Eni — Regulatory Filings 2013

Apr 3, 2013

6-K 1 sj0313en6k.htm HTML PUBLIC "-//IETF//DTD HTML//EN" sj0313en6k

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SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

For the month of March 2013

Eni S.p.A. (Exact name of Registrant as specified in its charter)

Piazzale Enrico Mattei 1 - 00144 Rome, Italy (Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F x Form 40-F o

(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2b under the Securities Exchange Act of 1934.)

Yes o No x

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): )

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TABLE OF CONTENTS TOC

Press Release dated March 13, 2013

Press Release dated March 14, 2013

Press Release dated March 14, 2013

Press Release dated March 14, 2013

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/TOC

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorised.

Eni S.p.A.
Name: Antonio Cristodoro
Title:	Head of Corporate Secretary's Staff Office

Date: March 31, 2013

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Eni announces first production from the Junín-5 giant heavy oil field in Venezuela

San Diego de Cabrutica (Venezuela), March 13, 2013 - PetroJunín, joint venture formed by PDVSA (60%) and Eni (40%), has started production from the Junín-5 giant heavy oil field, located in the Faja del Orinoco , the area with the largest untapped hydrocarbon reserves in the world. The block is located around 550 kilometers south east of Caracas and covers an area of approximately 425 square kilometers.

The Junín-5 block, currently under development, holds 35 billion barrels of oil equivalent (boe) of certified oil in place and is jointly operated by two joint ventures ( Empresa Mixta ) formed by PDVSA (60%) and Eni (40%): PetroJunín for the development and production and PetroBicentenario for the construction and operation of a refinery in the Jose Industrial Complex, with a 350,000 barrels per day capacity.

Today, with the first well on stream, the production start-up was achieved nine months ahead of the approved development plan for Phase 1 (early production phase). PDVSA and Eni plan to increase production to approximately 15,000 barrels a day by the year end and subsequently to 75,000 barrels a day by early 2015, through the drilling of approximately 180 wells.

The development of Phase 2 (full field) will bring production to a level of 240,000 barrels a day by the end of 2018. Throughout the expected 40 years of the field life, the drilling of nearly 1,500 wells is planned.

The diluted crude oil of Junín-5 will be transported to PetroBicentenario’s Refinery in Jose where it will be processed and converted into oil products (diesel, naphtha and LPG) to be exported.

In Venezuela, Eni is also co-operator in Cardón IV, the operating company which manages the super-giant Perla gas field. The current estimated Perla gas in place is approximately 17 Trillion cubic feet (Tcf), or 3.1 billion barrels of oil equivalent. Perla shareholders, following the entry of PDVSA in the project, will be PDVSA (35%), Eni (32.5%) and Repsol (32.5%).

Eni also holds a participating interest in Petrosucre, the operating company of the Corocoro offshore field (PDVSA 74%, Eni 26%), with a net production of approximately 10,000 barrels of oil per day.

Company Contacts:

Press Office: Tel. +39.0252031875 - +39.0659822030 Freephone for shareholders (from Italy): 800940924 Freephone for shareholders (from abroad): +39. 800 11 22 34 56 Switchboard: +39-0659821

ufficio.stampa@eni.com segreteriasocietaria.azionisti@eni.com investor.relations@eni.com

Web site : www.eni.com

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Eni sells a 20% share of Area 4 in Mozambique to CNPC and signs a Joint Study Agreement for cooperation for the development of the Rongchang shale gas block in China

Beijing, March 14, 2013 - Eni CEO, Paolo Scaroni, and the CEO of Petrochina Company Limited, controlled by China National Petroleum Corporation (CNPC), Zhou Jiping, signed an agreement in Beijing for Eni’s sale to CNPC of 28.57% of Eni East Africa’s shares, owner of the 70% interest in Area 4, in Mozambique. With this operation, CNPC indirectly acquires a 20% stake in Area 4, while Eni remains the owner of 50%. The remaining shares in the Area are held by Empresa Nacional de Hidrocarbonetos de Mocambique (ENH, 10%), Kogas (10%) and Galp Energia (10%).

The agreed price is equal to 4,210 million US dollars.

The completion of the transaction is subject to the fulfillment of certain standard conditions including obtaining all necessary authorizations from Mozambique’s authorities.

CNPC’s entrance into Area 4 is strategically important for the project thanks to the worldwide relevance of the new partner in the upstream and downstream sectors.

During the meeting, Eni and CNPC signed a Joint Study Agreement for cooperation for the development of the Rongchang shale gas block, which covers about 2,000 square kilometers in the Sichuan Basin. This area, closely located to the main consumption markets in China, has already been de-risked by research activities and production tests carried out in nearby blocks and has proven to be the most promising in the country to date. The agreement will allow for the study of the area which will be conducted simultaneously with the negotiations for the signing of the Production Sharing Agreement.

Company Contacts:

Press Office: Tel. +39.0252031875 - +39.0659822030 Freephone for shareholders (from Italy): 800940924 Freephone for shareholders (from abroad): +39. 800 11 22 34 56 Switchboard: +39-0659821

ufficio.stampa@eni.com segreteriasocietaria.azionisti@eni.com investor.relations@eni.com

Web site : www.eni.com

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Eni: 2012 Consolidated Financial Statements and Draft Financial Statements of the Parent Company

Convening of the Annual Shareholders’ Meeting

| • | Consolidated
financial statements: | |
| --- | --- | --- |
| | - | Group net profit: euro
7.79 billion |
| | - | Net profit from
continuing operations 1 : euro
4.20 billion |
| • | Separate
financial statements: | |
| | - | Net profit: euro 9.08
billion |
| | - | Net profit from
continuing operations: euro 6.21 billion |
| • | Dividend
proposal: euro 1.08 per share | |
| • | Approval for
continuation of the buyback program | |

San Donato Milanese, March 14, 2013 - Today, the Board of Directors approved Eni’s consolidated financial statements and the draft financial statements of the parent company for the year ended December 31, 2012. As announced on February 15, 2013 2 , with respect to Eni’s preliminary results, consolidated net profit amounted to euro 7,788 million (euro 4,198 million excluding the contribution and gains from the disposal of Snam accounted as discontinued operations). Net profit of the parent company amounted to euro 9,078 million (euro 6,207 million excluding dividends and gains related to Snam).

The Board of Directors intends to submit a proposal for the distribution of a cash dividend of euro 1.08 per share (euro 2.16 per ADR) at the Annual Shareholders’ Meeting. Included in this annual distribution is euro 0.54 3 per share which was paid as an interim dividend in September 2012. The balance of euro 0.54 per share (euro 1.08 per ADR) is payable to shareholders on May 23, 2013, the ex-dividend date being May 20, 2013 and the record date being May 22, 2013.

The review of the sustainability performance in 2012 has been included in the Annual Report to provide a comprehensive insight into the Company’s business model by highlighting the long-term value creation through the connections between the financial and sustainability elements of the Company’s strategy and results.

The 2012 Annual Report was submitted to the Board of Statutory Auditors and Eni’s independent auditors. In accordance with the provisions of Legislative Decree No. 58/98 (the Italian comprehensive code for exchanges and securities), the 2012 Annual Report will be made available to the public by April 8, 2013 at the Company’s headquarters and on Eni’s website eni.com and through other sources provided by the regulation in force, together with the statutory and independent auditors’ reports.

Enclosed are the 2012 IFRS consolidated statements of the companies within the Eni group as included in the approved Annual Report and the statements of the parent company Eni SpA. The Board of Directors also approved the Report on Corporate Governance and Shareholding Structure and the Remuneration Report which have been prepared in accordance with Article 123- bis and ter of the Italian comprehensive code for exchanges and securities, respectively. These reports will be filed with the Italian Exchange Authority and published on Eni’s website, in the "Corporate Governance" and "Investor Relations" sections, together with the 2012 Annual Report.

---

| (1) | Due the
divestment of the Regulated Gas Businesses in Italy, Snam
results have been represented as discontinued operations. |
| --- | --- |
| (2) | The press
release on Eni’s preliminary results for the year
2012, published on February 15, 2013, is available on
Eni’s website, eni.com, in the Investor Relations
section. |
| (3) | Dividends are
not entitled to tax credit and, depending on the
receiver, are subject to a withholding tax on
distribution or are partially cumulated to the
receiver’s taxable income. |

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Continuation of the buyback program The Board of Directors has approved to propose to the Annual Shareholders’ Meeting to grant a proxy to the Board of Directors to continue the purchase program of treasury shares for a period of 18 months beginning from the date of the Annual Shareholders’ Meeting, up to a maximum of 363 million shares, representing approximately 10% of the share capital, for a maximum consideration of euro 6 billion, at a price not less than euro 1.102 per share and not more than 5% above the reference price registered on the trading day preceding each purchase. The maximum of shares subject to the program related to treasury shares possibly acquired after the shareholders’ resolution of July 16, 2012. The restarting of the buyback program was announced to the market on May 30, 2012. The purchases will be made in accordance with Article 144- bis , paragraph 1, lett. b) of Consob Regulation 11971/1999 and with the provisions that still apply, and then on regulated markets, according to the procedures established in the regulations of organization and management of the markets. Treasury shares held by Eni as of March 13, 2013 are No. 11,388,287 equal to 0.31% of the share capital, purchased on the basis of the previous buyback programs. Eni’s subsidiaries do not own any shares in the Company.

Convening of the Annual Shareholders’ Meeting on May 10, 2013 The Board of Directors convened the Annual Shareholders’ Meeting on May 10, 2013 to approve the 2012 financial statements of the parent company and the dividend proposal and to authorize the new buyback program and the withdrawal, for the part not executed, of the authorization to the buyback program approved by the Shareholders’ Meeting held on July 16, 2012. The Annual Shareholders’ Meeting was also convened to express its consultative vote about the remuneration policy that the Company intends to adopt in 2013 as disclosed in first section of the Remuneration Report.

Eni’s Chief Financial Officer, Massimo Mondazzi, in his capacity as manager responsible for the preparation of the Company’s financial reports, certifies pursuant to rule 154-bis paragraph 2 of Legislative Decree No. 58/1998, that data and information disclosed in this press release correspond to the Company’s evidence and accounting books and entries.

---

Contacts E-mail: segreteriasocietaria.azionisti@eni.com

Investor Relations E-mail: investor.relations@eni.com Tel.: +39 0252051651 - Fax: +39 0252031929

Eni Press Office E-mail: ufficio.stampa@eni.com Tel.: +39 0252031287 - +39 0659822040

---

Eni Società per Azioni Roma, Piazzale Enrico Mattei, 1 Share capital: euro 4,005,358,876 fully paid Tax identification number 00484960588 Tel.: +39-0659821 - Fax: +39-0659822141

---

This press release is also available on the Eni website eni.com .

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Attachment

IFRS Consolidated Financial Statements

PROFIT AND LOSS ACCOUNT

(euro million)

2011 2012

| REVENUES — Net sales
from operations | 107,690 | | 127,220 | |
| --- | --- | --- | --- | --- |
| Other income and revenues | 926 | | 1,546 | |
| Total
revenues | 108,616 | | 128,766 | |
| OPERATING EXPENSES | | | | |
| Purchases,
services and other | 78,795 | | 95,363 | |
| - of which non-recurring charges | 69 | | | |
| Payroll
and related costs | 4,404 | | 4,658 | |
| OTHER OPERATING (EXPENSE) INCOME | 171 | | (158 | ) |
| DEPRECIATION,
DEPLETION, AMORTIZATION AND IMPAIRMENTS | 8,785 | | 13,561 | |
| OPERATING PROFIT | 16,803 | | 15,026 | |
| FINANCE
INCOME (EXPENSE) | | | | |
| Finance income | 6,376 | | 7,218 | |
| Finance
expense | (7,410 | ) | (8,274 | ) |
| Derivative financial instruments | (112 | ) | (251 | ) |
| | (1,146 | ) | (1,307 | ) |
| INCOME (EXPENSE) FROM INVESTMENTS | | | | |
| Share of
profit (loss) of equity-accounted investments | 500 | | 278 | |
| Other gain (loss) from investments | 1,623 | | 2,603 | |
| | 2,123 | | 2,881 | |
| PROFIT BEFORE INCOME TAXES | 17,780 | | 16,600 | |
| Income
taxes | (9,903 | ) | (11,659 | ) |
| Net profit - Continuing operations | 7,877 | | 4,941 | |
| Net
profit (net loss) - Discontinued operations | (74 | ) | 3,732 | |
| Net profit | 7,803 | | 8,673 | |
| Eni’s
shareholders: | | | | |
| - continuing operations | 6,902 | | 4,198 | |
| -
discontinued operations | (42 | ) | 3,590 | |
| | 6,860 | | 7,788 | |
| Non-controlling
interest: | | | | |
| - continuing operations | 975 | | 743 | |
| -
discontinued operations | (32 | ) | 142 | |
| | 943 | | 885 | |
| Net
profit per share (euro per
share) | | | | |
| - basic | 1.89 | | 2.15 | |
| - diluted | 1.89 | | 2.15 | |
| Net profit from continuing operations per
share (euro per share) | | | | |
| - basic | 1.90 | | 1.16 | |
| - diluted | 1.90 | | 1.16 | |

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BALANCE SHEET

(euro million)

Dec. 31, 2011 Dec. 31, 2012

ASSETS
Current
assets
Cash and cash equivalents	1,500		7,765
Other
financial assets held for trading or available for sale	262		235
Trade and other receivables	24,595		28,621
Inventories	7,575		8,496
Current tax assets	549		771
Other
current tax assets	1,388		1,230
Other current assets	2,326		1,624
	38,195		48,742
Non-current assets
Property,
plant and equipment	73,578		63,466
Inventory - compulsory stock	2,433		2,538
Intangible
assets	10,950		4,487
Equity-accounted investments	5,843		4,265
Other
investments	399		5,085
Other financial assets	1,578		1,229
Deferred
tax assets	5,514		4,913
Other non-current receivables	4,225		4,400
	104,520		90,383
Assets held for sale	230		516
TOTAL
ASSETS	142,945		139,641
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current
liabilities
Short-term debt	4,459		2,223
Current
portion of long-term debt	2,036		2,961
Trade and other payables	22,912		23,581
Income
taxes payable	2,092		1,622
Other taxes payable	1,896		2,162
Other
current liabilities	2,237		1,437
	35,632		33,986
Non-current
liabilities
Long-term debt	23,102		19,279
Provisions
for contingencies	12,735		13,603
Provisions for employee benefits	1,039		982
Deferred
tax liabilities	7,120		6,740
Other non-current liabilities	2,900		1,977
	46,896		42,581
Liabilities directly associated with assets
held for sale	24		361
TOTAL
LIABILITIES	82,552		76,928
SHAREHOLDERS’ EQUITY
Non-controlling
interest	4,921		3,514
Eni shareholders’ equity:
Share
capital	4,005		4,005
Reserves	53,195		49,579
Reserve
related to the fair value of cash flow hedging
derivatives net of tax effect	49		(16	)
Treasury shares	(6,753	)	(201	)
Interim
dividend	(1,884	)	(1,956	)
Net profit	6,860		7,788
Total
Eni shareholders’ equity	55,472		59,199
TOTAL SHAREHOLDERS’ EQUITY	60,393		62,713
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY	142,945		139,641

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STATEMENT OF CASH FLOWS

(euro million)

2011 2012

Net profit - continuing operations	7,877		4,941
Adjustments
to reconcile net profit to net cash provided by operating
activities:
Depreciation, depletion and amortization	7,755		9,538
Impairments
of tangible and intangible assets, net	1,030		4,023
Share of loss of equity-accounted investments	(500	)	(278	)
Gain on
disposal of assets, net	(1,176	)	(875	)
Dividend income	(659	)	(431	)
Interest
income	(99	)	(108	)
Interest expense	773		803
Income
taxes	9,903		11,659
Other changes	331		(1,945	)
Changes in
working capital:
- inventories	(1,400	)	(1,395	)
- trade
receivables	218		(3,170	)
- trade payables	34		2,029
-
provisions for contingencies	109		338
- other assets and liabilities	(657	)	(1,175	)
Cash flow
from changes in working capital	(1,696	)	(3,373	)
Net change in the provisions for employee
benefits	(10	)	16
Dividends
received	955		988
Interest received	99		91
Interest
paid	(927	)	(825	)
Income taxes paid, net of tax receivables
received	(9,893	)	(11,868	)
Net
cash provided from operating activities - continuing
operations	13,763		12,356
Net cash provided from operating activities -
discontinued operations	619		15
Net
cash provided from operating activities	14,382		12,371
Investing activities:
-
tangible assets	(11,658	)	(11,222	)
- intangible assets	(1,780	)	(2,295	)
-
consolidated subsidiaries and businesses	(115	)	(178	)
- investments	(245	)	(391	)
-
securities	(62	)	(17	)
- financing receivables	(715	)	(1,634	)
-
change in payables and receivables in relation to
investments and capitalized depreciation	379		54
Cash flow from investments	(14,196	)	(15,683	)
Disposals:
- tangible assets	154		1,229
-
intangible assets	41		61
- consolidated subsidiaries and businesses	1,006		3,521
-
investments	711		1,203
- securities	128		52
-
financing receivables	695		1,578
- change in payables and receivables in
relation to disposals	243		(252	)
Cash flow
from disposals	2,978		7,392
Net cash used in investing activities	(11,218	)	(8,291	)

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STATEMENT OF CASH FLOWS (continued)

(euro million)

2011 2012

| Proceeds from long-term debt — Repayments
of long-term debt | 4,474 — (889 | ) | 10,484 — (3,784 | ) |
| --- | --- | --- | --- | --- |
| Increase (decrease) in short-term debt | (2,481 | ) | (753 | ) |
| | 1,104 | | 5,947 | |
| Net capital contributions by non-controlling
interest | 26 | | | |
| Net
purchase of treasury shares | 3 | | | |
| Net acquisition of treasury shares made by
consolidated subsidiaries other than the parent company | 17 | | 29 | |
| Disposal
(acquisition) of interests in consolidated subsidiaries | (126 | ) | 604 | |
| Dividends paid to Eni’s shareholders | (3,695 | ) | (3,840 | ) |
| Dividends
paid to non-controlling interests | (552 | ) | (539 | ) |
| Net cash used in financing activities | (3,223 | ) | 2,201 | |
| Effect of
change in consolidation (inclusion/exclusion of
significant/insignificant subsidiaries) | (7 | ) | (4 | ) |
| Effect of exchange rate changes on cash and cash
equivalents and other changes | 17 | | (12 | ) |
| Net
cash flow for the period | (49 | ) | 6,265 | |
| Cash and cash equivalents - beginning of the
period | 1,549 | | 1,500 | |
| Cash
and cash equivalents - end of the period | 1,500 | | 7,765 | |

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Eni SpA Financial Statements

PROFIT AND LOSS ACCOUNT

(euro million)

2011 Eni stand alone 2011 Restated (a) 2012

| REVENUES — Net sales
from operations | 45,492 | | 45,603 | | 51,197 | |
| --- | --- | --- | --- | --- | --- | --- |
| Other income and revenues | 278 | | 283 | | 267 | |
| | 45,770 | | 45,886 | | 51,464 | |
| OPERATING EXPENSES | | | | | | |
| Purchases,
services and other | (43,846 | ) | (43,951 | ) | (50,283 | ) |
| Payroll and related costs | (1,056 | ) | (1,065 | ) | (936 | ) |
| OTHER
OPERATING (EXPENSE) INCOME | 115 | | 115 | | (173 | ) |
| DEPRECIATION, DEPLETION, AMORTIZATION AND
IMPAIRMENTS | (1,277 | ) | (1,278 | ) | (1,126 | ) |
| OPERATING
PROFIT | (294 | ) | (293 | ) | (1,054 | ) |
| FINANCE INCOME (EXPENSE) | | | | | | |
| Finance
income | 3,783 | | 3,784 | | 3,539 | |
| Finance expense | (4,247 | ) | (4,247 | ) | (4,010 | ) |
| Derivative
financial instruments | 208 | | 208 | | (240 | ) |
| | (256 | ) | (255 | ) | (711 | ) |
| INCOME
(EXPENSE) FROM INVESTMENTS | 4,339 | | 4,338 | | 8,666 | |
| PROFIT BEFORE INCOME TAXES | 3,789 | | 3,790 | | 6,901 | |
| Income
taxes | (17 | ) | (19 | ) | (694 | ) |
| Net profit for the period - continuing
operations | 3,772 | | 3,771 | | 6,207 | |
| Net
profit for the period - discontinued operations | 441 | | 441 | | 2,871 | |
| Net profit for the period | 4,213 | | 4,212 | | 9,078 | |

(a) 2011 data have been restated due to the merger of Agosta Srl, Eni Gas & Power Belgium SpA, Eni Hellas SpA and Toscana Energia Clienti SpA, with legal effects by November 1, 2012. The operations of the merged companies have been accounted in Eni's Balance Sheet by January 1, 2012 also for fiscal purposes.

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BALANCE SHEET

(euro million)

Dec. 31, 2011 Eni stand alone Dec. 31, 2011 Restated (a) Dec. 31, 2012

ASSETS
Current
assets
Cash and cash equivalents	354		356		6,400
Trade and
other receivables	19,862		19,910		22,907
Inventories	2,324		2,324		2,448
Current
income tax assets	316		316		314
Other current tax assets	413		435		368
Other
current assets	1,396		1,396		659
	24,665		24,737		33,096
Non-current
assets
Property, plant and equipment	6,402		6,403		6,927
Inventory
- compulsory stock	2,441		2,441		2,664
Intangible assets	1,037		1,095		1,155
Equity-accounted
investments	31,772		31,685		32,024
Other financial assets	10,412		10,412		2,784
Deferred
tax assets	2,315		2,320		1,823
Other non-current receivables	2,977		2,977		3,095
	57,356		57,333		50,472
Assets held for sales					16
TOTAL
ASSETS	82,021		82,070		83,584
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current
liabilities
Short-term debt	5,874		5,838		4,750
Current
portion of long-term debt	2,024		2,024		2,705
Trade and other payables	9,844		9,892		9,675
Income
taxes payable					81
Other taxes payable	1,213		1,236		1,515
Other
current liabilities	1,321		1,321		889
	20,276		20,311		19,615
Non-current
liabilities
Long-term debt	21,016		21,016		16,834
Provisions
for contingencies	2,776		2,784		4,093
Provisions for employee benefits	285		287		277
Other
non-current liabilities	2,413		2,413		2,187
	26,490		26,500		23,391
Liabilities
directly associated with assets held for sales					1
TOTAL LIABILITIES	46,766		46,811		43,007
SHAREHOLDERS’
EQUITY
Share capital	4,005		4,005		4,005
Legal
reserve	959		959		959
Other reserves	34,715		34,720		28,692
Interim
dividend	(1,884	)	(1,884	)	(1,956	)
Treasury shares	(6,753	)	(6,753	)	(201	)
Net profit	4,213		4,212		9,078
TOTAL SHAREHOLDERS’ EQUITY	35,255		35,259		40,577
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY	82,021		82,070		83,584

(a) 2011 data have been restated due to the merger of Agosta Srl, Eni Gas & Power Belgium SpA, Eni Hellas SpA and Toscana Energia Clienti SpA, with legal effects by November 1, 2012. The operations of the merged companies have been accounted in Eni's Balance Sheet by January 1, 2012 also for fiscal purposes.

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Eni 2013-2016 Strategic Plan Well positioned to deliver growth and returns

• E&P: exceptional growth opportunities - >4% hydrocarbon production CAGR to 2016, >3% 2016-2022
• G&P: positioning business for sustainable profitability - under renegotiation 80% of supply volumes to be purchased
• R&M: efficiency program relaunch and optimization - >euro 500m of EBIT enhancement by 2016
• Versalis: confirmed turnaround - ~euro 500m of EBIT enhancement by 2016
• Transformed balance sheet - New leverage target range 10-30%
• New shareholders distribution policy: - 2013 dividend proposal expected at euro 1.10 (+~2% vs. 2012)
• New buyback programme

London, March 14, 2013 - Paolo Scaroni, CEO of Eni, today presents the company’s 2013-2016 Strategic Plan to the financial community.

In the new plan, Eni targets:

• high hydrocarbon production growth, supported by exceptional exploration successes;
• sustainable profitability in G&P, through the supply contracts renegotiation, a focus on premium retail and LNG segments and sales and trading integration;
• an ambitious cost reduction program and optimization of refining activities aimed at recovering profitability in R&M;

• more incisive actions for development and rationalizations in Chemicals.

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Exploration & Production

Eni confirms its strategy of production growth, raising its average annual target to over 4% in the 2013-2016 period. This growth is based on a scenario of $90/bbl to 2016, but it is resilient to higher oil prices.

Eni’s growth strategy is founded on organic development, thanks to the significant contribution coming from key development hubs including – Russia (Yamal), the Barents Sea, Kazakhstan, Venezuela, the Far East and the sub-Saharan region.

Projects due to come onstream over the plan period will add over 700 kboe/d of production by 2016. 80% of this new production will come from giant projects, and 40% will come from additional development phases of producing fields.

Beyond the plan period, production growth of over 3% per year to 2022 will be based on our diversified and synergic development pipeline, and on a low decline rate of about 4%, coming from dynamic reservoir management and intense production optimization activities.

Gas & Power

The outlook on the gas market environment, especially in Italy, remains challenging mainly due to a still weak macroeconomic environment. As a result, the Italian market is still oversupplied, lacking physical export capacity which would allow the reverse flow of significant take or pay volumes delivered to Italy.

In this context, Eni is renegotiating the most of the supply contracts in its portfolio. The renegotiations aim at realigning gas purchased with those of the prevailing hubs, aiming also at obtaining more flexibility in the volumes of the take or pay contracts.

On the commercial front, Eni will continue to focus on solid segments like retail and LNG, and support margins in wholesale through the enrichment of its portfolio with flexible and innovative products as today's market requires.

This is facilitated by the integration of this segment with trading within a new organization.

The EBITDA proforma adj expected in 2016 will be approximately 1.5 bln euro.

Refining & Marketing

In Refining, Eni will increase the flexibility of its plants, optimizing the production cycles, reducing costs and exploiting its proprietary technologies. A key project will be the conversion of the Venice refinery into a bio-refinery to recover profitability.

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The EST (Eni Slurry Technology), plant in Sannazzaro refinery, exploiting our proprietary technology for the full conversion of the barrel, will be on stream in the second half of 2013, improving the competitiveness of our refining system.

In Marketing, results will increase thanks to the completion of the re-branding of the distribution network, the automation of petrol stations and the expansion of non-oil activities as well as sales abroad.

Eni is targeting an EBIT enhancement of more than euro 500 million to 2016.

Versalis

The scenario for basic chemicals in Europe is characterized by increasing pressure on prices. Eni’s strategy will be focused on greater exposure on high value segments and growing markets.

Even excluding any improvement in the scenario, Eni expects to reach break-even by the end of the plan period thanks to further rationalization and integration and the refocusing of the portfolio on valuable segments and growing markets.

Segments of interest include elastomers, with targeted production growth of over 60% to 2016, and green chemicals. In 2013 there will be the start-up of the first two lines in the Matrica plant, a joint venture with Novamont in Porto Torres, one of the biggest biochemical projects in the world.

Eni is committed to the expansion of its emerging markets activities through strategic partnerships and will continue to promote initiatives to improve the efficiency of its plants and processes.

The new plan increases Eni’s target from >euro 400 by 2015 to over euro 500 million by 2016.

Financial strategy

Eni’s strategic growth prospects are supported by a transformed balance sheet, with net debt at the end of 2012 almost halved compared with 2011. This stronger financial position is coherent with our new business profile, more exposed to the E&P business. Eni expects to maintain leverage within a target range of 10-30%, using this flexibility to absorb temporary fluctuations in oil prices, in market environments and in our business results.

Eni plans to make approximately euro 56.8 billion of investments over the 2013-2016 period, an increase, at the exchange rate euro/dollar of approximately euro 1.6 bln over the last plan period. The increase is largely related to the new growth opportunities in E&P, including Mozambique.

The capex plan will be funded by strong cash generation in the region of euro 20 bln per year over the period, driven by increasing E&P production, the gradual recovery in our mid and downstream businesses, and over euro 10 bln of disposal opportunities including Galp and Snam, and some rebalancing in our E&P portfolio.

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New shareholder distribution policy

Given its modified business profile and the strengthened balance sheet, Eni plans to adopt a new shareholder distribution policy. This consists of a progressive dividend, and a new buyback program.

The sustainability of a progressive dividend is compatible with the prices scenario expected in the plan, a gradual recovery of the European gas demand and it leverages on the underlying earnings and cashflow growth expected during the plan period.

According to this policy and our projections for 2013, the Eni board intends to propose a dividend of euro 1.10/sh, an increase of around 2% on 2012. The buyback will be activated at management’s discretion and when a number of conditions are met. These include, but are not limited to, satisfactory leverage, well-within our target range limit of 30%, and full coverage for capex and dividends throughout the plan period.

Company Contacts:

Press Office: Tel. +39.0252031875 - +39.0659822030 Freephone for shareholders (from Italy): 800940924 Freephone for shareholders (from abroad): +39. 800 11 22 34 56 Switchboard: +39-0659821

ufficio.stampa@eni.com segreteriasocietaria.azionisti@eni.com investor.relations@eni.com

Web site : www.eni.com

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