First Quarter 2017 Results

Highlights

Exploration & Production

• Production for the quarter: up by 2.3% to 1.795 million boe/d; up by 5.7% excluding negative price effects of PSAs and OPEC cuts

• Started the East Hub project in Angola; also confirmed time schedules of other large, highly cash generative projects expected for 2017: Jangkrik in Indonesia, OCTP in Ghana and Zohr in Egypt

• Achieved important exploration success offshore Mexico in a conventional lease with a high working interest. Additional exploration successes achieved in Libya, Indonesia and Norway

• Portfolio of unproved properties: acquired new leases offshore Cyprus, Ivory Cost and Norway

• Signed a deal to dispose of a 25% interest in Area 4 in Mozambique to ExxonMobil for a cash consideration of approximately $2.8 billion. Also closed the sale of the 10% interest in Zohr to BP

• E&P adjusted operating profit: €1.42 billion (an increase of €1.32 billion vs. the first quarter 2016)

Gas & Power

• Signed a deal to dispose of the retail business in Belgium as part of Eni’s divestment plan for the 2017-2020 period

• Agreed terms for the supply of LNG volumes in excess of 11 million tonnes to Pakistan over a fifteen-year period, in line with the strategy to strengthen our position in this business

• G&P adjusted operating profit: €338 million, up by 19% from the first quarter 2016

Refining & Marketing and Chemicals

• Breakeven refining margin below 4 $/barrel

• R&M adjusted operating profit: €66 million, in line with the first quarter of 2016, notwithstanding the shutdown of the EST plant at the Sannazzaro refinery

• Chemicals adjusted operating profit: €123 million, representing a strong performance, leveraging the restructuring plan executed in the last few years

Group results

• Adjusted operating profit: €1.83 billion, up by 215% or €1.25 billion, vs first quarter of 2016

• Adjusted net profit: €0.74 billion (up by €0.74 billion vs the first quarter of 2016)

• Net profit: €0.97 billion

• Strong cash generation: €1.93 billion, up by 41% vs the first quarter of 2016; €2.60 billion before changes in working capital at replacement cost, up by 76%

• Capex: €2.83 billion (€2.42 billion on a pro-forma1  basis), in line with our strategy to bring cash- generative projects on stream in 2017

• Disposals agreed in the first quarter of 2017 of €2.9 billion, approximately 60% of the minimum target planned for the 2017-2020 four-year period

• Net debt: €14.9 billion, in line with the end of 2016

• Leverage at March 31, 2017: stable at 0.28

(1)Excluding reimbursement of capex relating to asset disposals, see page 10.

Outlook

Exploration & Production

Confirmed 2017 target of 0.8 bln boe of new resources, at a unitary discovery cost of approximately 1 $/bbl.

Confirmed FY production target of 1.84 mln boe/d (up by 5% from 2016) leveraging on new project start-ups and ramp-ups of fields entered into operations in 2016, mainly in Egypt, Kazakhstan, Angola, Indonesia and Norway. Other initiatives of production optimization are expected to be implemented, which were not included in the initial plans. These additions will absorb mature fields decline and Val d’Agri shutdown lasting up to 90 days. Actions are underway in order to reduce the expected downtime period.

Gas & Power

Gas & Power Confirmed the target of structural break-even since 2017.

Planned cost position improvements by leveraging on long-term supply contracts revision and logistic cost reduction. Eni plans to retain market share in the large customers and retail segments, increasing the value of the existing customer base by developing innovative commercial initiatives, integrating services and optimizing operations.

Refining & Marketing and Chemicals

Confirmed the target of breakeven refining margin at 3 $/barrel from 2018.

Refinery intakes on own account are expected to slightly decrease y-o-y due to the lack of availability of certain assets at the Sannazzaro Refinery, partially offset by higher volumes at Livorno and Milazzo refineries. Against a backdrop of strong competition, management expects to consolidate volume and market share in the Italian retail market by leveraging innovation and product and service differentiation. In the rest of Europe, sales are expected to remain stable, excluding the effects of asset disposals in Eastern Europe.

In the Chemical business, sales are expected to trend up, due to higher production supplies. Cracker and polyethylene margins are expected to decline, while a recovery is expected in the butadiene and styrenics businesses.

Group

Confirmed the target of 18% reduction in capex y-o-y on a pro-forma basis, i.e. net of the capex which will be reimbursed in connection with asset disposals.

Cash neutrality: confirmed the organic coverage of capex and dividends at a Brent price of approximately 60 $/bbl in 2017.

Leverage at the end of 2017: projected to decline from 2016 level, also reflecting the expected closing of portfolio transactions, particularly the Mozambique deal.