Italy: Eni Announces 2010 Fourth Quarter and Full Year Results

Eni, the international oil and gas company, today announced the Group preliminary results for the fourth quarter and the full year 2010 (unaudited).

Financial Highlights

• Adjusted operating profit: €4.74 billion in the quarter (up 28%); €17.3 billion for the full year (up 31.9%).

• Adjusted net profit: €1.72 billion in the quarter (up 23.6%); €6.87 billion for the full year (up 31.9%).

• Net profit: €0.55 billion in the quarter (up 40.2%); €6.32 billion for the full year (up 44.7%).

• Cash flow: €3.15 billion in the quarter; €14.69 billion for the full year.

• Dividend proposal for the full year of €1.00 per share (includes an interim dividend of €0.50 per share paid in September 2010).

Operational Highlights

• Oil and natural gas production: 1.954 million barrels per day in the quarter, up 2% from 2009 on a comparable basis  (up 1.1% for the full year).

• Preliminary year-end proved reserves estimate: 6.84 bboe with a reference Brent price of $79 per barrel. All sources reserve replacement ratio was 125% on a comparable basis.

• Natural gas sales: up 1.3% to 28.76 billion cubic meters in the quarter (down 6.4% for the full year).

• Junin 5 in Venezuela: established a joint venture for developing the giant oilfield with first oil expected in 2013.

• Giant Zubair field in Iraq: first production booked in the fourth quarter.

• Giant Perla field: appraised to be the largest gas discovery ever in Venezuela with volumes of gas in place of 400 billion cubic meters.

• Poland: awarded licences in high potential areas for shale gas.

• Ecuador: renewed the service contract for the Villano oilfield with extension in the Oglan discovery area.

• Started production at all 12 fields planned for the year.

Paolo Scaroni, Chief Executive Officer, commented:

“In 2010, Eni delivered operating and financial results which rank among the best in its peer group. In E&P, where we reported record production, we paved the way for future growth thanks to our entry into new countries, including Togo, Democratic Republic of Congo and Poland. We also strengthened our position in established areas of operation, such as Venezuela and Iraq, where we expect high productive potential. Thanks to our excellent strategic positioning, Eni will continue to generate industry-leading results, and create value for its shareholders.”

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Source: Eni, February 16, 2011;