis operations SCOPE 3 ABSOLUTE NET GHG NET CARBON FOOTPRINT EMISSIONS LIFECYCLE EMISSIONS Suppliers and customers value chains…
  45. FY 2019 Earnings Presentation – Eni S.P.A – slide 45
    EXPLORATION DISTINCTIVE FACTORS STRATEGY COMPETENCES & PROCESSES TECHNOLOGY CONVENTIONAL PROPRIETARY IMAGING ALGORITHMS FASTEST DESIGN TO COST SUPERCOMPUTER SHORT CYCLES CENTRALISED AND INTEGRATED PROCESS IN INDUSTRY NEAR FIELD…
  46. FY 2019 Earnings Presentation – Eni S.P.A – slide 46
    COMPETITIVE PIPELINE OF CONVENTIONAL PROJECTS ONSHORE B B Karachaganak Karachaganak Exp 1A Exp 1B G (Kazakhstan) (Kazakhstan) Sharjah (UAE) B B Umm Shaif gas ph.2 Bouri GUP (UAE) B (Libya) B Lower Zakum LTDP1 Umm Shaif…
  47. FY 2019 Earnings Presentation – Eni S.P.A – slide 47
    KEY PROJECTS STARTING UP IN 4YP 2020-23 [1/2] ALGERIA Berkine North & BRN Pipeline 49% WI ANGOLA Nen ph. 2B 65% WI GAS LIQ LIQ Start up: 1H 2020 Gas Start up: Feb 2020 LIBYA Production (kboed): Progress: 24% 70 (100%) 34 (equity…
  48. FY 2019 Earnings Presentation – Eni S.P.A – slide 48
    KEY PROJECTS STARTING UP IN 4YP 2020-23 [2/2] MOZAMBIQUE GAS Coral FLNG 25% WI ABU DHABI GAS Dalma Gas 25% WI Start up: 2022 LIQ Start up: 2022 Progress: 66% Progress: 10% Production (kboed): Production (kboed): 98 (100%) 26…
  49. FY 2019 Earnings Presentation – Eni S.P.A – slide 49
    MAGNETIC FUSION A BREAKTHROUGH TECHNOLOGY FOR CLEAN AND RELIABLE ENERGY COLLABORATIONS ON A GLOBAL SCALE COMMONWEALTH FUSION SYSTEM & MIT FOR THE DEVELOPMENT OF THE FIRST COMMERCIAL PLANT ITALIAN NATIONAL RESEARCH COUNCIL (CNR)…
  50. FY 2019 Earnings Presentation – Eni S.P.A – slide 50
    INTEGRATED PLATFORM FOR PLASTIC WASTE RECYCLING Sorted plastics MECHANICAL RECYCLING Residue of Plasmix selection Primary Steam Cracker (PLASMIX) Fraction CHEMICAL RECYCLING R-Oil + VIA PYROLYSIS Virgin polymers PLASTIC WASTE…

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