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2015 2018 Strategy Presentation – Eni S.P.A

Eni S.P.A · Mar 13, 2015 · 26 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. 2015 2018 Strategy Presentation – Eni S.P.A – slide 1
    2015-2018 Strategy Presentation Transforming eni, creating value London, 13 March 2015
  2. 2015 2018 Strategy Presentation – Eni S.P.A – slide 2
    2014 achievements new organization upstream production in line with guidance RRR 100% positive results in g&p r&m 50% EBIT improvement cash flow from operations +40% capex -5% leverage reduced to 22% 2
  3. 2015 2018 Strategy Presentation – Eni S.P.A – slide 3
    a challenging scenario ahead Brent price /bl 3
  4. 2015 2018 Strategy Presentation – Eni S.P.A – slide 4
    completing enis transformation strategic objectives actions cash and value exploring for near and growth long term value sustainable faster time to market shareholder projects distribution strict capex and cost control…
  5. 2015 2018 Strategy Presentation – Eni S.P.A – slide 5
    main operating targets production CAGR 3.5% e&p exploration: 2 bln boe 2,6 UEC avg 2017-2018 self financing ratio at 140% supply 100% aligned to market by 2016 g&p 100% recovery of ToP cumulative CFFO: 3 bn 50% capacity cut…
  6. 2015 2018 Strategy Presentation – Eni S.P.A – slide 6
    strong cash flow generation CFFO bln +40% 2015 action plan capex cut -14%* CAPEX 12 bln unitary OPEX -7% g&a saving 500 mln average Brent average Brent 63 85 * Assuming 2014 capex at 2015 FX rate (1.17/) 6
  7. 2015 2018 Strategy Presentation – Eni S.P.A – slide 7
    e&p building on our exploration success 4YP target 2 bln boe at 2.6 /boe (UEC) 7
  8. 2015 2018 Strategy Presentation – Eni S.P.A – slide 8
    e&p long term production growth 2014-18 CAGR 3.5% 2024 Jangkrik kboed Bahr Essalam Ph2 Val dAgri CAFC Oil Goliat Perla Mafumeira Sul 15/06East Hub Hadrian South Heidelberg OCTP Oil OCTP Gas CAGR Intisar gas Kashagan EP Argo…
  9. 2015 2018 Strategy Presentation – Eni S.P.A – slide 9
    e&p - a valuable and resilient portfolio of new projects new projects breakeven /boe cash flow per barrel /boe = 55 = 25 self financing ratio 140% in 2017-18 9
  10. 2015 2018 Strategy Presentation – Eni S.P.A – slide 10
    e&p start ups underpinning growth Jangkrik Barge FPU WD FPU 120m WD Subsea 500m Gas & Condensates Export to shore Jangkrik Jangkrik NE Production Flowlines Condensate Export Umbilicals Gas Export eni operator…
  11. 2015 2018 Strategy Presentation – Eni S.P.A – slide 11
    e&p our integrated approach to exploration & development Marine XII equity production kboed Dev/Prod areas Exploration area Nen Marine Litchendjili Marine Minsala Marine Minsala Plateau at 150 kboed 11
  12. 2015 2018 Strategy Presentation – Eni S.P.A – slide 12
    e&p sanctioning the 1st LNG in Mozambique Coral equity production kboed Plateau at 160 kboed 12
  13. 2015 2018 Strategy Presentation – Eni S.P.A – slide 13
    g&p successful turnaround adj. EBIT mln complete gas supply renegotiation round reduce operating and logistic costs by 300m continue to deliver robust results in high value segments CFFO 3 bln in 2015 - 2018 13
  14. 2015 2018 Strategy Presentation – Eni S.P.A – slide 14
    r&m return to a stable and profitable performance refining margin SERM /bl adj. EBIT mln +600 sensitivity to +1 /bl: EBIT +150 M CFFO +100 M EBIT adj breakeven anticipated to 2015 CFFO 1.5 bln in 2015 - 2018 14
  15. 2015 2018 Strategy Presentation – Eni S.P.A – slide 15
    refining - increasing resilience at lower margin action plan break-even margin EBIT adj /bl ongoing projects Venice green fully on stream 6 EST ramp up Gela refinery closure CRC stakeholding sale further restructuring Gela…
  16. 2015 2018 Strategy Presentation – Eni S.P.A – slide 16
    chemicals - refocusing on specialties and green products adj. EBIT mln optimization and reconversion opportunities +500 30% reduction of commodity capacity portfolio differentiation on specialties and bio-products…
  17. 2015 2018 Strategy Presentation – Eni S.P.A – slide 17
    Key pillars of financial strategy disciplined 17% reduction vs. prior plan CAPEX plan 45% unsanctioned capex cost efficiency g&a reduced by 25% with savings of 2bn (new vs. old plan) unitary opex reduced by 7% assets disposals…
  18. 2015 2018 Strategy Presentation – Eni S.P.A – slide 18
    capex flexible and focused capex plan four year plan capex bln flexible spending (%) -17% -13% -13% 2014-17 capex plan assuming 2015-2018 FX rate 18
  19. 2015 2018 Strategy Presentation – Eni S.P.A – slide 19
    costs enhanced efficiency in opex and G&A upstream opex /boe G&A costs bln /year -25% peers: XOM, CVX, BP, RDS, TOT, REP 19
  20. 2015 2018 Strategy Presentation – Eni S.P.A – slide 20
    disposal active portfolio management disposal programme excess stake in discoveries Galp & Snam upstream mature assets non core mid-downstream assets 8 billion in the 4YP disposal figures pre-tax 20
  21. 2015 2018 Strategy Presentation – Eni S.P.A – slide 21
    cash flow - robust generation through the cycle Cash flow bln solid self financing ratio 20 100% 90 /bl in 2015-16 85 /bl turnaround, assets 75 /bl efficiency disposal assets production & other 15 strong cash disposal growth…
  22. 2015 2018 Strategy Presentation – Eni S.P.A – slide 22
    shareholder remuneration rebasing the dividend competitive distribution policy progressive with the growth of underlying earnings floor dividend earnings pay out cash sustainability Earnings pay out (floor dividend) Progressive…
  23. 2015 2018 Strategy Presentation – Eni S.P.A – slide 23
    Transforming eni, creating value 3.5% CAGR production growth mid-downstream back to profit +40% cash flow from operations a stronger and more resilient company 23
  24. 2015 2018 Strategy Presentation – Eni S.P.A – slide 24
    appendix
  25. 2015 2018 Strategy Presentation – Eni S.P.A – slide 25
    assumptions and sensitivity 4YP Scenario 2015 2016 2017 2018 Brent dated (/bl) 55 70 80 90 FX avg (/) 1.17 1.17 1.20 1.20 Std. Eni Refining Margin (/bl) 4.0 3.5 3.3 3.0 Henry Hub (/mmbtu) 3.0 3.4 3.6 3.9 NBP (/mmbtu) 6.8 7.1…
  26. 2015 2018 Strategy Presentation – Eni S.P.A – slide 26
    key start-ups Equity project country op start up (kboed) West Franklin UK no Jan15 7 Eldfisk Norway no Jan15 10 Hadrian South USA no 1H15 15 Perla Venezuela yes 1H15 75 Goliat Norway yes 2H15 65 Val dAgri PSV Italy yes 1H 15 30…

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