Eni’s 4Q Profit Up 13 Pct (Italy)

Italy’s Eni, the international oil and gas company, today announces its group results for the fourth quarter and the full year 2012 (unaudited).

The company reported a net profit for the full year 2012 of  €7.79 billion, a 13,5% increase compared to 2011. Eni has also reported a net profit of €1.46 billion for the 4th quarter, a 13,3% increase compared to 4Q 2011.

Eni’s board has recommended dividend  for the full year of €1.08 per share (includes an interim dividend of €0.54 per share paid in September 2012).

Adjusted net profit
In the fourth quarter of 2012, adjusted net profit from continuing operations was €1.52 billion (down 3.6%). The better operating performance was absorbed by lower profit earned by equity-accounted entities and joint ventures (down by €243  million) and an increased consolidated tax rate (up by eleven percentage points) due to higher taxable profit reported by the Exploration & Production division, write-down of prior-quarter deferred tax assets at Italian subsidiaries which were not classified as special charges (approximately €230 million), as well as lower profit from investments. For the full year 2012, adjusted net profit from continuing operations amounted to €7.13 billion, up 2.7%.

Paolo Scaroni, Chief Executive Officer, commented:

“2012 was a record year for exploration at Eni with discovered resources about six times yearly production thanks to our outstanding achievements in Mozambique and our other successes in West Africa, in the Barents Sea and in Indonesia. We have also made significant progress in developing projects, further increasing our reserves to best ever levels. Production growth has delivered excellent operating profits at our Exploration and Production division. In Gas & Power and Refining & Marketing we have realised significant efficiency improvements that have allowed us to absorb most of the effects of the still difficult European scenario. Thanks to Eni’s capital structure, which has also been strengthened by the disposals of Snam and Galp, the company will achieve industry-leading upstream growth rates.”

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February 15, 2013