Slide 1: Interim update and Q2 results
interim update and Q2 results August 1st, 2012 eni.com
Slide 2: H1 2012: delivering on strategic refocusing
H1 2012: delivering on strategic refocusing... Snam disposal Agreed disposal of 30% of Snam to CdP for €3.5bn Succesful placement of further 5% at favourable conditions Galp disposal Completed sale of 5% of Galp at €14.25/sh Increased optionality following exit from shareholder pact Sharehol
Slide 3: Continuing extraordinary exploration success
… and continuing extraordinary exploration success USA Egypt Norway Ukraine Russia Heidelberg 3 Emry Deep Havis Unconventional Acreage in Barents 1X Skrugard -2 blocks (Lviv Basin) and Black Sea Vietnam 3 new blocks Nigeria Tinpa Afiando Angola Mozambique Kenya Indonesia Vandumbu
Slide 4: H1 2012: good performance in a worsening economic situation
H1 2012: good performance in a worsening economic situation E&P Production growth driven by swift Resilient oil price and strong dollar recovery in Libyan volumes G&P Reflecting market weakness in supply renegotiations Demand hit by economic recession and coal, renewable competitiveness St
Slide 5: Market environment
market environment Average European Brent €/$ exchange rate refining margin* $/bl €/bl $/bl €/bl 135 135 7 7 1,5 120 120 6 6 1,45 5 5 105 105 1,4 4 4 90 90 1,35 3 3 75 75 1,3 2 2 60 60 1,25 1 1 45 45 0 0 1,2 Q211 Q311 Q411 Q112 Q212 Q211 Q311 Q411 Q112 Q212 Q211 Q311 Q411 Q112 Q212 USD Euro * Brent/
Slide 6: Q2 consolidated results
Q2 consolidated results Adj. operating profit Adj. net profit* Million € Million € 4,243 3,717 1,377 1,381 Q2 11 E&P G&P R&M Other Q2 12 Q2 11 Op. Profit Inv/Fin Taxes Minor Q2 12 adj Charges * From continuing operations. Adj. net profit from discontinued operations: € 76m 6
Slide 7: E&P performance
E&P performance Oil & gas production Adj. operating profit kboe/d Million € 5,091 1,678 1,674 1,647 1,489 4,214 4,234 1,473 3,908 3,822 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Gas Oil 7
Slide 8: G&P performance
G&P performance Gas sales Adj. operating profit Bcm Million € 922 29.9 24.7 20.3 19.6 17.3 -201 -69 -314 -369 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 International* Italy * Including associates 8
Slide 9: G&P: EBITDA pro forma adjusted
G&P: ebitda proforma adjusted* Million € 1,221 592 475 532 307 -88 236 162 -100 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 International Marketing Transport * Ebitda pro forma includes pro-quota ebitda contribution from associates 9
Slide 10: R&M performance
R&M performance Process utilization index Adj. operating profit % Million € 2 83 75 73 72 64 -124 -144 -226 -268 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 10
Slide 11: Other businesses: adjusted operating profit
other businesses: adjusted operating profit Million € Q2 Q2 Δ% 2011 2012 Chemicals (32) (26) 18.8 Engineering & Construction 378 388 2.6 Other activities (60) (57) 5.0 Corporate (69) (100) -44.9 11
Slide 12: Net debt evolution
net debt evolution Billion € 3.3 0.4 1.5 27.4 4.2 26.9 2.3 Mar-12 Operating Dividends Capex Other Others Jun-12 cashflow Investments 12
Slide 13: 2012 Outlook
2012 Outlook Production up ca. 10% net of PSA, Elgin Franklin and E&P Nigeria bunkering impact Ebit higher than in 2011 despite significant market G&P headwinds Weak demand for refined products to offset continuous R&M effort for efficiency improvements 13
Slide 14: Appendix
appendix August 1st, 2012 eni.com
Slide 15: Results of operations
results of operations million € Q2 11 Q2 12 1H 11 1H 12 Δ% 24.118 30.063 Net sales from operations 52.526 63.203 3.604 2.780 Operating Profit 9.187 9.317 1.4 (240) 326 Inventory holding (gains) losses (909) (86) 3.364 3.106 Replacement Cost Operating Profit 8.278 9.231 11.5 353 1.137 Special items 4
Slide 16: G&P: adjusted operating profit by activities
G&P: adjusted operating profit by activities million € -17.5% -314 -369 International Transport Marketing 3
Slide 17: Unrealized profit in stocks (UPIS)
unrealized profit in stocks (UPIS) million € Q2 11 Q2 12 E&P vs R&M (150) 107 E&P vs G&P (14) (5) E&C vs Eni Group (14) (9) Total UPIS (178) 93 4
Slide 18: Eni share of profit from associates
eni share of profit from associates Q2 2011 2012 Equity method accounted for 130 167 Gas transportation abroad 28 5 EnBw (GVS) (2) 2 Union Fenosa 36 45 Blue Stream 10 10 Others 58 105 Dividends 268 130 Disposals - - Others 1 0 Net income from associates 399 297 5
Slide 19: G&P share of profit from associates
G&P share of profit from associates million € -6.0% 83 78 Marketing International Transport 6
Slide 20: Main operating data
main operating data Q2 11 Q2 12 H1 11 H1 12 Δ% 1,489 1,647 Hydrocarbon prod. (kboe/d) 1,586 1,661 4.7 129.1 143.9 Production sold* (mmboe) 274.8 292.3 6.4 7.1 6.5 Natural gas sales in Italy**(bcm) 19.1 18.7 (2.2) 11.6 11.1 Natural gas sales in Europe*** (bcm) 29.9 27.4 (8.1) 9.7 9.6 Power
Slide 21: Production growth by geographical area
production growth by geographical area kboe/d 10.6% 1,647 1,489 8
Slide 22: Oil & gas production
oil & gas production kboe/d 10.6% 1,647 1,647 1,489 1,489 856 1,317 1,461 9
Slide 23: Capex
capex million € -9.8% 137 3,343 3,015 128 184 166 49 53 2,767 2,437 10
Slide 24: Eni consolidated results
eni consolidated results -87% 0.3% 0.33 EPS 0.380 0.381 Euro per share* 0.04 Q2 11 Q2 12 Q2 11 Q2 12 Adjusted Adjusted 14% 19% 0.89 1.02 1.04 CFPS 0.87 Euro per share* Q2 11 Q2 12 Q2 11 Q2 12 Adjusted Adjusted * Average shares: Q2 11 3,622.6 million; Q2 12 3,622.8 million Note: Cash Flow calculated