Eni 2011 1Q Results, April 27 2011, update on Libya, market environment, 2010 Q4 consolidated results, E&P performance, G&P performance, G&P: ebitda proforma adjusted*, R&M performance, other businesses: adjusted operating profit, sources and uses of cash

1. 2011 first quarter results
27 April 2011
eni.com

2. update on Libya
Progressive shutdown of most
producing fields since Feb. 22nd
Impact on E&P production:
-129 kboe/d
Wafa gas field still in operation (50-55
kboe/d as of April 1st)
No damage to assets
Facilities on “hot standby” – ready to
restart quickly
2

3. market environment
Average European
Brent €/$ exchange rate
refining margin*
$/bl €/bl $/bl €/bl
120 120 6 6 1,5
105 105 5 5
90 90 4 4 1,4
75 75 3 3
60 60 2 2 1,3
45 45 1 1
30 30 0 0 1,2
Q110 Q210 Q310 Q410 Q1 11 Q110 Q210 Q3 10 Q410 Q1 11 Q110 Q210 Q310 Q410 Q1 11
USD Euro
* Brent/Ural FOB Mediterranean market. Eni calculations on Platt’s Oilgram data
3

4. Q4 consolidated results
Adj. operating profit Adj. net profit
Million € Million €
5,127
4,331
2,216
1,822
Q1 10 E&P G&P R&M Other Q1 11 Q1 10 Op. Inv/Fin Taxes Minor Q1 11
Profit adj Charges
4

5. E&P performance
Oil & gas production Adj. operating profit
kboe/d Million €
4,120
1,954 4,028
1,842
1,758 1,705 1,684 3,442
3,296
3,118
Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11
Oil Gas
5

6. G&P performance
Gas sales Adj. operating profit
Bcm Million €
31.6
28.9
27.2 1,267
958
17.9 17.4 777
629
446
Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11
Italy International*
* Including associates
6

7. G&P: ebitda proforma adjusted*
million €
1,432
1,159
1,054
921
825
703 675
Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11
International Regulated Marketing
Transport businesses in Italy
* Ebitda pro forma includes: pro-quota ebitda contribution from SRG and associates
7

8. R&M performance
Process utilization index Adj. operating profit
% Million €
86 14
84
79
77
70
-39
-52
-94
-148
Q1 10 Q2 10 Q3 10 Q410 Q1 11 Q1 10 Q2 10 Q3 10 Q410 Q1 11
8

9. other businesses: adjusted operating profit
million €
Q1 Q1
Δ%
2010 2011
Petrochemicals (59) (12) 79.7
Engineering & Construction 289 342 18.3
Other activities (57) (45) 21.1
Corporate (65) (84) -29.2
9

10. sources and uses of cash
billion €
5.3
0.8
0.7
Sources Uses
4.2
5.1
4.2
Cash flow from 3.3 Capex
operations 3.1
0.5 0.2 Others
Divestments
4.6
4.2
2.8 2.9
Q1 2010 Q1 2011
10

11. Appendix
27 April 2011
eni.com

12. results of operations
million €
Q4 10 Q1 10 Q1 11 Δ%
28,113 Net sales from operations 24,804 28,779
2,875 Reported Operating Profit 4,847 5,638 16.3
(132) Inventory holding losses (gains) (409) (669)
2,743 Replacement Cost Operating Profit 4,438 4,969 12.0
1,996 Special items (107) 158
4,739 Adjusted Operating Profit 4,331 5,127 18.4
(184) Net financial income (expense) (245) (83)
82 Net share of profit from associates (losses) 210 265
4,637 Profit before income taxes 4,296 5,309 23.6
(2,618) Taxation (2,277) (2,681)
56.5% Tax rate 53.0% 50.5%
(296) Minority interest (197) (412)
1,723 Adjusted Net Profit 1,822 2,216 21.6
96 Inventory holding gains (losses) 280 474
(1,271) Special items 120 (143)
548 Reported Net Profit 2,222 2,547 14.6

13. G&P: adjusted operating profit by activities
million €
-24.4%
1,267
120
958
533 116 International Transport
554 Regulated business in Italy
614
288 Marketing
Q1 10 Q1 11

14. unrealized profit in stocks (UPIS)
million €
Q1 10 Q1 11
E&P vs R&M (75) (14)
E&P vs G&P 17 20
E&C vs Eni Group (10) (10)
Total UPIS (68) (4)

15. eni share of profit from associates
Q1
2010 2011
Equity method accounted for 169 174
Gas transportation abroad 22 21
EnBw (GVS) 2 2
Union Fenosa 36 42
Blue Stream 9 9
Others 100 100
Dividends 42 114
Disposals - -
Others (1) (23)
Net income from associates 210 265

16. G&P share of profit from associates
million €
15.3%
113
98
21
22 11
11
81
65
Q1 10 Q1 11
Marketing Regulated business in Italy
International Transport

17. main operating data
Q4 10 Q1 10 Q1 11 Δ%
1,954 Hydrocarbon prod. (kboe/d) 1,842 1,684 (8.6)
173.6 Production sold* (mmboe) 158.6 145.7 (8.1)
10.6 Natural gas sales in Italy**(bcm) 10.9 12.0 10.2
16.2 Natural gas sales in Europe*** (bcm) 17.6 18.3 3.8
23.0 Natural gas transported in Italy (bcm) 24.0 23.7 (1.2)
10.2 Power production sold (TWh) 9.0 9.7 7.6
12.2 Refined product sales (mmtonnes) 10.9 10.3 (4.9)
1.7 Petrochemical production (mmtonnes) 1.8 1.7 (6.7)
* Including Eni’s share of production of joint venture accounted for with the equity method
** Including self-consumption
*** Consolidated sales

18. production growth by geographical area
kboe/d
-8.6%
1,842
1,684
389
370
159
121 131
117
402
375
589 505
182 186
Q1 10 Q1 11
Italy North Africa West Africa
Kazakhstan America RoW

19. oil & gas production
kboe/d
-8.6%
1,842 1,842
1,684 1,684
182
186
1,011
899
1,638 1,498
831 785
Q1 10 Q1 11 Q1 10 Q1 11
Abroad Italy Gas Liquids

20. capex
million €
3.5%
2,779 2,875
167
412 345
118 132
310 279
1,952
1,964
-25 Q1 10 Q1 11
E&P G&P R&M E&C Other

21. eni consolidated results
15% 22%
0.70 0.61
0.61 0.50
EPS
Euro per share*
Q1 10 Q1 11 Q1 10 Q1 11
Adjusted Adjusted
6% 8%
1.22 1.29 1.19
1.10
CFPS
Euro per share*
Q1 10 Q1 11 Q1 10 Q1 11
Adjusted Adjusted
* Average shares: Q1 10 3,622.4 million; Q1 11 3,622.4 million
Note: Cash Flow calculated as net profit+amortization & depreciation

22. Disclaimer
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.