Slide 1: 2010 fourth quarter and full year preliminary results
2010 fourth quarter and full year preliminary results 16 February 2011 eni.com
Slide 2: 2010 highlights
2010 highlights E&P Record production:1,815 kboed (+1.1%* vs 2009) Progress on key projects in Iraq, Venezuela and Angola RRR 137% (organic at 2009 price), Life Index 10.5 years Exploration: > 0.9 Bboe resources discovered (Venezuela, Angola, Indonesia) New initiatives: Gulf of Guinea, Eas
Slide 3: Market environment
market environment Average European Brent €/$ exchange rate refining margin* $/bl €/bl $/bl €/bl 6 1,6 6 90 90 5 1,5 5 4 75 75 4 3 1,4 60 60 3 2 1,3 45 45 1 2 30 30 0 1 1,2 Q409 Q110 Q210 Q310 Q410 Q409 Q110 Q210 Q3 10 Q410 Q409 Q110 Q210 Q310 Q410 USD Euro * Brent/Ural FOB Mediterranean market. Eni
Slide 4: Q4 consolidated results
Q4 consolidated results Adj. operating profit Adj. net profit Million € Million € 4,739 3,702 1,723 1,394 Q4 09 E&P G&P R&M Other Q4 10 Q4 09 Op. Inv/Fin Taxes Minor Q4 10 Profit adj Charges 4
Slide 5: E&P performance
E&P performance Oil & gas production Adj. operating profit kboe/d Million € 1,954 4,028 1,886 1,816 1,758 1,705 3,442 3,296 3,118 2,804 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Oil Gas 5
Slide 6: Proved reserves
proved reserves mmboe 6,843 6,923 6,677 80 106 (12) 662 840 2009 production promotions portfolio 2010 price effect 2010 adj 2009 2010 2010 adj RRR Organic: 92% RRR Organic: 127% RRR Organic: 137% RRR All sources: 96% RRR All sources: 125% RRR All sources: 135% Life Index: 10.2 Life I
Slide 7: G&P performance
G&P performance Gas sales Adj. operating profit Bcm Million € 28.9 27.2 1,267 26.6 1,127 17.9 17.4 777 629 446 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Italy International* * Including associates 7
Slide 8: G&P: EBITDA pro forma adjusted
G&P: ebitda proforma adjusted* million € 1,432 1,159 921 821 825 703 675 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 International Regulated Marketing Transport businesses in Italy * Ebitda pro forma includes: pro-quota ebitda contribution from SRG and associates 8
Slide 9: R&M performance
R&M performance Process utilization index Adj. operating profit % Million € 86 14 84 77 73 70 -39 -52 -94 -196 Q4 09 Q1 10 Q2 10 Q3 10 Q410 Q4 09 Q1 10 Q2 10 Q3 10 Q410 9
Slide 10: Other businesses: adjusted operating profit
other businesses: adjusted operating profit million € Q4 Q4 FY FY Δ% 2009 2010 2009 2010 (104) (74) Petrochemicals (426) (113) 73.5 284 378 Engineering & 1,120 1,326 18.4 Construction (66) (43) Other activities (258) (205) 20.5 (85) (86) Corporate (342) (265) 22.5 10
Slide 11: Net debt evolution
net debt evolution billion € 26.1 0.4 0.4 23.1 13.9 14.7 4.1 1.1 Dec 2009 Operating Divestments Dividends Capex Acquisitions Others Dec 2010 cashflow 11
Slide 12: 2011: continuing growth
2011: continuing growth Exploration & Production Increase production by 1% @ $70/bbl Gas & Power Preserve profitability through focused marketing initiatives and contract renegotiations Refining & Marketing Further efficiency gains and process optimisation Capex In line with 2010 12
Slide 13: Appendix
Appendix 16 February 2011 eni.com
Slide 14: Results of operations
results of operations million € Q4 09 Q4 10 FY 09 FY 10 Δ% 22,077 27,950 Net sales from operations 83,227 98,360 2,466 2,875 Operating Profit 12,055 16,111 33.6 135 132 Inventory holding gains (losses) 345 881 2,331 2,743 Replacement Cost Operating Profit 11,710 15,230 30.1 (1,371) (1,996) Special i
Slide 15: G&P: adjusted operating profit by activities
G&P: adjusted operating profit by activities million € -31.1% 1,127 91 777 487 68 International Transport 529 Regulated business in Italy 549 180 Marketing Q4 09 Q4 10
Slide 16: Unrealized profit in stocks (UPIS)
unrealized profit in stocks (UPIS) million € Q4 09 Q4 10 FY 09 FY 10 (62) (202) E&P vs R&M (42) (229) 8 12 E&P vs G&P 80 (4) (8) (12) E&C vs Eni Group (38) (38) (62) (202) Total UPIS 0 (271)
Slide 17: Eni share of profit from associates
eni share of profit from associates Q4 FY 2009 2010 2009 2010 95 93 Equity method accounted for 322 394 29 17 Gas transportation abroad 60 113 5 - EnBw (GVS) 19 2 28 35 Union Fenosa 108 119 6 7 Blue Stream 33 36 27 34 Others 102 124 9 4 Dividends 164 264 1 0 Disposals 3 0 46 (15) Others 21
Slide 18: G&P share of profit from associates
G&P share of profit from associates million € -2.1% +22.4% 394 322 113 95 93 60 17 57 29 33 20 6 229 224 60 56 FY 09 FY 10 Q4 09 Q4 10 Marketing Regulated business in Italy International Transport
Slide 19: Main operating data
main operating data Q4 09 Q4 10 FY 09 FY 10 Δ% 1,886 1,954 Hydrocarbon prod. (kboe/d) 1,769 1,815 2.6 166.8 173.6 Production sold* (mmboe) 622.8 638.0 2.4 10.0 10.5 Natural gas sales in Italy**(bcm) 40.0 34.3 (14.4) 16.0 16.2 Natural gas sales in Europe*** (bcm) 55.4 54.5 (1.7) 21.6 23.0 N
Slide 20: Production growth by geographical area
production growth by geographical area kboe/d +3.6% 1,886 1,954 401 419 145 209 117 117 403 421 688 565 173 182 Q4 09 Q4 10 Italy North Africa West Africa Kazakhstan America RoW
Slide 21: Oil & gas production
oil & gas production kboe/d +3.6% 1,886 1,954 1,954 1,886 182 173 1,073 1,049 1,772 1,713 905 813 Q4 09 Q4 10 Q4 09 Q4 10 Abroad Italy Gas Liquids
Slide 22: Capex
capex million € 0.5% 3,894 3,912 386 150 409 381 254 615 591 2,490 2,573 -43 Q4 09 Q4 10 E&P G&P R&M E&C Others (including UPIS)
Slide 23: Eni consolidated results
eni consolidated results +36.4% +26.3% 0.48 0.38 0.15 EPS 0.11 Euro per share* Q4 09 Q4 10 Q4 09 Q4 10 Adjusted Adjusted -2.0% +4.5% 0.99 1.10 1.15 1.01 CFPS Euro per share* Q4 09 Q4 10 Q4 09 Q4 10 Adjusted Adjusted * Average shares: Q4 09 3,622 million; Q4 10 3,622 million Note: Cash Flow calculate