Q3 2013 results
October 30th, 2013

eni.com
Q3 results: highlights
E&P
 €3 bn net cash in from Mozambique farm out
 0.7 Bboe of new exploration resources; 1.6 Bboe ...
market environment
Average European
refining margin*

Brent
$/bbl

$/bbl

€/bbl

€/$ exchange rate

€/bbl

7
6

5

5

4

4...
Q3 consolidated results
Adj. operating profit *

Adj. net profit *

Million €

Million €

1,658
4,078
1,171

3,439
3 39

Q...
E&P performance
Oil & gas production

Adj. operating profit

kboe/d

1,718

Million €

1,747

1,648

1,600

1,653

4,867
4...
G&P performance
Gas sales

Adj. operating profit

Bcm

Million €

29.5
42

24.4
18.4

18.8

17.8

-227
-304

-356
-436

Q3...
R&M performance
Sales

Adj. operating profit

mmtonnes

Million €

52

6.4

5.8

5.8

6.0
-7

5.2

-61

-152

Q3 12

Q4 12...
other businesses: adjusted operating profit
million €
Q3
2012
 Versalis

(173)

Q3
2013

Δ%

(111)

35.8

 Engineering &...
net debt evolution
billion €
0.27
16.5

0.24

3.0

2.0
3.5

Jun 2013

Operating
cashflow

Divestments

0.1

15.1

Others

...
Buy-back

A flexible buyback programme on a
through-cycle basis:




Satisfactory level of Leverage
Growth opportunitie...
Appendix
October 30th, 2013

eni.com
results of operations
million €
Q3 12

Q3 13

31,494

29,423

4,081

3,303

(491)

(5)

3,590

3,298

780

141

4,370

3,4...
G&P: adjusted operating profit by activities
million €

-17.1%

(304)
(356)
50

23

-354
354

-379
379

Q3 12

Internation...
unrealized intragroup profit eliminations
million €
Q3 12

Q3 13

E&P vs R&M

(65)

(34)

E&P vs G&P

(48)

(28)
( )

(3)
...
eni share of profit from investments
million €
2012

Q3

2013

91

36

7
0
21
18
45

1
2
1
11
21

Dividends

273

50

Disp...
G&P share of profit from associates
million €

-60.4%

53
7

21

46

1

20
Q3 12

Q3 13

Marketing
International Transport...
main operating data
9M 12

9M 13

Δ%

1,686

1,633

(3.1)

444.3

417.9

(5.9)

• in Italy**(bcm)

24.63

25.16

2.2

• in...
production by geographical area
kboe/d
-3.8%
1,718
1 718
326

1,653
311

135
90
387

377

593

569

187

189

Q2 13

Italy...
oil & gas production
kboe/d
-3.8%
1,718
1 718

1,653

1,718

1,653

891
1,531

851

1,464

827
187

Q3 13

Q3 12

Q3 13

1...
capex
million €
-5.3%

3,224
3 224

50

3,053

229
192

43

2,710

G&P

64

2,537

Q3 12
E&P

102

190
160

Q3 13
R&M

E&C...
eni consolidated results
62%

-35%

1.10

0.68

0.49

EPS
Euro per share*

0.32

Q3 12

Q3 13

Q3 12
Adjusted

Q3 13
Adjus...
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2013 Third Quarter Results

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Eni announces Results for the Third Quarter and Nine Months 2013

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2013 Third Quarter Results

  1. 1. Q3 2013 results October 30th, 2013 eni.com
  2. 2. Q3 results: highlights E&P  €3 bn net cash in from Mozambique farm out  0.7 Bboe of new exploration resources; 1.6 Bboe in the 9M  P d ti Production i impacted b geopolitical f t t d by liti l factors i Ni in Nigeria and Lib i d Libya G&P  Ongoing supply negotiations  Increased retail base  Enhanced contribution from LNG and trading Downstream  13% of refining capacity permanently closed  Improved performance in Marketing  Progressing on Versalis turnaround plan Board approved the start of the buy-back programme 2
  3. 3. market environment Average European refining margin* Brent $/bbl $/bbl €/bbl €/$ exchange rate €/bbl 7 6 5 5 4 4 3 3 2 110 8 6 120 8 7 120 2 1,35 110 100 100 90 90 80 1,3 1,25 80 70 70 Q312 Q412 Euro Q113 Q213 Q313 1 1 Q312 Q412 Q113 Q213 Q313 1,2 Q312 Q412 Q113 Q213 Q313 USD * Brent/Ural FOB Mediterranean market. Eni calculations on Platt’s Oilgram data 3
  4. 4. Q3 consolidated results Adj. operating profit * Adj. net profit * Million € Million € 1,658 4,078 1,171 3,439 3 39 Q312 E&P G&P R&M E&C and Q3 13 Other Q312 Q313 *Figures exclude Snam contribution in Q3 2012 4
  5. 5. E&P performance Oil & gas production Adj. operating profit kboe/d 1,718 Million € 1,747 1,648 1,600 1,653 4,867 4,336 3,999 3,917 3 917 3,409 Q3 12 Q4 12 Q1 13 Gas Q2 13 Q3 13 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Oil 5
  6. 6. G&P performance Gas sales Adj. operating profit Bcm Million € 29.5 42 24.4 18.4 18.8 17.8 -227 -304 -356 -436 Q3 12 Q4 12 Q1 13 International* Q2 13 Q3 13 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Italy * Including associates and excluding e&p sales in Europe and in the Gulf of Mexico 6
  7. 7. R&M performance Sales Adj. operating profit mmtonnes Million € 52 6.4 5.8 5.8 6.0 -7 5.2 -61 -152 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q3 12 Retail -174 Q4 12 Q1 13 Q2 13 Q3 13 Wholesale 7
  8. 8. other businesses: adjusted operating profit million € Q3 2012  Versalis (173) Q3 2013 Δ% (111) 35.8  Engineering & Construction 387 238 -38.5  Other activities (40) (52) -30.0  Corporate (64) (92) -43.8 8
  9. 9. net debt evolution billion € 0.27 16.5 0.24 3.0 2.0 3.5 Jun 2013 Operating cashflow Divestments 0.1 15.1 Others Sept 2013 3.1 Capex Dividends Leverage 9
  10. 10. Buy-back A flexible buyback programme on a through-cycle basis:    Satisfactory level of Leverage Growth opportunities funded Dividend payments are covered €6 bln overall authorisation Board approved the start of the buy-back programme 10
  11. 11. Appendix October 30th, 2013 eni.com
  12. 12. results of operations million € Q3 12 Q3 13 31,494 29,423 4,081 3,303 (491) (5) 3,590 3,298 780 141 4,370 3,439 Adjusted Profit (133) (104) Net financial income (expense) 364 217 4,601 3,552 (2,482) 9M 12 9M 13 Net sales from operations 94,697 88,699 Operating Profit 13,421 8,596 (577) 331 12,844 8,927 1,984 1 984 172 14,828 9,099 (943) (586) 833 689 Adj. Profit before income taxes 14,718 9,202 (2,251) Taxation (8,427) (6,320) 53.9% 63.4% Tax rate 57.3% 68.7% (340) (130) Minority interest (679) 250 1,779 1,171 Adjusted Net Profit to Eni’s shareholders 5,612 3,132 392 293 2,817 1 Special items 189 2,884 Inventory holding gains (losses) 363 (209) 2,464 2 464 3,989 3 989 Reported Net Profit to Eni’s shareholders Eni s 6,164 5,807 Exclusion of inventory holding (gains) losses Replacement Cost Operating Profit Special items Net share of profit from associates (expense) Δ% (36.0) (30.5) (38.6) (37.5) (44.2) (5.8) Data based on continuing operations 2
  13. 13. G&P: adjusted operating profit by activities million € -17.1% (304) (356) 50 23 -354 354 -379 379 Q3 12 International Transport Q3 13 Marketing 3
  14. 14. unrealized intragroup profit eliminations million € Q3 12 Q3 13 E&P vs R&M (65) (34) E&P vs G&P (48) (28) ( ) (3) 8 0 10 (116) (44) E&C vs Eni Group Insurance vs Eni Group Total 4
  15. 15. eni share of profit from investments million € 2012 Q3 2013 91 36 7 0 21 18 45 1 2 1 11 21 Dividends 273 50 Disposals 0 0 Others O h 0 131 364 217 Equity method accounted for      Gas transportation abroad ( ) EnBw (GVS) – 50% Union Fenosa Blue Stream Pipeline Co BV Others Net income from investments Excludes special items 5
  16. 16. G&P share of profit from associates million € -60.4% 53 7 21 46 1 20 Q3 12 Q3 13 Marketing International Transport 6
  17. 17. main operating data 9M 12 9M 13 Δ% 1,686 1,633 (3.1) 444.3 417.9 (5.9) • in Italy**(bcm) 24.63 25.16 2.2 • international*** (bcm) 43.60 40.53 (7.0) Q3 12 Q3 13 1,718 1,653  Hydrocarbon prod. (kboe/d) 150.5 141.8  Production sold* (mmboe)  Natural gas sales: 5.96 6.13 12.81 11.64 10.54 8.45  Electricity sales (TWh) 32.45 26.30 (19.0) 6.40 6.01  Refined product sales (mmtonnes) 18.04 17.0 (5.8) 1,484 1,425  Chemical production (ktonnes) 4,598 4,450 (3.2) * I l di Including E i’ share of production of j i t ventures accounted f with the equity method Eni’s h f d ti f joint t t d for ith th it th d ** Including self-consumption *** Consolidated sales; excludes E&P sales in Europe and in the Gulf of Mexico 7
  18. 18. production by geographical area kboe/d -3.8% 1,718 1 718 326 1,653 311 135 90 387 377 593 569 187 189 Q2 13 Italy 117 90 Q3 13 North Africa Sub-Saharan Africa Kazakhstan America RoW 8
  19. 19. oil & gas production kboe/d -3.8% 1,718 1 718 1,653 1,718 1,653 891 1,531 851 1,464 827 187 Q3 13 Q3 12 Q3 13 189 Q3 12 802 Italy Abroad Gas Liquids 9
  20. 20. capex million € -5.3% 3,224 3 224 50 3,053 229 192 43 2,710 G&P 64 2,537 Q3 12 E&P 102 190 160 Q3 13 R&M E&C Other 10
  21. 21. eni consolidated results 62% -35% 1.10 0.68 0.49 EPS Euro per share* 0.32 Q3 12 Q3 13 Q3 12 Adjusted Q3 13 Adjusted -19% 26% 1.74 1.38 1.19 0.96 CFPS Euro per share* Q3 12 Q3 13 Q3 12 Adjusted Q3 13 Adjusted * Continuing operations. Average shares: Q3 12 3,622.8 million; Q3 13 3,622.8 million Note: Cash Flow calculated as net profit + depreciation, depletion and amortization 11

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