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2014 Q2 results and strategy update – Eni S.P.A

Eni S.P.A · Jul 31, 2014 · 16 slides

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Slides

  1. 2014 Q2 results and strategy update – Eni S.P.A – slide 1
    2014 2Q results and strategy update July 31, 2014 eni.com
  2. 2014 Q2 results and strategy update – Eni S.P.A – slide 2
    result highlights e&p production in line with guidance confirming exploration track record good results from gas renegotiations persisting weakness in mid-downstream oil 50% CFFO growth* (H1 14 vs H1 13) * CFFO pre…
  3. 2014 Q2 results and strategy update – Eni S.P.A – slide 3
    2014 a weaker scenario oil price /bl eur/usd eni new scenario Italian gas demand and price refining margin - SERM* * SERM: please see appendix for definition 3
  4. 2014 Q2 results and strategy update – Eni S.P.A – slide 4
    eni strategic drivers and main actions boosting upstream value accelerating gas contract renegotiations increasing refining capacity cuts cash flow target cost savings and efficiency additional disposal plan enhancing…
  5. 2014 Q2 results and strategy update – Eni S.P.A – slide 5
    the transformation to a fully integrated company staff development, downstream retail exploration operations & upstream midstream & market technology industrial* gas & power * refining, petrochemicals, power plants, retail…
  6. 2014 Q2 results and strategy update – Eni S.P.A – slide 6
    upstream - maximising value of our operations exploration production reloading our exploration portfolio 2014 guidance confirmed 42,000 sqkm new acreage 2013-17 CAGR confirmed at 3% 2015 +3% including impact of Kashagan & Angola…
  7. 2014 Q2 results and strategy update – Eni S.P.A – slide 7
    pre-salt exploration and discoveries Gabon Block D4 West Africa pre-salt Libreville structural trap of 40 sqkm a successful exploration campaign Congo Marine XII (Litchendjili and Nen): 320 mt hydrocarbon column 2,5 bln boe…
  8. 2014 Q2 results and strategy update – Eni S.P.A – slide 8
    unlocking the value of our exploration e&p disposal programme bn 9 exploration dual model diversifying risk managing exposure accelerating cash in remaining disposal exiting mature assets 4YP portfolio re-balancing 8
  9. 2014 Q2 results and strategy update – Eni S.P.A – slide 9
    2014 2015: two years of major start-ups 4YP contribution kboed start up project country op start up date progress Longhorn Ph.3 USA 1Q 14 West Franklin Ph.2 UK 4Q 14 Hadrian South USA 4Q 14 Lucius USA 4Q 14 Asgard Mikkel…
  10. 2014 Q2 results and strategy update – Eni S.P.A – slide 10
    gas contract renegotiations deliver enhanced results 2014 EBIT guidance mln Take or Pay cash recovery bn 2.0 1.0 Original New 2013 2017 700 mln improvement Substantial recovery of the 1.9 bn take or pay by 2017…
  11. 2014 Q2 results and strategy update – Eni S.P.A – slide 11
    refining increase resilience at lower margin ORIGINAL PLAN: 35% REDUCTION eni refineries shutdown of Gela gasoline line refinery under sale Venezia start-up Green Diesel Plant green plant in 2Q14 sales of CRC refinery…
  12. 2014 Q2 results and strategy update – Eni S.P.A – slide 12
    general services efficiency programme general services costs mln total cost savings 1.7 bn in the 4YP 12
  13. 2014 Q2 results and strategy update – Eni S.P.A – slide 13
    cash flow trend original vs new plan bn main impacts on CFFO Kashagan / A-LNG delay avg Weaker gas market capex Lower refining margin E&P near field production Gas supply re-negotiations Refining capacity cuts Working…
  14. 2014 Q2 results and strategy update – Eni S.P.A – slide 14
    key targets confirmed or enhanced E&P +3% production CAGR to 2017 G&P breakeven anticipated to 2014 R&M cash breakeven within end 15 at lower scenario 1.7bn of costs savings in 2014-17 + 2.0bn additional disposal avg…
  15. 2014 Q2 results and strategy update – Eni S.P.A – slide 15
    appendix eni.com
  16. 2014 Q2 results and strategy update – Eni S.P.A – slide 16
    assumptions and sensitivity updated strategy strategy PPT 02/2014 2014 2015 2014 2015 Brent dated (/bl) 108 103 104 98 FX avg (/) 1,35 1,3 1,3 1,3 Standard Eni Ref. Margin (/bbl) 1,8 2,1 3,5 4,3 Henry Hub (/mmbtu) 4,8 4,4 3,7 4,1…

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