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2011 third quarter results


October 27th, 2011


eni.com
Q3 highlights


Libya: situation improving
 Greenstream re-start Oct 13, gradual ramp up of export volumes
 Bahr-Essalam re-start expected in November
 FY 2011 impact approximately -190kboe/d




Other highlights
 Largest eni operated discovery ever at Mamba South in Mozambique
 Yamal Peninsula: signed GSA, Samburskoye FID taken in Q3
 Gas renegotiations proceeding constructively: Sonatrach close to conclusion




                                                                          2
market environment


                                                      Average European
                  Brent                                                                                 €/$ exchange rate
                                                       refining margin*

$/bl                                  €/bl   $/bl                                    €/bl

135                                    135    6                                        6        1,5


120                                    120    5                                        5      1,45


105                                    105    4                                        4        1,4


 90                                    90     3                                        3      1,35


 75                                    75     2                                        2        1,3


 60                                    60     1                                        1      1,25


 45                                    45     0                                        0        1,2
        Q310 Q410 Q1 11 Q2 11 Q3 11                 Q3 10 Q410 Q1 11 Q2 11 Q3 11                      Q310   Q410 Q1 11 Q2 11 Q3 11




       USD     Euro


                                                    * Brent/Ural FOB Mediterranean market. Eni calculations on Platt’s Oilgram data


                                                                                                                                      3
Q3 consolidated results
              Adj. operating profit                                       Adj. net profit

Million €                                        Million €


                                         4,613

 4,106




                                                                                                    1,795
                                                  1,678




 Q3 10      E&P    G&P    R&M    Other   Q3 11    Q3 10      Op. Profit   Inv/Fin   Taxes   Minor   Q3 11
                                                                adj       charges




                                                                                                     4
E&P performance

          Oil & gas production                                    Adj. operating profit

kboe/d                                               Million €



         1,954                                                           4,120
                                                                 4,028                    3,931
                                                                                  3,826
1,705              1,684
                                                       3,296
                                     1,489   1,473




 Q3 10   Q4 10         Q1 11         Q2 11   Q3 11     Q3 10     Q4 10    Q1 11   Q2 11   Q3 11


                 Oil           Gas




                                                                                             5
G&P performance

                  Gas sales                                       Adj. operating profit

Bcm                                                  Million €



                    31,6                                                  958

         27,2
                                                                 777


                                 20,3
 17,4
                                              17,3
                                                        446
                                                                                                 352

                                                                                     251




 Q3 10   Q4 10      Q1 11       Q2 11        Q3 11     Q3 10     Q4 10   Q1 11      Q2 11        Q3 11


          Italy             International*


                                                                                 * Including associates


                                                                                                     6
G&P: ebitda proforma adjusted*
million €

            1,432



                                                            1,051
                                                 921
                        825
                                    675
                                                                          338          550




            Q1 10       Q2 10       Q3 10        Q4 10       Q1 11        Q2 11        Q3 11



                    International           Regulated                     Marketing
                    Transport               businesses in Italy



                                * Ebitda pro forma includes: pro-quota ebitda contribution from SRG and associates


                                                                                                                7
R&M performance

         Process utilization index                          Adj. operating profit

%                                            Million €



                                                 14                                 26
    84   86
                 82                   83

                          73


                                                         -39




                                                                          -114




                                                                  -176


 Q3 10   Q4 10   Q1 11   Q2 11       Q3 11       Q3 10    Q4 10   Q1 11    Q2 11    Q3 11




                                                                                      8
other businesses: adjusted operating profit
million €


                                      Q3       Q3
                                                     Δ%
                                     2010     2011


       Petrochemicals                31      (80)   n.s.



       Engineering & Construction   316      333    5.4



       Other activities             (54)     (52)   3.7



       Corporate                    (39)     (94)   -141




                                                            9
net debt evolution
billion €


                                                                               28.3
                                                                 0.1
     26.1



                                                     9.5


                11.2




                                           4.1

                              0.3




    Dec 2010   Operating   Divestments   Dividends   Capex   Acquisitions &   Sep 2011
               cashflow                                         Others




                                                                                         10
Appendix
27 October 2011



eni.com
results of operations
million €

    Q3 10    Q3 11                                                     9M 10      9M 11          Δ%

   22.704    26.112    Net sales from operations                       70.410     79.487

    4.084    4.504     Operating Profit                                13.236     13.952         5.4

     28       (68)     Inventory holding gains (losses)                (749)      (977)

    4.112    4.436     Replacement Cost Operating Profit               12.487     12.975         3.9

     (6)      177      Special items                                     78        740

    4.106     4.613    Adjusted Profit                                 12.565     13.715         9.2

     46      (462)     Net financial income (expense)                   (508)      (837)
    178       212      Net share of profit from associates (expense)     699        891
    4.330     4.363    Profit before income taxes                       12.756    13.769         7.9

   (2.195)   (2.513)   Taxation                                         (6.820)   (7.627)
   50.7%      57.6%    Tax rate                                         53.5%      55.4%
   (457)      (55)     Minority interest                                 (769)     (713)

    1.678     1.795    Net Profit                                        5.167     5.429         5.1

     62        (35)    Special items                                      89       (512)
    (16)        10     Inventory holding gains (losses)                  514        654

   1.724      1.770    Adjusted Net Profit                               5.770      5.571        (3.4)




                                                                                            12
G&P: adjusted operating profit by activities
million €

                            -21.1%


                                     352
                      446                      International Transport




                                               Regulated business in Italy




                                               Marketing




                                                                13
unrealized profit in stocks (UPIS)
million €



                                     Q3 10   Q3 11


            E&P vs R&M                 124     220


            E&P vs G&P                (18)    (18)


            E&C vs Eni Group          (10)     (5)


            Total UPIS                 96     197




                                                     14
eni share of profit from associates

                                                Q3
                                         2010        2011


         Equity method accounted for     147          208
            Gas transportation abroad    50           15
            EnBw (GVS)                    0            0
            Union Fenosa                 23           36
            Blue Stream                   9            6
            Others                       65          151

         Dividends                       17           4

         Disposals                        0            0

         Others                          14           0

         Net income from associates      178         212




                                                            15
G&P share of profit from associates
million €
                                   -27.4%


                        113




                        50                     82

                                                9
                                                5

                        13



                                               68
                        50




                       Q3 10                  Q3 11

                  Marketing          Regulated business in Italy

                 International Transport



                                                                   16
main operating data

Q3 10    Q3 11                                                                   9M 10           9M 11            Δ%


 1,705   1,473    Hydrocarbon prod. (kboe/d)                                    1,768            1,548          (12.4)


 151.7   130.0    Production sold* (mmboe)                                      464.4            404.8          (12.8)


   6.6     6.3    Natural gas sales in Italy**(bcm)                               23.7             25.4                6.9


   9.9     9.2    Natural gas sales in Europe*** (bcm)                           38.4              39.0                1.7


  10.7     9.6    Power production sold (TWh)                                     29.3             28.9           (1.4)


   6.9     6.7    Refined product sales (mmtonnes)                                18.9             18.6           (1.4)


   1.1     1.0    Petrochemical sales (mmtonnes)                                   3.6              3.7                2.8




                          * Including Eni’s share of production of joint venture accounted for with the equity method
                                                                                       ** Including self-consumption
                                                                                              *** Consolidated sales


                                                                                                           17
production growth by geographical area
kboe/d
                               -13.6%



                       1,705

                                        1,473




                                                18
oil & gas production
kboe/d
                               -13.6%



         1,705                          1,705

                       1,473                                    1,473


                                        948
                                                                 793


         1,523         1,280




                                        757                     680



                                        Q3 10                   Q3 11

                                                Gas   Liquids




                                                                        19
capex
million €
                         2.7%


                                2,929
                 2,851
            54                          47




                                             20
eni consolidated results



                                   2.1%                                          8.7%

    EPS                    0.48            0.49                          0.46            0.50
    Euro per share*


                       Q3 10               Q3 11                        Q3 10           Q3 11
                                                                       Adjusted        Adjusted




                                   -1.9%                                        -1.0%

                           1.05            1.03                           1.03            1.02
    CFPS
    Euro per share*


                           Q3 10           Q3 11                        Q3 10           Q3 11
                                                                       Adjusted        Adjusted

                                         * Average shares: Q3 10 3,622.4 million; Q3 11 3,622.4 million
                                      Note: Cash Flow calculated as net profit+amortization & depreciation


                                                                                                 21

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2011 third quarter results (27 October 2011)

  • 1. 2011 third quarter results October 27th, 2011 eni.com
  • 2. Q3 highlights Libya: situation improving  Greenstream re-start Oct 13, gradual ramp up of export volumes  Bahr-Essalam re-start expected in November  FY 2011 impact approximately -190kboe/d Other highlights  Largest eni operated discovery ever at Mamba South in Mozambique  Yamal Peninsula: signed GSA, Samburskoye FID taken in Q3  Gas renegotiations proceeding constructively: Sonatrach close to conclusion 2
  • 3. market environment Average European Brent €/$ exchange rate refining margin* $/bl €/bl $/bl €/bl 135 135 6 6 1,5 120 120 5 5 1,45 105 105 4 4 1,4 90 90 3 3 1,35 75 75 2 2 1,3 60 60 1 1 1,25 45 45 0 0 1,2 Q310 Q410 Q1 11 Q2 11 Q3 11 Q3 10 Q410 Q1 11 Q2 11 Q3 11 Q310 Q410 Q1 11 Q2 11 Q3 11 USD Euro * Brent/Ural FOB Mediterranean market. Eni calculations on Platt’s Oilgram data 3
  • 4. Q3 consolidated results Adj. operating profit Adj. net profit Million € Million € 4,613 4,106 1,795 1,678 Q3 10 E&P G&P R&M Other Q3 11 Q3 10 Op. Profit Inv/Fin Taxes Minor Q3 11 adj charges 4
  • 5. E&P performance Oil & gas production Adj. operating profit kboe/d Million € 1,954 4,120 4,028 3,931 3,826 1,705 1,684 3,296 1,489 1,473 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Oil Gas 5
  • 6. G&P performance Gas sales Adj. operating profit Bcm Million € 31,6 958 27,2 777 20,3 17,4 17,3 446 352 251 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Italy International* * Including associates 6
  • 7. G&P: ebitda proforma adjusted* million € 1,432 1,051 921 825 675 338 550 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 International Regulated Marketing Transport businesses in Italy * Ebitda pro forma includes: pro-quota ebitda contribution from SRG and associates 7
  • 8. R&M performance Process utilization index Adj. operating profit % Million € 14 26 84 86 82 83 73 -39 -114 -176 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 8
  • 9. other businesses: adjusted operating profit million € Q3 Q3 Δ% 2010 2011  Petrochemicals 31 (80) n.s.  Engineering & Construction 316 333 5.4  Other activities (54) (52) 3.7  Corporate (39) (94) -141 9
  • 10. net debt evolution billion € 28.3 0.1 26.1 9.5 11.2 4.1 0.3 Dec 2010 Operating Divestments Dividends Capex Acquisitions & Sep 2011 cashflow Others 10
  • 12. results of operations million € Q3 10 Q3 11 9M 10 9M 11 Δ% 22.704 26.112 Net sales from operations 70.410 79.487 4.084 4.504 Operating Profit 13.236 13.952 5.4 28 (68) Inventory holding gains (losses) (749) (977) 4.112 4.436 Replacement Cost Operating Profit 12.487 12.975 3.9 (6) 177 Special items 78 740 4.106 4.613 Adjusted Profit 12.565 13.715 9.2 46 (462) Net financial income (expense) (508) (837) 178 212 Net share of profit from associates (expense) 699 891 4.330 4.363 Profit before income taxes 12.756 13.769 7.9 (2.195) (2.513) Taxation (6.820) (7.627) 50.7% 57.6% Tax rate 53.5% 55.4% (457) (55) Minority interest (769) (713) 1.678 1.795 Net Profit 5.167 5.429 5.1 62 (35) Special items 89 (512) (16) 10 Inventory holding gains (losses) 514 654 1.724 1.770 Adjusted Net Profit 5.770 5.571 (3.4) 12
  • 13. G&P: adjusted operating profit by activities million € -21.1% 352 446 International Transport Regulated business in Italy Marketing 13
  • 14. unrealized profit in stocks (UPIS) million € Q3 10 Q3 11 E&P vs R&M 124 220 E&P vs G&P (18) (18) E&C vs Eni Group (10) (5) Total UPIS 96 197 14
  • 15. eni share of profit from associates Q3 2010 2011 Equity method accounted for 147 208  Gas transportation abroad 50 15  EnBw (GVS) 0 0  Union Fenosa 23 36  Blue Stream 9 6  Others 65 151 Dividends 17 4 Disposals 0 0 Others 14 0 Net income from associates 178 212 15
  • 16. G&P share of profit from associates million € -27.4% 113 50 82 9 5 13 68 50 Q3 10 Q3 11 Marketing Regulated business in Italy International Transport 16
  • 17. main operating data Q3 10 Q3 11 9M 10 9M 11 Δ% 1,705 1,473  Hydrocarbon prod. (kboe/d) 1,768 1,548 (12.4) 151.7 130.0  Production sold* (mmboe) 464.4 404.8 (12.8) 6.6 6.3  Natural gas sales in Italy**(bcm) 23.7 25.4 6.9 9.9 9.2  Natural gas sales in Europe*** (bcm) 38.4 39.0 1.7 10.7 9.6  Power production sold (TWh) 29.3 28.9 (1.4) 6.9 6.7  Refined product sales (mmtonnes) 18.9 18.6 (1.4) 1.1 1.0  Petrochemical sales (mmtonnes) 3.6 3.7 2.8 * Including Eni’s share of production of joint venture accounted for with the equity method ** Including self-consumption *** Consolidated sales 17
  • 18. production growth by geographical area kboe/d -13.6% 1,705 1,473 18
  • 19. oil & gas production kboe/d -13.6% 1,705 1,705 1,473 1,473 948 793 1,523 1,280 757 680 Q3 10 Q3 11 Gas Liquids 19
  • 20. capex million € 2.7% 2,929 2,851 54 47 20
  • 21. eni consolidated results 2.1% 8.7% EPS 0.48 0.49 0.46 0.50 Euro per share* Q3 10 Q3 11 Q3 10 Q3 11 Adjusted Adjusted -1.9% -1.0% 1.05 1.03 1.03 1.02 CFPS Euro per share* Q3 10 Q3 11 Q3 10 Q3 11 Adjusted Adjusted * Average shares: Q3 10 3,622.4 million; Q3 11 3,622.4 million Note: Cash Flow calculated as net profit+amortization & depreciation 21