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Eni Fact Book 2019 Mission

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Eni Fact Book 2019 Mission Eni Fact Book 2019 Mission We are an energy company. We concretely support a just energy transition, with the objective of preserving our planet and promoting an efficient and sustainable access to energy for all. Our work is based on passion and innovation, on our unique strengths and skills, on the equal dignity of each person, recognizing diversity as a key value for human development, on the responsibility, integrity and transparency of our actions. We believe in the value of long-term partnerships with the Countries and communities where we operate, bringing long-lasting prosperity for all. The new mission represents more explicitly the Eni’s path to face the global challenges, contributing to achieve the SDGs determined by the UN in order to clearly address the actions to be implemented by all the involved players. THE SUSTAINABLE DEVELOPMENT GOALS Global goals for a sustainable development The 2030 Agenda for Sustainable Development, presented in September 2015, identies the 17 Sustainable Development Goals (SDGs) which represent the common targets of sustainable development on the current complex social problems. These goals are an important reference for the international community and Eni in managing activities in those Countries in which it operates. Eni Fact Book 2019 Eni’s Fact Book is a supplement to Eni’s Annual Report and is designed to provide supplemental nancial and operating information. It contains certain forward-looking statements regarding capital expenditure, dividends, buy-back programs, allocation of future cash ow from operations, evolution of nancial structure, future operating performance, targets of production and sale growth, execution of projects. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results may dier from those expressed in such statements, depending on a variety of factors, including the timing of bringing new Oil & Gas elds on stream; management’s ability in carrying out industrial plans and in succeeding in commercial transactions; future levels of industry product supply; demand and pricing of oil, gas and rened products; operational problems; general economic conditions; geopolitical factors including international tensions, social and political instability, changes in the economic and legal frameworks in Eni’s Countries of operations, regulation of the Oil & Gas industry, power generation and environmental eld, development and use of new technologies; changes in public expectations and other changes in business conditions; the actions of competitors. Contents Eni at a glance 4 Main data 6 Exploration & Production 11 Gas & Power 61 Refining & Marketing and Chemicals 70 Focus on Renewables and Circular Economy 85 TABLES Financial data 88 Employees 105 Quarterly information 106 4 ENI AT A GLANCE Eni at a glance Eni is an integrated energy company with excellent fundamentals, able portfolio through geographical diversification thanks to the to generating returns at the top of the industry, thanks to a progressively expansion in the Middle East both in the upstream segment and reduced cash neutrality. Looking forward, our Company will by driven by refining business, the growth in Egypt and Indonesia, the global our decarbonization strategy which will combine the continuing growth development of the LNG business, as well as the upgrading of the of the business in the ever evolving energy market with an expected production platform in Norway with the Vår Energi transaction significant reduction in our carbon footprint thus actively contributing and the subsequent purchase of the ExxonMobil assets by the to the ongoing decarbonization path of the mankind and supporting the JV. The strategic repositioning of R&M and Versalis in the green achievement of the goals of the Paris Agreement. business and the circular economy has been set with the start-up of the Gela bio-refinery and the launch of a new line of polymers In 2019, Eni achieved excellent results, enhancing the business from mechanical recycling of used plastics. ENI'S GROUP 2019 2018 2017 2016 2015 2014 Adjusted operating profit (loss) (€ million) 8,597 11,240 5,803 2,315 5,708 12,337 Adjusted net profit (loss) 2,876 4,583 2,379 (340) 803 3,723 Net cash flow from operating activities 12,392 13,647 10,117 7,673 12,875 14,469 Net borrowings at year end before IFRS 16 11,477 8,289 10,916 14,776 16,871 13,685 GHG emissions/100% operated hydrocarbon (tonnes CO eq/kboe) 19.58 21.44 22.75 23.56 25.32 26.83 gross production - upstream 2 The traditional Oil & Gas business is now more solid also thanks to UPSTREAM GHG INTENSITY INDEX (tonCO2eq/kboe) ORGANIC FREE CASH FLOW NET BORROWINGS CASH NEUTRALITY ENI'S SHAREHOLDERS RETURN the acceleration of the decarbonization path with the reduction of the (€ bln) (€ bln) ($/bbl) (€ bln) 4.4 upstream GHG emission intensity at a 6% rate per year from the 2014 -27% -16% 114 26.8 +40% 3.5 3.4* baseline (down by a cumulative 26% in the period), the development of 25.3 2.9 2.9 3.0 23.6 55 22.7 21.4 the business of power generation from renewable sources in synergy 19.6 with asset portfolio, the bio-conversion of refineries, the launch of green 20 billion in the last 6 years chemistry and circular economy projects based on the use of sustainable raw materials, the recycling/reuse of waste (organic and non-organic) 2014 2015 2016 2017 2018 2019 FY 2014 FY 2019 FY 2014 FY 2019 FY 2014 FY 2019 2014 2015 2016 2017 2018 2019 and, finally, with the launch of the forestry conservation initiatives, Brent $/bbl 99 64.3 (*) Includes €400 million of buy-back in 2019. complementary to the low carbon strategy. All these factors negatively affected the demand of commodities and These positive results were reported in a challenging operating and the global consumption of fuels and plastic feedstocks, boosting the trading environment, due to the slowdown in global macroeconomic negative impact of the oil and gas oversupply in the upstream, the cycle, the reduction in international trade, as well as the adverse competitive pressure from producers with lower cost structure and geopolitical developments. the overcapacity in the refining and chemical sector. BRENT VS. STANDARD ENI REFINING MARGIN (SERM) BRENT VS. AVERAGE EUR/USD EXCHANGE RATE 120 120 98.99 98.99 100 100 71.04 71.04 80 64.30 80 64.30 52.46 54.27 52.46 54.27 60 43.69 60 43.69 40 40 20 3.2 8.3 4.2 5.0 3.7 4.3 20 1.329 1.110 1.107 1.130 1.181 1.119 0 0 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 Average price of Brent dated crude oil in US dollars ($/bbl) Average price of Brent dated crude oil in US dollars ($/bbl) SERM ($) Average EUR/USD exchange rate ENI AT A GLANCE 5 Eni Fact Book Book Fact 2019 Notwithstanding an unfavorable trading environment affecting the a 16% reduction in net borrowings below €12 billion, after having industry from 2014, Eni has grown organically, while complying distributed in the six-year period dividends for more than €19 with financial discipline. The drivers of this growth have been our billion and having executed the first tranche of Eni’s share buy-back successful exploration, where we were able to maximize value for €0.4 billion. by applying our Dual Exploration Model, and a constant reduction in the time-to-market of reserves, delivering a winning streak of production records year by year, with an overall increase of 17% PROFITABLE AND DISCIPLINED GROWTH from 2014 to the 1.87 million boe/d plateau of 2019. 10.2 1,871 +17% We have restructured the gas and refining businesses through efficiency and optimization actions making them not only 7. 0 financially self-sufficient, but also able to steadily contribute to the Group's cash flow generation. 1,598 This strategy allowed us to halve our cash neutrality and currently our funds from operations are able to cover all expenses, the 2014 2015 2016 2017 2018 2019 capital expenditure and the dividend at a Brent price of 55 $/barrel under the assumptions of the 2019 budget scenario, compared to Hydrocarbon production (kboe/d) 114 $/barrel of the 2014 baseline. E&P capex (€ bln) This result has been achieved without increasing capital Average price of Brent dated crude oil in US dollars ($/bbl) expenditure, but actually reducing them, therefore resulting in UPSTREAM GHG INTENSITY INDEX (tonCO2eq/kboe) ORGANIC FREE CASH FLOW NET BORROWINGS CASH NEUTRALITY ENI'S SHAREHOLDERS RETURN (€ bln) (€ bln) ($/bbl) (€ bln) 4.4 -27% -16% 114 26.8 +40% 3.5 3.4* 25.3 2.9 2.9 3.0 23.6 55 22.7 21.4 19.6 20 billion in the last 6 years 2014 2015 2016 2017 2018 2019 FY 2014 FY 2019 FY 2014 FY 2019 FY 2014 FY 2019 2014 2015 2016 2017 2018 2019 Brent $/bbl 99 64.3 (*) Includes €400 million of buy-back in 2019. 2014 2019 UPSTREAM +17% PRODUCTION 1,871KBOE/D EXPLORATION -49% MAIN PROJECTS' BREAK EVEN 23 $/BBL LNG +76% LNG CONTRACTED VOLUMES ~9.5 MTPA ENI GAS E LUCE +11% POINTS OF DELIVERY 9.4 MLN DOWNSTREAM BIO-REFINING CAPACITY 0.7 MLN TON/Y RENEWABLES 190 MW OF INSTALLED CAPACITY & DECARBONIZATION -27% UPSTREAM EMISSION INTENSITY 19.6 tonCO2eq/KBOE -37% NET CAPEX €7.7 BLN FINANCIAL DATA +40% ORGANIC FREE CASH FLOW €4.1 BLN -16% NET BORROWINGS (BEFORE IFRS 16) €11.5 BLN 6 MAIN DATA Main data KEY FINANCIAL DATA (€ million) 2019 2018 2017 2016 2015 2014 Sales from operations 69,881 75,822 66,919 55,762 72,286 98,218 of which: Exploration & Production 23,572 25,744 19,525 16,089 21,436 28,488 Gas & Power 50,015 55,690 50,623 40,961 52,096 73,434 Refining &
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