Slide 1: Interim update and Q2 results
interim update and Q2 results July 28th, 2010 eni.com
Slide 2: Financial highlights
financial highlights First half financial results Adjusted operating profit: € 8.5 billion (+34%) Adjusted net profit: € 3.5 billion (+30%) Cash flow from operations: € 9.1 billion (+20%) Leverage of 41% (vs 46% at YE2009) Interim dividend proposal: € 0.50 /share
Slide 3: Operating highlights
operating highlights E&P Junin 5 agreement signed in January Zubair rehabilitation plan approved in June Delivery on projects: 5 start-ups Production up to 1,800 kboed +1% YoY New resources added: 600 mmboe G&P Total gas sales -6% YoY; international sales +6% YoY Power sales up 21% I
Slide 4: Market environment
market environment Average European Brent €/$ exchange rate refining margin* $/bl €/bl $/bl €/bl 105 105 6 1,6 6 5 90 90 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 Q209 Q309 Q409 Q110 Q210 Q209 Q309 Q409 Q110 Q210 Q209 Q309 Q409 Q110 Q210 * Brent/Ural FOB Mediterranean market. Eni c
Slide 5: Q2 consolidated results
Q2 consolidated results Adj. operating profit Adj. net profit Million € Million € 4,128 1,625 2,549 902 Q2 09 E&P G&P R&M Other Q2 10 Q2 09 Ebit Adj. Inv/net Taxes Minorit Q2 10 fin ch
Slide 6: E&P performance
E&P performance Oil & gas production Adj. operating profit kboe/d Million € 1,886 1,842 1,733 1,758 1,678 3,702 3,442 3,118 2,443 2,064 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Oil Gas
Slide 7: G&P performance
G&P performance Gas sales Adj. operating profit Bcm Million € 1,267 28.9 1,127 26.6 21.1 19.0 17.9 721 690 629 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Italy International* * Including associates
Slide 8: G&P: EBITDA proforma adjusted
G&P: ebitda proforma adjusted* million € 1,432 1,159 821 825 703 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Marketing Regulated International businesses in Italy Transport * Ebitda pro forma includes: pro-quota ebitda contribution from SRG and associates
Slide 9: R&M performance
R&M performance Process utilization index Adj. operating profit % Million € 79 79 77 73 70 -52 -94 -106 -110 -196 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10
Slide 10: Other businesses: adjusted operating profit
other businesses: adjusted operating profit million € Q2 Q2 H1 H1 Δ% 2009 2010 2009 2010 (146) (11) Petrochemicals (257) (70) +73 297 343 Engineering & 569 632 +11 Construction (73) (51) Other activities (128) (108) +16 (117) (75) Corporate (175) (140) +20
Slide 11: Net debt evolution
Net debt evolution Billion € 23.1 23.3 0.7 0.1 Severenergia (2nd 9.1 tranche) 7.1 UK offshore asset 25% of Greenstream 2.2 0.8 Dec 2009 Operating Divestments Dividends Capex Acquisitions Others Jun 2010 cashflow
Slide 12: 2010 Outlook
2010 Outlook E&P Production in line with 2009 despite expected 30 k/boed lower gas offtakes G&P Difficult business environment, recovering in the medium term R&M Ongoing focus on cost optimization and increase flexibility of refining system Capex Slight increase due to production optimizatio
Slide 13: Appendix
Appendix July 28th, 2010 eni.com
Slide 14: Results of operations
results of operations million € Q2 09 Q2 10 H1 09 H1 10 Δ% 18,267 22,902 Net sales from operations 42,008 47,706 2,405 4,305 Operating Profit 6,372 9,152 43.6 190 368 Inventory holding gains (losses) 65 777 2,215 3,937 Replacement Cost Operating Profit 6,307 8,375 32.8 (334) (191) Special items 4 (8
Slide 15: G&P: adjusted operating profit by activities
G&P: adjusted operating profit by activities million € -8.8% 690 629 87 97 International Transport 390 481 Regulated business in Italy 213 51 Marketing Q2 09 Q2 10
Slide 16: Unrealized profit in stocks (UPIS)
unrealized profit in stocks (UPIS) million € Q2 09 Q2 10 E&P vs R&M (23) (24) E&P vs G&P (33) (13) E&C vs Eni Group (4) (7) Total UPIS (60) (97)
Slide 17: Eni share of profit from associates
eni share of profit from associates Q2 2009 2010 Equity method accounted for 88 113 Gas transportation abroad (3) 24 EnBw (GVS) 5 - Union Fenosa 21 25 Blue Stream 15 11 Others 50 53 Dividends 119 199 Disposals 1 2 Others (6) (3) Net income from associates 202 311
Slide 18: G&P share of profit from associates
G&P share of profit from associates million € +66.7% 90 24 54 8 10 58 47 -3 Q2 09 Q2 10 Marketing Regulated business in Italy International Transport
Slide 19: Main operating data
main operating data Q2 09 Q2 10 H1 09 H1 10 Δ% 1,733 1,758 Hydrocarbon prod. (kboe/d) 1,756 1,800 n.m. 154.2 154.1 Production sold* (mmboe) 308.4 312.7 1.4 7.9 6.2 Natural gas sales in Italy**(bcm) 21.1 17.1 (18.9) 9.2 9.3 Natural gas sales in Europe*** (bcm) 24.2 24.7 2.1 17.8 19.1 Natura
Slide 20: Production growth by geographical area
production growth by geographical area kboe/d n.m. 1,733 1,758 400 356 139 133 107 121 388 343 567 583 169 185 Q2 09 Q2 10 Italy North Africa West Africa Kazakhstan America RoW
Slide 21: Oil & gas production
oil & gas production kboe/d n.m. 1,733 1,758 1,733 1,758 169 185 986 980 1,564 1,573 747 778 Q2 09 Q2 10 Q2 09 Q2 10 Abroad Italy Gas Liquids
Slide 22: Capex
capex million € +17.1% 4,328 246 3,697 52 380 149 393 367 132 361 3,186 2,759 Q2 09 Q2 10 E&P G&P R&M E&C Other
Slide 23: Eni consolidated results
eni consolidated results +117% +80% 0.50 0.45 EPS Euro per share* 0.23 0.25 Q2 09 Q2 10 Q2 09 Q2 10 Adjusted Adjusted +26% +30% 1.13 1.06 0.89 0.82 CFPS Euro per share* Q2 09 Q2 10 Q2 09 Q2 10 Adjusted Adjusted * Average shares: Q2 09 3,622 million; Q2 10 million Note: Cash Flow calculated as net pr