1. interim update and Q2 results
July 29th, 2011
eni.com

2. H1 results: impacted by two uncertainties…
Libya: suspended production and Greenstream closure
 E&P: full impact in Q2, reduced volumes by >230kboe/d
 G&P: impact on ebit from lower shipper volumes and supply source substitution
 Refining & Petchem: higher costs from replacing Libyan feedstocks
Ongoing gas supply contract renegotiations
 Expected benefits from renegotiations not included in H1 ebit
 Negotiations with Gazprom and Sonatrach progressing constructively
 Closure expected before year end with retroactive effects
2

3. … but showing good progress on strategic drivers
 Excellent exploration performance
 Skrugard: new potential hub in Barents Sea
 Jangkrik: substantial upside in Indonesia
 Sankofa and Gye Nyame: significant gas discoveries in Ghana
 Additional resources in new giants (Perla, Block 15/06)
 Progress on main projects
 Venezuela: defined technical and commercial agreements for Junin-5 and Perla
 Russia: GSA close to finalisation (Samburgskoye and Urengoskoye FID in H2)
 Strengthening our leading position in the European gas market
 Confirmed objective of delivering value from non-core shareholdings

4. market environment
Average European
Brent €/$ exchange rate
refining margin*
$/bl €/bl $/bl €/bl
USD Euro
* Brent/Ural FOB Mediterranean market. Eni calculations on Platt’s Oilgram data
4

5. Q2 consolidated results
Adj. operating profit Adj. net profit
Million € Million €
4,128 4,003
1,667
1,436
5

6. E&P performance
Oil & gas production Adj. operating profit
kboe/d Million €
4,120
1,954 4,028
3,826
1,758 1,705 1,684 3,442
3,296
1,489
Oil Gas
6

7. G&P performance
Gas sales Adj. operating profit
Bcm Million €
31.6
27.2
958
20.3
17.8 17.4 777
629
446
251
Italy International*
* Including associates
7

8. G&P: ebitda proforma adjusted*
million €
1,432
1,159
1,054
921
825
675
338
International Regulated Marketing
Transport businesses in Italy
* Ebitda pro forma includes: pro-quota ebitda contribution from SRG and associates
8

9. R&M performance
Process utilization index Adj. operating profit
% Million €
86 14
84
82
77
73
-39
-52
-114
-176
Q2 10 Q3 10 Q410 Q1 11 Q2 11
9

10. other businesses: adjusted operating profit
million €
Q2 Q2
Δ%
2010 2011
 Petrochemicals (11) (30) -173
 Engineering & Construction 343 378 10
 Other activities (51) (60) -18
 Corporate (75) (69) 8
10

11. sources and uses of cash
billion €
6.9
0.4
Sources 6.0 Uses
0.1
2.2
5.0
Cash flow from 4.6 Capex
0.6 2.2
operations
Dividends
Divestments
and others Exchange
differences
and others
4.6 4.3 4.4 3.7
Q2 2010 Q2 2011
11

12. financial debt: high quality
Debt by instrument Debt by maturity
Commercial >5 yrs
paper 10%
3-5 yrs
Bonds
51%
2-3 yrs
Banks
39%
 Extension of debt maturity: >80% long term
 Over 50% of long term debt at fixed interest rates
 No bonds due to expire in 2011
Data @ June 2011
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13. 2011 Outlook
E&P
 Production in line with 2010 at $100/bbl and net of
Libya impact (ca – 200kboe/d)
G&P
 Ebit broadly in line with 2010 including renegotiation benefits
and net of Libya impact (ca - €300m)
R&M
 Ongoing focus on cost optimization and increase
flexibility of refining system
Leverage
 Confirmed objective of lower net debt/equity ratio at
year end
Confirmed dividend policy: interim proposal €0.52/sh
13

14. Appendix
29 July 2011
eni.com

15. results of operations
million €
Q2 10 Q2 11 1H 10 1H 11 Δ%
22.902 24.596 Net sales from operations 47.706 53.375
4.305 3.810 Operating Profit 9.152 9.448 3.2
(368) (240) Inventory holding gains (losses) (777) (909)
3.937 3.570 Replacement Cost Operating Profit 8.375 8.539 2.0
191 433 Special items 84 563
4.128 4.003 Adjusted Profit 8.459 9.102 7.6
(309) (292) Net financial income (expense) (554) (375)
311 414 Net share of profit from associates (expense) 521 679
4.130 4.125 Profit before income taxes 8.426 9.406 11.6
(2.348) (2.443) Taxation (4.625) (5.114)
56.9% 59.2% Tax rate 54.9% 54.4%
(115) (246) Minority interest (312) (658)
1.667 1.436 Net Profit 3.489 3.634 4.2
(93) (352) Special items 27 (477)
250 170 Inventory holding gains (losses) 530 644
1.824 1.254 Adjusted Net Profit 4.046 3.801 (6.1)
2

16. G&P: adjusted operating profit by activities
million €
-60.1%
629 251
International Transport
Regulated business in Italy
Marketing
3

17. unrealized profit in stocks (UPIS)
million €
Q2 10 Q2 11
E&P vs R&M (78) (150)
E&P vs G&P (14) (14)
E&C vs Eni Group (6) (14)
Total UPIS (98) (178)
4

18. eni share of profit from associates
Q2
2010 2011
Equity method accounted for 114 145
 Gas transportation abroad 24 36
 EnBw (GVS) 0 (2)
 Union Fenosa 25 36
 Blue Stream 11 10
 Others 54 65
Dividends 200 268
Disposals 1 -
Others (4) 1
Net income from associates 311 414
5

19. G&P share of profit from associates
million €
8.8%
98
90
Marketing Regulated business in Italy
International Transport
6

20. main operating data
Q2 10 Q2 11 H1 10 H1 11 Δ%
1,758 1,489  Hydrocarbon prod. (kboe/d) 1,800 1,586 (11.9)
154.1 129.1  Production sold* (mmboe) 312.7 274.8 (12.1)
6.3 7.1  Natural gas sales in Italy**(bcm) 17.1 19.1 11.4
10.9 11.6  Natural gas sales in Europe*** (bcm) 28.5 29.9 4.9
9.6 9.7  Power production sold (TWh) 18.6 19.3 3.9
6.4 6.2  Refined product sales (mmtonnes) 12.0 11.9 (0.8)
1.2 1.0  Petrochemical sales (mmtonnes) 2.5 2.7 8
* Including Eni’s share of production of joint venture accounted for with the equity method
** Including self-consumption
*** Consolidated sales
7

21. production growth by geographical area
kboe/d
-15.3%
1,758
1,489
8

22. oil & gas production
kboe/d
-15.3%
1,758 1,758
1,489 1,489
793
1,638 1,498
9

23. capex
million €
-13.6%
4,328
246
3,740
137
3,186 2,767
10

24. eni consolidated results
-31% -14%
EPS 0.50 0.46 0.40
Euro per share* 0.35
Q2 10 Q2 11 Q2 10 Q2 11
Adjusted Adjusted
-17% -14%
1.13 1.07
0.94 0.92
CFPS
Euro per share*
Q2 10 Q2 11 Q2 10 Q2 11
Adjusted Adjusted
* Average shares: Q2 10 3,622.4 million; Q2 11 3,622.4 million
Note: Cash Flow calculated as net profit+amortization & depreciation
11