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Eni Fact Book 2020

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Eni Fact Book 2020 Eni Fact Book 2020 ENI AT A GLANCE 2 Main data 4 Eni share performance 7 EXPLORATION & PRODUCTION 9 GLOBAL GAS & LNG PORTFOLIO 47 REFINING & MARKETING AND CHEMICALS 54 Refining & Marketing 55 Chemicals 65 ENI GAS E LUCE, POWER & RENEWABLES 69 Eni gas e luce 69 Power 71 Renewables 72 TABLES 75 Financial data 75 Employees 87 Quarterly information 88 Disclaimer Eni’s Fact Book is a supplement to Eni’s Annual Report and is designed to provide supplemental financial and operating information. It contains certain forward-looking statements regarding capital expenditures, dividends, buy-back programs, allocation of future cash flow from operations, financial structure evolution, future operating performance, targets of production and sale growth and the progress and timing 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 differ from those expressed in such statements, depending on a variety of factors, including the impact of the pandemic disease; the timing of bringing new oil and gas fields on stream; management’s ability in carrying out industrial plans and in succeeding in commercial transactions; future levels of industry product supply; demand and oil and natural gas pricing; operational problems; general macroeconomic conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; development and use of new technology; changes in public expectations and other changes in business conditions; the actions of competitors. Eni at a glance 2 Eni at a glance Average Brent dated price PSV SERM Average exchange rate EURUSD BBL kcm BBL uarter 50.26 uarter 121 uarter 3.6 uarter 1.103 uarter 29.20 uarter 75 uarter 2.3 uarter 1.101 uarter 43.00 uarter 95 uarter 0.7 uarter 1.169 uarter 44.23 uarter 156 uarter 0.2 uarter 1.193 Te average price o te Brent encmark crude oil decreased compared to te previous ear it an annual average o approimatel 4 arrel te price o natural gas at te talian spot market P declined on average and te tandard Eni Reining Margin ERM recorded te orst perormance don The trading environment in 2020 saw the largest drop in oil The Company’s strategy and plans for the short-to-medium demand in history (down by 9% y-o-y) driven by the lockdown term were revised, leveraging on a reduction of €8 billion in measures implemented globally to contain the spread of the outlays for expenses and capital expenditures in the two- the COVID-19 pandemic, Eni has promptly defined actions, year period 2020-2021, more exposed to the downturn, with leveraging on the energy, resources and flexibility of the the subsequent reshaping of the growth profile of production. operations. In addition, established a new dividend policy based on a fixed component and a variable component linked to the scenario. Management took decisive actions according to three priorities: health and safety of our people and asset integrity, Thanks to these actions, the adjusted cash flow of €6.7 billion robustness of balance sheet, organizational structure. In was able to finance 100% of net organic capex lowered to €5 particular, were implemented initiatives to safeguard each of billion (down by 35% vs. the original budget at constant exchange the 60 thousand people that work in Eni and with Eni, in all the rates) due to the implemented optimizations, with a surplus of workplaces and operational sites, and to ensure continuity, €1.7 billion. Opex were reduced by €1.9 billion compared to the without operational interruptions and asset integrity. During pre-COVID-19 level, of which about 30% is structural. the peak of the downturn, clear priorities in the cash allocation As of December 31, 2020, leverage was confirmed at 0.3 and were defined in order to strengthen financial resilience and net borrowings were in line with the comparative period, also capital resilience of the company. due to the issuance of two hybrid bonds for €3 billion. 2020: FAST REACTION TO COVID-19 CRISIS PEOPLE HEALTH AND BUSINESS CONTINUITY COSTS PORTFOLIO FINANCIALS >35% capex reduction FID rescheduling on Leverage* in the comfort zone at about 0.3 vs. original 2020 guidance large upstream projects -€1,9 bln cost savings Increased capex on First issuance of hybrid vs. pre‐COVID-19 level green project bonds of €3 bln NEW COMPANY ORGANIZATION LONG-TERM DECARBONIZATION PLAN (*) Before IFRS 16. Capital expenditure Cashflow million illion E&P GGP R&MandC EGL, P&R 2018 9,119 7,901 26 877 238 2019 8,376 6,996 15 933 357 CFFO CAPEX FCF 2020 4,644 3,472 11 771 293 6.7 5.0 1.7 Eni Fact Book 2020 3 In June 2020, the Board redefined the organizational efficiency activities, projects for CO2 capture and forestry structure of the Company with the establishment of conservation (REDD+), and the Energy Evolution, which two Business Groups: Natural Resources, which will will focus on growing the businesses of power generation, maximize the value of Eni’s Oil & Gas upstream portfolio transformation and marketing of products from fossil to from a sustainable perspective and develop energy bio, blue and green. 2020 RESULTS BY BUSINESS GROUPS NATURAL RESOURCES Production 1,7 koed Discovered resources 400 mmoe Gas & LNG EBT 0 mln (70) Forestry REDD+ oset 15 mmton C2e CC license aarded ENERGY EVOLUTION Renewables 1 W capacit installed and sanctioned Entered orld’s largest osore ind proect in Retail G&P EBT 330 mln 17 Biorefining & Mareting EBT 550 mln 27 The upstream business is strengthening its recovery, despite million. The solar and wind capacity already installed or under the capex reduction of approximately 50% from 2019. Added construction amounted to 1 GW. Eni has laid foundations for 400 mmboe of new resources at a competitive cost of 1.6 strong growth in renewables by entering two strategic markets $/barrel, while E&P development helped to ensure a solid such as the U.S. and the Dogger Bank project in the UK’s North production level of 1.73 mmboe/day. The Global Gas & LNG Sea offshore wind market, which will be the largest in the world Portfolio business reported an adjusted operating profit in the sector. of €0.33 billion, higher than expected, notwithstanding the significant decline in European gas demand and the collapse Decarbonization path towards carbon neutrality in Asian LNG consumption during the peak of the crisis. Eni started a new phase in the evolution of its business model, Within the REDD+ and CCS projects, in October, Eni was awarded strongly oriented towards the creation of long-term value, by the UK Oil and Gas Authority a license for building a carbon combining economic/financial and environmental sustainability. storage project in the United Kingdom, while in November 2020, To this purpose, Eni will pursue a strategy that aims to achieve was achieved the first allowance of carbon credits by the REDD+ by 2050 the net zero target on GHG Lifecycle Scope 1, 2 and 3 Luangwa Community Forest Project (LCFP) in Zambia to offset emissions and the associated emission intensity (Net Carbon GHG emissions equivalent to 1.5 million tonnes of CO2. Intensity), referred to the entire life cycle of the energy products sold, strengthening the intermediate decarbonization targets. The businesses in the production and sale of decarbonized products achieved excellent results, driven by a 17% increase This path, achieved through existing technologies, will allow in the adjusted operating profit fromEni gas e luce, and thanks Eni to totally reduce its carbon footprint, both in terms of net to biorefining + marketing adjusted operating profit of €550 emissions and in terms of net carbon intensity. ENI NET ZERO EMISSIONS BY 2050 ABSOLUTE NET SCOPE 1+2+3 GHG EMISSIONS LEVERS -25% Carbon free products and services ncreased share of gas on total production -65% Biomethane or domestic use and moilit NET ZERO Biorefineries and circular economy Blue and green hydrogen CCS and REDD+ proects 2018 2030 2040 2050 Main data 4 Main data KEY FINANCIAL DATA (€ million) 2020 2019 2018 Net sales from operations 43,987 69,881 75,822 of which: Exploration & Production 13,590 23,572 25,744 Global Gas & LNG Portfolio 7,051 11,779 14,807 Refining & Marketing and Chemicals 25,340 42,360 46,483 Eni gas e luce, Power & Renewables 7,536 8,448 8,218 Corporate and other activities 1,559 1,676 1,588 Impact of unrealized intragroup profit elimination and consolidation adjustments (11,089) (17,954) (21,018) Operating profit (loss) (3,275) 6,432 9,983 of which: Exploration & Production (610) 7,417 10,214 Global Gas & LNG Portfolio (332) 431 387 Refining & Marketing and Chemicals (2,463) (682) (501) Eni gas e luce, Power & Renewables 660 74 340 Corporate and other activities (563) (688) (668) Impact of unrealized intragroup profit elimination 33 (120) 211 Operating profit (loss) (3,275) 6,432 9,983 Exclusion of special items 3,855 2,388 1,161 Exclusion of inventory holding (gains) losses 1,318 (223) 96 Adjusted operating profit (loss)(a) 1,898 8,597 11,240 of which: Exploration & Production 1,547 8,640 10,850 Global Gas & LNG Portfolio 326 193 278 Refining & Marketing and Chemicals 6 21 360 Eni gas e luce, Power & Renewables 465 370 262 Corporate and other activities (507) (602) (583) Impact of unrealized intragroup profit elimination and consolidation adjustments 61 (25) 73 Net profit (loss)(b) (8,635) 148 4,126 Adjusted net profit (loss)(a)(b) (758) 2,876 4,583 Net cash flow from operating activities 4,822 12,392 13,647 Capital expenditure 4,644 8,376 9,119 Shareholders' equity including non-controlling interests at year end 37,493 47,900 51,073 Net borrowings before lease liability ex IFRS 16 11,568 11,477 8,289 Net borrowings after lease liability ex IFRS 16 16,586 17,125 n.a.
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