Italy: Eni Delivers Solid First Quarter Results

Eni, the international oil and gas company, today announces its group results for the first quarter of 20111 (unaudited).

Financial Highlights

• Adjusted operating profit: up 18.4% to €5.13 billion

• Adjusted net profit: up 21.6% to €2.22 billion

• Net profit: up 14.6% to €2.55 billion

• Cash flow: €4.19 billion

Operational Highlights

• Oil and natural gas production for the quarter was down by 8.6% due to the shutdown of activities in Libya

• Natural gas sales for the quarter rebounded from a year ago, up by 6%

• Acquisition of two important exploration and development leases in Ukraine

• Continuing exploration success with the Perla 4 appraisal well and offshore discoveries in Ghana, the Barents Sea and the UK North Sea

Paolo Scaroni, Chief Executive Officer, commented:

“In the first quarter of 2011, marked by the Libyan events, Eni delivered a solid set of financial results on the back of a favourable oil price environment. In spite of ongoing uncertainties regarding resumption of our activities in Libya, the profitability and growth outlook for our Company has remained positive underpinned by a sound financial position, the quality of our asset portfolio, and a strong projects pipeline”.

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Source: Eni, April 27, 2011;