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2010 fourth quarter and full year
preliminary results
16 February 2011



eni.com
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, East Africa, Poland and China


G&P
 Long-term gas contract renegotiations ongoing
 Increased returns in Italian regulated businesses


R&M
 Achieved cost reductions ahead of target
 Improved integration of Italian refining system




                                                       *Net of updating the natural gas conversion factor


                                                                                                    2
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 calculations on Platt’s Oilgram data


                                                                                                                                   3
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
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
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 Index: 10.3              Life Index: 10.5



      Brent 59.9                                             Brent 79                      Brent 59.9
        $/boe                                                 $/boe                          $/boe


                                                                                           Conversion factor


                                                                                                          6
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
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
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
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
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
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
Appendix

16 February 2011



eni.com
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 items                                   (1,412)   (2,074)

    3,702      4,739   Adjusted Operating Profit                       13,122    17,304    31.9
    (157)     (184)    Net financial income (expense)                   (551)     (692)
      151        82    Net share of profit from associates (expense)      700       781

    3,696      4,637   Profit before income taxes                      13,271    17,393    31.1

   (2,015)   (2,618)   Taxation                                        (7,114)   (9,459)
   54.5%     56.5%     Tax rate                                        53.6%     54.4%
    (287)     (296)    Minority interest                                (950)    (1,065)

      391       548    Net Profit                                        4,367     6,318   44.7

   (1,034)   (1,271)   Special items                                   (1,031)   (1,161)
       31        96    Inventory holding gains (losses)                   191       610

    1,394      1,723   Adjusted Net Profit                               5,207     6,869   31.9
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
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)
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                          211         123

  151          82    Net income from associates      700         781
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
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    Natural gas transported in Italy (bcm)                          76.9             83.3                8.3



   9.4    10.2    Power production sold (TWh)                                     34.0             39.5            16.4


  12.1    12.2    Refined product sales (mmtonnes)                                45.6             46.8                2.7


   1.0     1.1    Petrochemical sales (mmtonnes)                                   4.3              4.7                9.3


                          * Including Eni’s share of production of joint venture accounted for with the equity method
                                                                                       ** Including self-consumption
                                                                                              *** Consolidated sales
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
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
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)
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 calculated as net profit+amortization & depreciation

More Related Content

Eni 2010 4Q and Full Year Preliminary Results

  • 1. 2010 fourth quarter and full year preliminary results 16 February 2011 eni.com
  • 2. 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, East Africa, Poland and China G&P  Long-term gas contract renegotiations ongoing  Increased returns in Italian regulated businesses R&M  Achieved cost reductions ahead of target  Improved integration of Italian refining system *Net of updating the natural gas conversion factor 2
  • 3. 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 calculations on Platt’s Oilgram data 3
  • 4. 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
  • 5. 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
  • 6. 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 Index: 10.3  Life Index: 10.5 Brent 59.9 Brent 79 Brent 59.9 $/boe $/boe $/boe Conversion factor 6
  • 7. 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
  • 8. 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
  • 9. 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
  • 10. 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
  • 11. 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
  • 12. 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
  • 14. 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 items (1,412) (2,074) 3,702 4,739 Adjusted Operating Profit 13,122 17,304 31.9 (157) (184) Net financial income (expense) (551) (692) 151 82 Net share of profit from associates (expense) 700 781 3,696 4,637 Profit before income taxes 13,271 17,393 31.1 (2,015) (2,618) Taxation (7,114) (9,459) 54.5% 56.5% Tax rate 53.6% 54.4% (287) (296) Minority interest (950) (1,065) 391 548 Net Profit 4,367 6,318 44.7 (1,034) (1,271) Special items (1,031) (1,161) 31 96 Inventory holding gains (losses) 191 610 1,394 1,723 Adjusted Net Profit 5,207 6,869 31.9
  • 15. 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
  • 16. 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)
  • 17. 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 211 123 151 82 Net income from associates 700 781
  • 18. 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
  • 19. 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  Natural gas transported in Italy (bcm) 76.9 83.3 8.3 9.4 10.2  Power production sold (TWh) 34.0 39.5 16.4 12.1 12.2  Refined product sales (mmtonnes) 45.6 46.8 2.7 1.0 1.1  Petrochemical sales (mmtonnes) 4.3 4.7 9.3 * Including Eni’s share of production of joint venture accounted for with the equity method ** Including self-consumption *** Consolidated sales
  • 20. 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
  • 21. 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
  • 22. 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)
  • 23. 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 calculated as net profit+amortization & depreciation