2011 fourth quarter and full year preliminary results

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2011 fourth quarter and full year preliminary results

  1. 1. eni.com2011 fourth quarter and full yearpreliminary resultsFebruary 15th, 2012
  2. 2. 22011 highlights: exceptional progress on future growthAngola Block 15/06MukuvoLiraCabaca SE3Ghana• Gye NyameMozambique MambaSouth-1 MambaNorth-1(2012)NorwayUKVenezuela Perla FIDUSA Skrugard Havis (2012) Culzean Hadrian N.1.1bn boe of new resourcesFIDs taken for 140kboe/d by 2015Russia Samburskoye FID Urengoskoye FIDNorway GLA (Ekofisk S,Eldfisk 2) FIDDiscoveriesMajor FIDsIndonesia Jangkrik NE 1& 2
  3. 3. 32011 highlights: quick ramp up of Libyan production Maintained production from Wafagas field during the war Good relationships with localcommunity helped ensure assetsafety Excellent relations establishedwith NTC (eni - first mover) Quick production restart and rampup (164 kboe/d contribution to Q4production) Now almost back to pre-crisislevels of production0501001502002503003504004505001-Sep 1-Oct 1-Nov 1-DecWafa gasAbu Attifel oilBahr Essalam gasElephant oilBourieni operated production (Libya)100% Eni Equity
  4. 4. 4G&P: tackling worsening market conditions Progress on supply renegotiations, satisfactory agreement reached with Sonatrach Strengthened position in retail segment in Italy, Belgium and FranceR&M/Petchem: continued effort on efficiency Achieved cost reductions ahead of target Focus on most profitable chemicals segments and launch of bio-based projectDisposals: cashed in ~€2bn from international pipelines, marginal assets sale2011 highlights: strengthened position to face difficult markets2011 dividend: +4% year on year
  5. 5. 5market environment4560759010512013545607590105120135Q410 Q111 Q211 Q311 Q4111,21,251,31,351,41,451,5Q410 Q111 Q211 Q311 Q411$/bl €/bl €/bl$/blBrentAverage Europeanrefining margin*€/$ exchange rate01234560123456Q410 Q111 Q211 Q311 Q411* Brent/Ural FOB Mediterranean market. Eni calculations on Platt’s Oilgram dataUSD Euro
  6. 6. Q4 consolidated results6Adj. operating profitMillion €Adj. net profitMillion €Q4 10 E&P G&P R&M Other Q4 11 Q4 10 Op. ProfitadjInv/FinchargesTaxes Minor Q4 111,5401,7024,2594,739
  7. 7. 1,4891,9541,6841,473kboe/dOil & gas productionOil GasMillion €Adj. operating profitE&P performance7Q4 11Q410 Q1 11 Q2 11 Q3 11 Q4 11Q4 10 Q1 11 Q2 11 Q3 114,2004,028 4,1203,8261,6783,931
  8. 8. 82010 production promotions portfolio 2011 price effect 2011 adjproved reservesmmboe6,843577827(7)7,086977,183Brent 79$/boeBrent 111$/boeBrent 79$/boe RRR Organic: 143% RRR All sources: 142% Life Index: 12.32011 RRR Organic: 160% RRR All sources: 159% Life Index: 12.42011 adj RRR Organic: 127% RRR All sources: 125% Life Index: 10.32010Conversion factor
  9. 9. 27.231.620.324.717.3BcmGas salesMillion €Adj. operating profitItaly International** Including associatesG&P performance9Q4 11Q4 10 Q1 11 Q2 11 Q3 11 Q4 11Q4 10 Q1 11 Q2 11 Q3 11777251352385958
  10. 10. * Ebitda pro forma includes: pro-quota ebitda contribution from SRG and associatesInternationalTransportRegulatedbusinesses in ItalyMarketing1,4325508256759211,051338million €G&P: ebitda proforma adjusted*10Q2 10 Q3 10 Q4 10 Q1 11 Q2 11Q1 10 Q3 11 Q4 11623
  11. 11. %Process utilization indexMillion €Adj. operating profitR&M performance11Q4 11Q4 10 Q1 11 Q2 11 Q3 1182 83867673-3926-176-114Q4 11Q4 10 Q1 11 Q2 11 Q3 11-271
  12. 12. 12other businesses: adjusted operating profitΔ %FY2011FY2010Q42011 Petrochemicals -144(113)(74) Corporate n.m.(265)(86) Engineering &Construction+8.81,326378 Other activities -10.2(205)(43)Q42010million €(154)390(69)(19)(276)1,443(226)(266)
  13. 13. 13Dec 2010 OperatingcashflowDivestments Dividends Capex Acquisitions &OthersDec 2011net debt evolution26.128.014.32.04.313.40.5billion €
  14. 14. 142012: guidanceExploration & Production: rapid recovery and growth ~10% growth net of PSA effects: New start ups to contribute ca. 70 kboe/d Libya ramp up (average contribution 230-240kboe/d)Gas & Power: impacted by European recession Operating result to be higher than in 2011: supported by Libya recovery, expected retroactive supply benefits pressure on underlying merchant business from worsening market conditionsRefining & Marketing: continuing efficiency in complex environment Further efficiency gains and process optimisationCapex In line with 2011
  15. 15. eni.comAppendixFebruary 15th, 2012
  16. 16. 2results of operationsmillion €Operating ProfitInventory holding gains (losses)Special itemsNet sales from operationsReplacement Cost Operating ProfitAdjusted ProfitProfit before income taxesNet ProfitAdjusted Net ProfitNet financial income (expense)Net share of profit from associates (expense)TaxationTax rateMinority interestSpecial itemsInventory holding gains (losses)FY 11 Δ %FY 10Q4 11Q4 102,875 3,5342,743 3,3984,985 4,2594,883 4,3032,856 1,7601,702 1,54016,111 17,48615,230 16,37317,550 17,90517,639 18,0035,098 5,4436,869 6,96928,113 30,102(132) (136)2,242 861(184)82(2,639)56.9%(296)(288)332(2,533)58.9%(230)(290)70(1,250)96(1,125)109,589(881) (1.113)2.320 1.532(692)78198,5231,223(9,459) (10,160)54.4% 56.2%(1,065) (943)1,161 802610 7248.57.52.02.16.81.5
  17. 17. 3G&P: adjusted operating profit by activitiesmillion €180-1695295236831Q4 10 Q4 11MarketingInternational TransportRegulated business in Italy-50.5%385777
  18. 18. 4unrealized profit in stocks (UPIS)million €E&P vs R&ME&P vs G&PE&C vs Eni GroupTotal UPIS(229)(4)(38)(271)Q4 10 Q4 11 FY 10 FY 11(201)12(13)(202)(205)25(23)(203)(150)(13)(52)(189)
  19. 19. 5eni share of profit from associates7811230264394Equity method accounted for Gas transportation abroad EnBw (GVS) Union Fenosa Blue Stream OthersFY2010 2011124211936113DividendsDisposalsOthersNet income from associatesQ42010 2011(15)049328-357238212438937100191(1)423323936941523413457712521,223
  20. 20. 6G&P share of profit from associatesmillion €608052812Q4 10 Q4 11+7.0%93Marketing Regulated business in ItalyInternational Transport1008
  21. 21. 7main operating data* Including Eni’s share of production of joint venture accounted for with the equity method** Including self-consumption*** Consolidated salesQ4 111,954143.7173.610.516.223.010.26.61.1FY 10 FY 111,815638.034.354.583.339.525.54.7Δ %(12.9)(14)1.1(2.8)(6.0)1.9(2.0)(15) Hydrocarbon prod. (kboe/d) Production sold* (mmboe) Natural gas sales in Italy**(bcm) Natural gas sales in Europe*** (bcm) Natural gas transported in Italy (bcm) Power production sold (TWh) Refined product sales (mmtonnes) Petrochemical sales (mmtonnes)Q4 101,6789.314.018.911.46.40.9 4.01,58125.040.378.353.034.7548.5
  22. 22. 8production growth by geographical areakboe/d182 191688497403381117105145128419376Q4 10 Q4 11Italy North Africa West AfricaKazakhstan America RoW1,954-14.1%1,678
  23. 23. 9kboe/doil & gas production182191Q4 10 Q4 11Abroad Italy1,9549057821,049Q4 10 Q4 11Gas Liquids1,954-14.1%1,772 1,4871,6781,678896
  24. 24. 10capexmillion €(0.5)%2,573 2,690615 585381 359386 285Q4 10 Q4 11E&P G&P R&M E&C Other3,912-25-433,894
  25. 25. 11eni consolidated results* Average shares: Q4 10 3,622.7 million; Q4 11 3,622.7 millionNote: Cash Flow calculated as net profit+amortization & depreciationQ4 11AdjustedQ4 10Adjusted0.47Q4 11AdjustedQ4 10Adjusted1.15 1.080.991.22Q4 11Q4 100.15Q4 11Q4 100.36 0.43EPSEuro per share*CFPSEuro per share*1.4% -8.5%23.2% -6.1%

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