london, 13th february 2009 - eni · 5 regulated business restructuring: transaction terms `sale of...

2008 Results and Strategy Presentation

London, 13th February 2009

2

2008: A Very Good Year

E&P – Superior production growth: 1,797 kboe/d, +5.6% net of PSA effect

G&P – High cash generation: € 1.9 bln free cash flow

R&M – Italian market share: +140bp to 30.6%

Adjusted net profit up 7.7%

Industry-leading dividend yield2008 total dividend at € 1.30 per share

3

Regulated Business Restructuring

Unlock significant value for Eni’s shareholders

Market

SRG

Italgas

Stogit

100%

100%

50% 40%

10% share buy back

Market

SRG

Italgas Stogit

100%100%

~50% ~40%

~5% shares buy back

Preliminary Results 2008

Alessandro Bernini, CFO

5

Regulated Business Restructuring: Transaction Terms

Sale of 100% of Italgas and Stogit to Snam Rete Gas

Total consideration: €4.7 billion, in line with RAB

Paid in cash through capital increase up to €3.5 billion and new debt up to € 1.3 billion

Eni’s commitment to subscribe its share of capital increase

Snam Rete Gas New Group**

1,511

~2,300Mln €

Snam Rete Gas* New Group**

12.8

~20.0Bln €

* SRG estimate assuming an annual inflation rate of 2% and on the basis of the current regulatory framework ** Proforma data: Snam Rete Gas + Stogit S.p.A.+ Italgas S.p.A. & Napoletana Gas S.p.A. (excl. other subsidiaries)

2008 Preliminary EBITDA 2008 RAB

6

Market Environment

* FOB Mediterranean market, lead free gasoline. Eni calculations on Platt’s Oilgram data

Δ% Q4 08/Q4 07

€/$ -9.1%

Δ% Q4 08/Q4 07

-38.1%

-31.9%

$/boe

€/boe

Δ%Q4 08/Q4 07

+89.7%

+108.5%

$/boe

€/boe

Brent €/$ Exchange RateAverage EuropeanRefining Margin*

12345678

Q407 Q108 Q208 Q308 Q40812345678

1.3

1.4

1.5

1.6

Q407 Q108 Q208 Q308 Q408

405060708090

100110120

Q407 Q108 Q208 Q308 Q408405060708090100110120

$/bl €/bl €/bl$/bl

7

1,943

13,694

5,292

17,71513,702

5,166

18,177

6,792

2,678

8,258

Consolidated ResultsMillion €

8,825

-11.8%

7,001

2007 2008

10,011

Operating profit

Net profit

10,201

+7.7%

-27.4%

18,641

-1.2%

-91%

18,868 21,793

+14.8%

-22.9%

18,986

2007 2008

2007 2008

2007 2008

3,0109,699

464 4,078

(874)

Reported Adjusted*

Q49M

* Excluding special items and gains (losses) on inventory

9,470

8

E&P: Operating ProfitMillion €

Lower oil prices

Higher DD&A

Higher exploration

expenses

€/$ depreciation

Q4 08/Q4 07 highlights


Q4 07

16,415

13,788

3,929

9,85914,310

-46.4%

20082007

+19.1%

17,416

14,051

4,127

9,924

2,762

14,654

-33.1%

+23.9%

20082007

2,105

Reported Adjusted*

Q49M

Special items & inventory valuation

Q4 08Asset impairments (646)Net gains on disposal of assets (4)Redundancy incentives (2)Others (5)

Asset impairments (150)Redundancy incentives (5)Others (43)

9

G&P: Operating ProfitMillion €

3,9334,127

1,431

2,696 2,984

-33.7%3,541

4,092

1,309812-38.0%

2,783 2,729

-13.5%

949


Q4 07 Q4 08Inventory gains 36Redundancy incentives (15)Environmental provisions (13)Others 114

Inventory gains 153Redundancy incentives (12)Environmental provisions 2Others (6)

-4.7%

Q4 08/Q4 07highlights

Lower volumes sold, particularly in Italy

Reduced electricity sales

US$ appreciation


Reported Adjusted*

20082007 20082007

Q49M

10

Reported Adjusted*

R&M: Operating ProfitMillion €

(1,023)

729

(2,245)

329 566

20082007 20082007


+72.0%


Q4 07 Q4 08Inventory gains 252Asset impairments (57)Environmental provisions (54)Redundancy incentives (12)Others (7)

Inventory losses (2,233)Asset Impairments (149)Environmental provisions (48)Redundancy incentives (13)Net gains on disposal of assets (3)

Higher refining margins in US$

Higher retail margins

€/$ depreciation

Lower throughput

Q49M

nm

7023654241,222

Q4 08/Q4 07 highlights

(95)

27201

11

Other Businesses: Adjusted Operating ProfitMillion €

2007 2008 Δ %Q4 2007 Q4 2008

+23.9%

nm

-51.4%

-17.9%

(91)

(114)

298

(91)

(129)

(64)

250

(48)

90

(183)

840

(207)

(375)

(277)

1,041

(244)

Petrochemicals

Engineering& Construction

Other activities

Corporate

12

1.2

10.6

2007 2008

14.6

16.9

4.3

0.8

21.8

23.0

25.1

4.9

15.5

Cash Flow from operations

Divestments

Others

Sources and Uses of CashBillion €

Buy Back

Capex Dividends

Acquisitions

5.2

Sources and uses of cash

9.9

26.4

1.0

0.2

0.7

0.7

13

Net Financial DebtBillion €

Net debt to equity

Strong cash generationHigh credit standing Diversified credit lines availability without MAC and financial covenants

Total Debt 20.9▪ Short-term 6.8

- o/w Euro Commercial Paper 3.7▪ Long-term 14.1Liquidity & Others (2.5)Net Debt 18.4

Undrawn committed bank lines 5.2▪ Short-term 3.3▪ Long-term 1.9Undrawn uncommitted bank lines 7.1

December 2007

December2008

0.38

16.3

18.4

0.38

14

2008 Cash Returned to Shareholders

5.7 € billion

=

2008 Interim dividend

2007 Final dividend

Share buyback

2008 overall cash distribution

YTD

September 22nd*0.65 € /share

May 19th*0.70 € /share

0.8 € billion

2.3 € billion

2.6 € billion

* Ex dividend date

2008 Cash out

2009-2012 Strategy

Paolo Scaroni, CEO

16

Our Short Term Market Outlook: a Tough Time ahead

0

50

100

150

2005 2006 2007 2008 2009

0

200

400

600

2008 2009 2010 2011 2012

European demand - Bln cm

Brent $/bl

Low and Volatile Oil Price

$/bl €/bl

Italy

Rest of Europe

123456789

2005 2006 2007 2008 2009123456789

Weak Gas Market Declining Refining Margins

TRC Brent

17

Eni: Ideally Positioned to Cope with Industry Challenges

3.54.13.93.53.43.73.4

25.038.2

54.4 65.1 72.5 97.0

28.8

2002 2003 2004 2005 2006 2007 2008

Leading lifting costs of 7.5 $/bl

G&P30%

R&M10%

Other4%

E&C8%

E&P48%

E&P Low-cost portfolio

G&P Resilient cash generation

R&M Limited capital employed

Top producer

Leading Player

EBIT adj. bln € Brent $/bl

18

E&P: Sustainable Organic Growth

Large player in fastest growing areas

Strong presence in giant projects

Focus on three core regions

85% of new production

breakeven <45$/bl*

1,797 >1,850 >2,050

2008 2009 2012

+3.5%

kboe/d

E&P

97 $/bl 43 $/bl 55 $/bl

Reserve replacement ratio 130 in 2009-2012

Top producer

Leading Player

* @ WACC adjusted for country risk

19

G&P: Resilient Cash Generation

Strengthen our 21% leading market share in Europe

Enhance flexibility leveraging on Distrigas acquisition

Preserve the leading position in the Italian gas market

Sales outside Italy: +7% CAGR 2008-12Cumulative 2009-12 Ebitda pro-forma: € 20 bln

20

R&M: Improve Profitability

Selective upgrade in refining with focused capex

Market share growth in Italy

Enhanced operational efficiency

2012 +400 mln € Ebit vs 2008Cash neutral by 2010

21

+1.4% -7.1%

2005-08 2008-12

Direct costs(real term cagr)

Procurement & ICT processes and structure streamlining

Overheads reduction

G&P R&M

Mass market costs to serve (€/customer)

16.822.8

12.8

20082005 2012

CRM optimization

Overheads reduction

0.6 0.7Cost savings ($/bl of refining capacity)

2005-08 2008-12

Overheads reduction

Energy savings

+100% savings

Efficiency Programme to Enhance Profitability

Corporate

Real term, base line 2005

* ExxonMobil, BP, Shell, Chevron, ConocoPhillips, Total (based on company reports); Eni included

-9.7% -6.6%CAGR

Opex $/bl

E&P

Benchmark Group*

Eni5.95.55.0

Technology improvements & operational excellence

Procurement optimization

2007 2008 2012

Bln €

~1.0

~2.0

~1.0

90% achievedby 2008

Bln

~1.0

~2.0

~1.0

achievedby 2008

2006-2010 New initiatives

2006-2012

22

Disciplined Capex to Fuel Growth

Bln €

High resilience in low oil price scenario

High flexibility: E&P capex ~25% uncommitted in 2009-10; ~85% uncommitted in 2011-12

Spending optimisation

2009 capex: €14.1 bln

Attractive capex programme

48.8

E&P

G&P

R&M

OthersSaipem

2008-2011Capex plan

2009-2012Capex plan

49.8 (1.0)

Variation

31.7

6.5

4.1

4.71.0

32.6

7.0

2.83.9

1.0

1.51.8Stogit

23

Cash Allocation Priorities

Attractive and flexible capex program

Commitment to maintain strong credit rating

Superior dividend yield

Exploration & Production

Claudio Descalzi, COO

25

2008 Production Growth (%)

Record Production

1.736 1.7971,8541,815

0

200

400

600

800

1000

1200

1400

1600

1800

2000

4Q 07 4Q 08 2007 2008reported

+2.1% +3.5%

+5.6%net of PSA

88.7 54.9 72.5 97Brent($/bl)

Reported PSA effect 1$/bl: ~ 1.5 kboe/d

kboe/d Production @ 64 $/boe: 1,846 kboe/d, well above target

-6.2

-3.9

-3.4

-2.1

-2.0

0.5

3.5

ExxonMobil

ConocoPhillips

Chevron

Total

Shell

BP

Eni

26

Selective M&A

2008 M&A BurrenFirst Calgary

11 billion USD in 2007-2008

>100 kboed in 2008

250 kboed at 2012

NPV value + 18% vsconsideration

3P reserves + 10 %

Eni’s M&A vs Peers

Eni breakeven <50 $/bl; <6 $/MMBTU

Other competitors

Other competitors

Other competitors

70-80 $/bl

8 $/MMBTU

10 $/MMBTU

Break even price

27

Solid Reserve and Resource base

6.4 6.6

(0.7)0.9

2007 Promotions Production 2008

RRR Organic : 130%RRR All sources : 135%

RRR~ 83% @96$

~6.6

~13.5

Solid resource base to sustain long term growth ~29

Proved Reserves (Bln boe)

Total Resources (Bln boe)

95% sustainable @30$/bl

Life index (year)

Brent ($/bl)

Life index (year)

Year-end Brent ($/bl)

From consolidated subsidiaries and share of equity affiliates and unconsolidated entitiesEni’s 30% equity in Russian assets, 20% GazPromNeft not included

10.0 10.0

96 36.5

10.0 20.5 44

Long term price 57 $/bl (real)

Proved Proved+Probable Total*

*Proved + Unproved Reserves + Contingent Resources + Risked exploration

28

Exploration Success

Key areas

2008 main discoveriesNew unconventional projects

Rate of Success >70% with effective time to market Strategic positioning in growing plays89% of new acreage in 5 years, nearly all operated

StonesKodiakHadrian BAransas Deep

Kitan

AphroditeGammaMarulk

Bonga N

SangosN’Goma

Saquib 1ALatif

Ha’py 9

Cassiopea-1Argo-2

U1 NC 41D1 NC41

US GoM

Culzean

Ika

4.3 bln boe from exploration since 2004 (1.1 bln boe in 2008)

LIBYA

NORWAY

ITALY

NIGERIA

ANGOLA AUSTRALIA

EGYPT

UK

PAKISTAN

CROATIA

CONGOVENEZUELA

29

Eni Growth Story and Future Goals

1,038

1,797

>2,050

0

500

1000

1500

2000

1998 2008 2009 2012 2015

3.5%~ 3.0 %

5.6%

Brent ($/bl)

Focus on sustainable projects in main core regions

Increasing exposure to Giants

Eni’s unique approach in co-operation with producing countries

Production since 1998

Superior growth and resilience under current conditions

9713 43 55 59

kboe/d

CAGR

30

Focus on Core Regions

Africa 54%

OECD 31%

FSU 7%

Others 8%

Top IOC producer (1° or 2°)

Leading player

Average lifting costs7.5 $/bl

7.4

9.05.6

Production 2008 1,797 kboe/d

Production 2012 >2,050 kboe/d

Africa 55%

OECD 28%

FSU 9%

Others 8%

31

2009-2012 Main Start-ups

20112010

2009

Project start-ups Op. Peak boe/d 100%

Abo phase 2 √ 14,000M’Boundi water inj. √ 35,000Maamoura √ 7,000Blacktip √ 14,000Longhorn √ 29,000WLGP+1 √ 22,000Oyo √ 29,000 Tombua-Landana 100,000Tyrhians 90,000 Thunderhawk 36,000Gambat 10,000


IAN/EOR √ 15,400Wafa redevelopment √ 28,000Kitan √ 35,000Sicily Channel √ 10,000Stones 19,000Gamma 20,000Marulk √ 30,000Seth 25,000MLE √ 55,000


Rom Integrated √ 20,000Libondo 8,000M'Boundi Gas to IPP √ 22,000 Morvin 45,000 Nikaitchuq √ 26,000Sambursgkoye √ 143,000 Appaloosa √ 5,600 Bourigas √ 6,600 Val D’Agri phase 2 √ 40,000Baraka √ 6,000

OECD14 start-ups

Africa18 start-ups

FSU2 start-ups

2012


A-LNG 150,000

Karawan √ 6,200

Kashagan √ 450,000

Jasmine 100,000

El Merk 145,000

Mavacola 64,000

CAFC √ 65,000

37 main start-ups

525 kboe/d of new production by 2012

32

Resilient Portfolio: Highly Profitable Growth

New production (kboe/d)

Bre

akev

en ($

/bl)

0

10

20

30

40

50

60

70

200 300 400 525100

Breakeven* of New Production 2009-2012

* At WACC adjusted for country risk

33Source: Goldman Sachs “top 190 projects” and Eni elaboration

2008 2012 2014

859

~1,080

~930

Producing

Start-ups & growth

Operated production 69% 73% 79%

Giant Projects Equity Production

Present in 37 giant projects (>0.5 bln boe), of which 18 operated

kboe/d

Growing Exposure to Giant Projects

34

26.924.9

4.74.1

1.82.1

5.9 -5.0

Capex 2009-12Capex 2009-12

2.8%

-19%

-13%

+7%

Spending optimisation and growth resilience

0%

20%

40%

60%

80%

100%

2009 2010 2011 2012

Committed Uncommitted

Portfolio Flexibility

Exploration Development Others

2009 Capex Budget

2008-11 2009-12Additionalactivities/Rephasing/ Inflation

Spending optimization

Development Exploration Others

31.7 32.6

Total9.2 bln euro

bln euro

2008-11 Excluding non consolidated capex (3.3 bln €), Burren cash out (2 bln €), Storage (1.8 bln €) and exchange rate effect2009-12 Excluding non consolidated investment (1.5 bln €)

35

Resilient operations

Current production Average lifting costs 7.5 $/bl

New Projects 85% of new production sustainable @ 45 $/bl

Reserves 95% of 2P reserves robust @ 30$

Gas & Power

Domenico Dispenza, COO

37

2007 9M 08 Q4 08 2008

Mln €

2008 Results

EBITDA pro forma adjusted

Q4 08/Q4 07highlights

Lower volumes sold,

particularly in Italy

Reduced electricity

sales

US$ appreciation

MarketingRegulated businesses in Italy

International Transportation

5,077

4,466

755

1,401

2,310

720

1,289

3,068

(62)

(549)

+4.9%

+8.7%

-24.7%

38

Tough competitive environment in Italy:

1% decline in gas consumption expected in 2009

2% CAGR in the plan period

Additional import capacity

Revised European gas demand:

Flat in 2009

2% CAGR in the following years

Direct entry of gas producers into the end-user market

Weaker Outlook for Gas Demand in Europe

Cautious near-term prospects, normalizing in the medium term

39

Italy: Preserving Profitability

Focus on higher-margin and most loyal customers:

Gas fired power generation segment: maintain market share

Industrial segment: cherry-pick clients

Residential segment: extend dual offer and overall customer base

Further efficiency gains

Maintain the leading position in the Italian gas market

40

Strong growth in the core European markets despite increasing competition and slowing demand

Extra-European sales at 6.9 Bcm in 2012

International Sales

Bcm

Iberian Peninsula

16%

UK/NWEurope

3.2

6.8

Strengthen European leadership in a weak market environment

Sales outside Italy: 7% CAGR 2008-2012**

7.58.6

5.84.1

3.3 3.1

2008 2012

2008 2012

Turkey

4.96.4

14%

2008 2012

* 100% Distrigas sales ** Includes 100% Distrigas in 2008 and excludes sales to importers in Italy

Market share in 2012ConsolidatedAssociates

Germany/Austria

5.37.62.4

2.2

3.1 5.2

7%

2008 2012

Benelux22%

2008 2012

13.5* 14.8

2008 2012

4.0*6.8

13%

France

41

2009-12 Targets

39%

Pro-forma2008

124

61%

51%

114

49%

55%

20

30%

53%

19

31%

Marketing

Int. Transport

Previous target

New target

Abroad* Italy Regulated businesses in Italy

15%16%

Distrigas sales @ 100%

Steady expansion in international sales despite weak demand

Resilient results in all business segments

* Including E&P gas sold in Europe and Gulf of Mexico

104

2012 2008-11 2009-12

Gas Sales (Bcm) Cumulated EBITDA (Bln €)

42

2009-12 Capex Plan

Marketingand Power

87%

13% 25%

75%

6.57.0

2008-11 Plan 2009-12 Plan

Regulatedbusinesses

Bln €

€5.3 billion in regulated business with guaranteed return

€0.7 billion in international storage to increase flexibility

€0.7 billion in power generation to consolidate Italian market share

Refining & Marketing

Angelo Caridi, COO

44

2008 Results

EBIT Adjusted

Favorable refining scenario in 2H08Higher retail contribution margin: +24%Italian retail market share: +140bp to 30.6%Cost savings: 6% workforce reduction in Italy

FY 2007 Scenario Performance FY 2008

329

566196 41

Mln €

+60% +12% +72%

45

Declining Refining Scenario

Declining Demand

New capacityin Middle and Far East

Widespread upgrading

Refining & Marketing Vision

Operational Efficiency

Enhance Profitability

Focused growth in marketing

Rationalization of refining capacity and selective capex

46

Conversion index

Start up of 3 hydrocrackers in 2009

EST plant start up by 2012

Improve conversion index and operational flexibility

Middle distillate yield

2008 2012

Increase retail market share in Italy

Reach critical mass (>10%) inCentral-Eastern Europe

Strengthen non oil activities, customers loyalty and service quality

5765

2008 2012

Profitability Enhancement

31% 32%Marketshare in Italy

2012 + €400 mln Ebit vs 2008Free cash flow positive by 2010

40%45%

57%65%

Employees 2008 vs 2012

Cost efficiency up to € 150 mln by 2012

-4%

Marketing Refining

4-8%> 10%

Market share> 30%

Main upgrading investments

47

Reduced Capex Plan

ESTSannazzaro

22%

33%

45%

OtherRefining

Marketing

Development

30%

70%

75%

25%

Stay inBusiness

4.0

2.8

-30%

Plan 08-11

Plan 09-12

Bln €

48

Growth and Value

Sustainable and efficient growth across core activities

Superior returns to shareholders

Strong and resilient cash generationCash neutrality

@ 41$/bl in 2012

49

Disclaimer

Data and information herewith set forth are extracted from Eni’s press release on the fourth quarter of 2008 filed with Italianauthorities regulating exchanges and securities and disseminated concomitantly with this presentation. The press release on the fourth quarter of 2008 includes the certification rendered by the company CFO, in his quality as manager responsible for the preparation of financial reports, pursuant to article 154-bis paragraph 2 of legislative decree No. 58/1998 stating that the quarterly accounts correspond to the company’s evidence and accounting books and entries.This presentation contains forward-looking statements regarding future events and the future results of Eni that are based on current expectations, estimates, forecasts, and projections about the industries in which Eni operates and the beliefs and assumptions of the management of Eni. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on equity, risk management and competition are forward-looking in nature. Words such as ‘expects’, ‘anticipates’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, variations of such words, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Therefore, Eni’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, the impact of competition, political and economic developments in the countries in which Eni operates, regulatory developments in Italy and internationally and changes in oil prices and in the margins for Eni products. Any forward-looking statements made by or on behalf of Eni speak only as of the date they are made. Eni does not undertake to update forward-looking statements to reflect any changes in Eni’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further disclosures Eni may make in documents it files with the US Securities and Exchange Commission.

Appendix

51

Results of OperationsMillion €

Q4 07 FY 07 FY 08 Δ %Q4 08

5,166 Operating Profit 18,868 18,641 (1.2)464

275 Inventory holding gains (losses) 620 (936)(2,348)

(401) Special items (738) (2,216)(1,266)

25,378 Net sales from operations 87,256 108,190 24.024,607

4,891 Replacement Cost Operating Profit 18,248 19,577 7.32,812

5,292 Adjusted Operating Profit 18,986 21,793 14.84,078

5,367 Profit before income taxes 20,028 19,250 (3.9)116

3,010 Net Profit 10,011 8,825 (11.8)(874)

2,678 Adjusted Net Profit 9,470 10,201 7.71,943

(56) Net financial income (expense) (83) (764)(505)

257 Net share of profit from associates (expense) 1,243 1,373 10.5157

(2,183) Taxation (9,219) (9,692) (5.1)(874)

40.7% Tax rate 46% 50.3%…%

174 Minority interest 798 733116

108 Special items 42 (653)(1,124)

224 Inventory holding gains (losses) 499 (723)(1,693)

52

G&P: Adjusted Operating Profit by ActivitiesMillion €

1,419

4,092

445

2,228

3,541

1,549

523

1,469

Regulated Businesses

Marketing & Power

Q4 2008Q4 2007

1,309

445

114

750

-13.5%

812

466

145

201

FY 2008FY 2007


-38%

53

Eni Share of Profit from Associates

Q42007 2008 2007 2008

178 Equity method accounted for222 632 754

Gas Transportation AbroadEnBw (GVS)Union FenosaBlue StreamOthers

15 16568

83

9 115110

141

7031

18139

311

4445

20034

431

Dividends35 92 170 510

Disposals(1) 1 10 3

Others- (22) - (15)

Net income from associates212 293 812 1,252

54

G&P Share of Profit from AssociatesMillion €

421

70

337

416

2744

345Regulated Businesses

Marketing & Power

Q4 2008Q4 2007

15

108

-1.2%

9

67

20082007


-32.3%

127

864

10

14

55

Eni Consolidated Results

* Average shares: Q4 08 3,622 million Q4 07 3,661 millionNote: Cash Flow calculated as net profit+amortization & depreciation

Q4 2008 Adjusted

Q4 2007Adjusted

-26%

-2%

Q4 2008Adjusted

Q4 2007Adjusted

1.28 1.26

0.73

-49%

1.42

0.73

Q4 2008 Q4 2007

0.82

Q4 2008 Q4 2007

-0.24

0.54

n.m.

EPSEuro per share*

CFPSEuro per share*

56

2008 Consolidated Results

* Average shares: 2008 3,639 million; 2007 3,669 millionNote: Cash Flow calculated as net profit+amortization & depreciation

FY 2008 Adjusted

FY 2007Adjusted

8.5%

14%

FY 2008Adjusted

FY 2007Adjusted

4.50 5.12

2.58

9%

4.70 5.12

FY 2008 FY 2007

2.73

FY 2008 FY 2007

2.432.80

-11%

EPSEuro per share*

CFPSEuro per share*

57

CapexMillion €

+28.3% 4,691

Q4 2007

G&P

R&M

E&P

Other

Q4 2008

3,657

2,063

478

429

E&C

589

3,032

540

422

570

+37.5%

14,562

10,593

6,625

1,410979

1,366

9,545

1,794

965

2,027

231

213

FY 2007 FY 2008

98

127

58

Main Operating Data

2007 2008 Δ %Q4 08Q4 07

* Including Eni’s share of production of joint venture accounted for with the equity method** Including self-consumption

*** Consolidated sales

Hydrocarbon prod. (kboe/d)1,815 1,854 1,736 1,797 3.5

162.1 163.2 611.4 632 3.4Production sold* (mmboe)

16.2 13.3 56.1 52.8 (5.8)Natural gas sales in Italy**(bcm)

8.8 13.8 27.9 35.6 27.8Natural gas sales in Europe*** (bcm)

9.3 9.11 30.9 33.8 9.6Natural gas transported on behalf of third parties in Italy (bcm)

8.3 6.9 33.2 29.9 (9.8)Power production sold (TWh)

13.9 12.1 50.2 50.7 1.1Refined product sales (mmtonnes)

1.3 0.9 5.5 4.7 (14.5)Petrochemical sales (mmtonnes)

59

Production by Geographical AreaKboe/d

207 190

641 635

316 356

111

301

244279

128

261

212 199

594 645

327 335

112 123

258

261 237

230

Caspian Area

North Sea

West Africa

North Africa

Italy

1,736

FY 2007 FY 2008

1,7971,815

Q4 2007 Q4 2008

1,854

Rest of World

+3.5%+2.1%

60

Oil & Gas ProductionKboe/d

716 771

1,020 1,026

+7.7%

+0.6%

2007 2008

GasLiquids

1,7971,736

767 775

1,048 1,079

+1.0%

+3.0%

Q4 07 Q4 08

1,8541,815

+2.1% +3.5%

61

G&P: Natural Gas Volume SoldBcm

2.5

AssociatesConsolidated

-5.8%

52.856.1

16.213.3

Eni sales (including self consumption)

Q4 08Q4 07 FY 08FY 07

-17.8%

13.617.7

+30.3%

10.9

42.851.4

+19.9%

8.7

34.1

8.9

42.5

Italy

Abroad

Natural Gas Sales:

15.2

Q408/Q407 +4.2% FY 08/FY 07 +5.3%

2.7

Q4 08Q4 07 FY 08FY 07Include E&P sales in Europe and GoM

london, 13th february 2009 - eni · 5 regulated business restructuring: transaction terms `sale of...

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