Eni Q4 Gas Sales Down (Italy)

Eni, the international oil and gas company, announced preliminary results for the fourth quarter and the full year 2011.

Financial Highlights

• Adjusted operating profit: €17.97 billion for the full year (up 4%); €4.26 billion for the quarter (down 10%)

• Adjusted net profit: €6.97 billion for the full year (up 2%); €1.54 billion for the quarter (down 10%)

• Net profit: €6.89 billion for the full year (up 9%); €1.32 billion for the quarter (up 141%)

• Cash flow: €14.39 billion for the full year; €3.19 billion for the quarter

• Dividend proposal for the full year of €1.04 per share (includes an interim dividend of €0.52 per share paid in September 2011)

Operational Highlights

• 80% of the Company’s Libyan output now online; full plateau seen in the second half of 2012

• Oil and natural gas production down 14% in the quarter to 1.68 mmboe/d (down 13% for the full year). Excluding the impact of the force majeure in Libya and price effects, production was unchanged

• Preliminary year-end proved reserves estimate: 7.09 bboe with a reference Brent price of $111 per barrel. The all-sources reserve replacement ratio was 142%

• Natural gas sales: down 11% to 25.5 billion cubic meters in the quarter (unchanged on yearly basis)

• The giant discovery in Mozambique has exceeded expectations and opens new growth opportunities in the gas market

• Sanctioned the development plan of the Perla gas field in Venezuela

• Strengthened the exploration portfolio in the Barents Sea, Angola, Indonesia and Australia through new discoveries and contracts

Paolo Scaroni, Chief Executive Officer, commented:

“2011 was a year of significant exploration success for Eni. The large Mamba discovery in Mozambique opens up extraordinary development opportunities and is ideally placed to serve the fast-growing Asian gas markets. We have also made important discoveries in the Barents Sea, Angola and South-East Pacific. Meanwhile, we have rapidly restarted our Libyan operations, reducing the impact of the Revolution on 2011 results. The difficult macro economic situation in Italy and Europe has impacted our results in Gas & Power, Refining & Marketing and in the petrochemical sector. Despite that, thanks to our excellent strategic positioning, Eni will continue to generate industry-leading results, and create value for its shareholders in the long term.”

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LNG World News Staff, February 15, 2012