2011 third quarter results (27 October 2011)

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Third quarter highlights

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2011 third quarter results (27 October 2011)

  1. 1. 2011 third quarter resultsOctober 27th, 2011eni.com
  2. 2. Q3 highlightsLibya: situation improving Greenstream re-start Oct 13, gradual ramp up of export volumes Bahr-Essalam re-start expected in November FY 2011 impact approximately -190kboe/dOther highlights Largest eni operated discovery ever at Mamba South in Mozambique Yamal Peninsula: signed GSA, Samburskoye FID taken in Q3 Gas renegotiations proceeding constructively: Sonatrach close to conclusion 2
  3. 3. market environment Average European Brent €/$ exchange rate refining margin*$/bl €/bl $/bl €/bl135 135 6 6 1,5120 120 5 5 1,45105 105 4 4 1,4 90 90 3 3 1,35 75 75 2 2 1,3 60 60 1 1 1,25 45 45 0 0 1,2 Q310 Q410 Q1 11 Q2 11 Q3 11 Q3 10 Q410 Q1 11 Q2 11 Q3 11 Q310 Q410 Q1 11 Q2 11 Q3 11 USD Euro * Brent/Ural FOB Mediterranean market. Eni calculations on Platt’s Oilgram data 3
  4. 4. Q3 consolidated results Adj. operating profit Adj. net profitMillion € Million € 4,613 4,106 1,795 1,678 Q3 10 E&P G&P R&M Other Q3 11 Q3 10 Op. Profit Inv/Fin Taxes Minor Q3 11 adj charges 4
  5. 5. E&P performance Oil & gas production Adj. operating profitkboe/d Million € 1,954 4,120 4,028 3,931 3,8261,705 1,684 3,296 1,489 1,473 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Oil Gas 5
  6. 6. G&P performance Gas sales Adj. operating profitBcm Million € 31,6 958 27,2 777 20,3 17,4 17,3 446 352 251 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Italy International* * Including associates 6
  7. 7. G&P: ebitda proforma adjusted*million € 1,432 1,051 921 825 675 338 550 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 International Regulated Marketing Transport businesses in Italy * Ebitda pro forma includes: pro-quota ebitda contribution from SRG and associates 7
  8. 8. R&M performance Process utilization index Adj. operating profit% Million € 14 26 84 86 82 83 73 -39 -114 -176 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 8
  9. 9. other businesses: adjusted operating profitmillion € Q3 Q3 Δ% 2010 2011  Petrochemicals 31 (80) n.s.  Engineering & Construction 316 333 5.4  Other activities (54) (52) 3.7  Corporate (39) (94) -141 9
  10. 10. net debt evolutionbillion € 28.3 0.1 26.1 9.5 11.2 4.1 0.3 Dec 2010 Operating Divestments Dividends Capex Acquisitions & Sep 2011 cashflow Others 10
  11. 11. Appendix27 October 2011eni.com
  12. 12. results of operationsmillion € Q3 10 Q3 11 9M 10 9M 11 Δ% 22.704 26.112 Net sales from operations 70.410 79.487 4.084 4.504 Operating Profit 13.236 13.952 5.4 28 (68) Inventory holding gains (losses) (749) (977) 4.112 4.436 Replacement Cost Operating Profit 12.487 12.975 3.9 (6) 177 Special items 78 740 4.106 4.613 Adjusted Profit 12.565 13.715 9.2 46 (462) Net financial income (expense) (508) (837) 178 212 Net share of profit from associates (expense) 699 891 4.330 4.363 Profit before income taxes 12.756 13.769 7.9 (2.195) (2.513) Taxation (6.820) (7.627) 50.7% 57.6% Tax rate 53.5% 55.4% (457) (55) Minority interest (769) (713) 1.678 1.795 Net Profit 5.167 5.429 5.1 62 (35) Special items 89 (512) (16) 10 Inventory holding gains (losses) 514 654 1.724 1.770 Adjusted Net Profit 5.770 5.571 (3.4) 12
  13. 13. G&P: adjusted operating profit by activitiesmillion € -21.1% 352 446 International Transport Regulated business in Italy Marketing 13
  14. 14. unrealized profit in stocks (UPIS)million € Q3 10 Q3 11 E&P vs R&M 124 220 E&P vs G&P (18) (18) E&C vs Eni Group (10) (5) Total UPIS 96 197 14
  15. 15. eni share of profit from associates Q3 2010 2011 Equity method accounted for 147 208  Gas transportation abroad 50 15  EnBw (GVS) 0 0  Union Fenosa 23 36  Blue Stream 9 6  Others 65 151 Dividends 17 4 Disposals 0 0 Others 14 0 Net income from associates 178 212 15
  16. 16. G&P share of profit from associatesmillion € -27.4% 113 50 82 9 5 13 68 50 Q3 10 Q3 11 Marketing Regulated business in Italy International Transport 16
  17. 17. main operating dataQ3 10 Q3 11 9M 10 9M 11 Δ% 1,705 1,473  Hydrocarbon prod. (kboe/d) 1,768 1,548 (12.4) 151.7 130.0  Production sold* (mmboe) 464.4 404.8 (12.8) 6.6 6.3  Natural gas sales in Italy**(bcm) 23.7 25.4 6.9 9.9 9.2  Natural gas sales in Europe*** (bcm) 38.4 39.0 1.7 10.7 9.6  Power production sold (TWh) 29.3 28.9 (1.4) 6.9 6.7  Refined product sales (mmtonnes) 18.9 18.6 (1.4) 1.1 1.0  Petrochemical sales (mmtonnes) 3.6 3.7 2.8 * Including Eni’s share of production of joint venture accounted for with the equity method ** Including self-consumption *** Consolidated sales 17
  18. 18. production growth by geographical areakboe/d -13.6% 1,705 1,473 18
  19. 19. oil & gas productionkboe/d -13.6% 1,705 1,705 1,473 1,473 948 793 1,523 1,280 757 680 Q3 10 Q3 11 Gas Liquids 19
  20. 20. capexmillion € 2.7% 2,929 2,851 54 47 20
  21. 21. eni consolidated results 2.1% 8.7% EPS 0.48 0.49 0.46 0.50 Euro per share* Q3 10 Q3 11 Q3 10 Q3 11 Adjusted Adjusted -1.9% -1.0% 1.05 1.03 1.03 1.02 CFPS Euro per share* Q3 10 Q3 11 Q3 10 Q3 11 Adjusted Adjusted * Average shares: Q3 10 3,622.4 million; Q3 11 3,622.4 million Note: Cash Flow calculated as net profit+amortization & depreciation 21

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