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COMPANY
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HIGHLIGHTS
MISSION
We are a major integrated energy company, committed to growth in the activities of finding, producing, transporting, transforming and marketing oil and gas.
Eni men and women have a passion for challenges, continuous improvement, excellence and particularly value people, the environment and integrity.
Company Profile
Eni operates in the oil and gas, electricity generation and sale, petrochemicals, oilfield services construction and engineering industries. In these businesses it has a strong edge and leading international market position.
Every action will be more and more based on making the most of people, contributing to the development and well-being of the communities with which it works protecting the environment, investing in the technological innovation and energy efficiency, as well as mitigating the risks of climate change.
Eni is active in 77 countries with a staff of about 78,400 employees.
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2010 Highlights -
2009 Results
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governance at a glance
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Businesses
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Documents
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Charts
Results for the second quarter and the first half of 2010
Financial Highlights
- Adjusted operating profit: €4.13 billion in the quarter (up 61.9%); €8.46 billion in the first half (up 34.2%).
- Adjusted net profit: €1.63 billion in the quarter (up 80.2%); €3.45 billion in the first half (up 29.5%).
- Net profit: €1.82 billion in the quarter (up 119.2%); €4.05 billion in the first half (up 47.9%).
- Cash flow: €4.59 billion in the quarter; €9.14 billion in the first half.
Operational Highlights
- Oil and natural gas production: 1.758 million barrels per day in the quarter, unchanged from 2009 on a comparable basis (up 1.0% in the first half).
- Natural gas sales: down 6.2% to 19.2 billion cubic meters in the quarter (down 5.9% in the first half).
- In the first half of 2010, 5 new fields were put into production in Italy, Congo, Algeria and Tunisia and Eni is on track to achieve the target of 12 field start-ups for 2010.
- Significant exploration success was achieved in Angola, Venezuela, Pakistan, Norway and Indonesia increasing Eni’s resource base by 600 million barrels in the first half 2010.
Important events 2010 - first six months
- Redevelopment of the Zubair giant oil field. Eni leading with a 32.8% stake a consortium of international companies signed a contract with Iraq’s state-owned South Oil Company (SOC) and Missan Oil Company to redevelop the Zubair giant oil field. The development plan of the field targets a production of 1.2 bbbl/d to be achieved in the next six years.
- Development of the Junin 5 giant heavy oil field. Eni and the Venezuelan national company PDVSA signed a preliminary agreement for the joint development of the Junin 5 giant heavy oil field, located in the Orinoco Faja, which has 35 bbbl of certified oil in place.
- Oil downstream activities in Austria. Eni signed an agreement to acquire oil downstream activities in Austria. This includes a retail network with 135 service stations, wholesale activities and commercial assets in the aviation business as well as logistics and storage activities.
- Sale of 25% of the share capital of GreenStream BV. Eni sold a 25% stake in the share capital of GreenStream BV to NOC (Libya National Oil Corporation), the company owning and managing the gas pipeline for importing to Italy natural gas produced in Libya. Following the decrease of Eni'sshareholding in the company to 50% and implementation of renewed shareholders arrangements, Eni no longer controls the company and it has therefore been excluded from consolidation as of May 1, 2010.
- Divestment of Gas Brasiliano Distribuidora. Eni signed a preliminary agreement to divest its 100% interest in Gas Brasiliano Distribuidora, a company that markets and distributes natural gas in Brazil, to Petrobras Gas, a fully owned subsidiary of Petróleo Brasileiro SA 0("Petrobras"). Total cash consideration is expected to amount to $250 million. The completion of the transaction is subject to approval of the relevant Brazilian authorities.
- South Stream. Eni and Gazprom signed a Memorandum of Understanding to define terms and conditions for the French company EDF entering the South Stream project. As part of the agreement, EDF is expected to acquire an interest in the venture that is planning to build a new infrastructure to transport Russian gas across the Black Sea and Bulgaria to European markets.
Oil & Gas exploration and production activities in the first half 2010
- In Venezuela, the Perla 2 appraisal well (Eni 50%) showed results that exceeded the initial resource estimation of the discovery by 30% with further improvements to be assessed through future drillings.
- In Angola, three oil discoveries were made in the 15/06 block (Eni 35%, operator) off the Angolan coast with the Nzanza, Cinguvu, and Cabaca South East-1 exploration wells. The first two of these have been flowing at more than 1,600 and 6,400 barrels per day respectively.
- In Indonesia, a second well located in the Jangkrik gas discovery in the Muara Bakau permit (Eni 55%, operator), was successfully drilled. The well yielded approximately 3.2 kboe/d during flow test.
In line with the Company's production plans, production was started at 5 fields. The main ones were:
- The Annamaria B field (Eni 90%, operator), located in the offshore section between Italy and Croatia;
- Baraka (Eni 49%, operator) in Tunisia;
- Rom Integrated in Algeria;
- The M’Boundi IPP project (Eni 100%) in Congo.
Other fields were started to production in China and Nigeria.
Results 2009
- Net profit: €4.37 billion
- Dividend proposal: €1.00 per share
- Net sales from operations: €83.23 billion
- Cash flow: €11.14 billion
- Market capitalization: €64.5 billion
- Oil and natural gas production: 1,769 kboe/d
- Natural gas sales: 103.72 bcm
| Board of Directors | General Managers of Eni S.p.A. |
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| Board of Statutory Auditors |
List of Eni's subsidiaries for year 2008
Eni’s businesses are:
The search for and production of hydrocarbons
Oil and natural gas production for the full year 2009 amounted to 1,769 kboe/d, representing a decrease of 28 kboe/d from 2008 (down 1.6%).
Leveraging on organic growth in Africa and Central Asia, Eni expects to deliver more than 2.5% compound average growth rate over the next four-year period, targeting a production level in excess of 2 mmboe/d by 2013 under Brent scenario at $65 per barrel.
Estimated net proved reserves at December 31, 2009 were 6.57 bboe (down 0.4% from 2008) based on a 12-month average Brent price of $59.9 per barrel.
The supply, transport, distribution and marketing of natural gas; production and sale of electricity
In 2009 Eni’s natural gas sales (103.72 bcm) were slightly down as a result of offsetting trends. On the negative side, volumes supplied to the Italian market were materially lower from a year ago against the backdrop of the economic downturn and stronger competitive pressures (down 12.83 bcm, or 24.3%). On the plus side, volumes gains were associated with the full contribution of the Distrigas acquisition (up 12.02 bcm for the full year) and organic growth achieved in a number of European markets.
Natural gas volumes transported on the Italian network were 76.90 bcm, down 10.2% from 2008.
Electricity volumes sold were 33.96 TWh, increasing by 4.03 TWh, or 13.5%, from 2008.
The refining and marketing of petroleum products
In 2009, excluding the impact of the divestment of marketing activities in the Iberian Peninsula in 2008 (down 1.52 mmtonnes), sales volumes of refined products (45.59 mmtonnes) were down 3.57 mmtonnes from 2008, or 7.3%, main In 2009 some 36.11 mmtonnes of crude purchased were marketed, up 38.9% from 2008, mainly driven by higher trading activities.
In addition, 2.92 mmtonnes of intermediate products were purchased (3.39 mmtonnes in the 2008) to be used as feedstock in conversion plants and 13.98 mmtonnes of refined products (17.42 mmtonnes in the 2008) were purchased to be sold on markets outside Italy (10.10 mmtonnes) and on the domestic market (3.88 mmtonnes) as a complement to available production.ly due to lower wholesale sales on the domestic and foreign market.
Oilfield Services, Construction and Engineering
Order backlog was €18,730 million at December 31, 2009 (€19,105 million at December 31, 2008), related in particular to projects in North Africa (30%), West Africa (15%) and the Rest of Europe (13%).
Petrochemical
Sales of petrochemical products were 4,265 ktonnes, down 419 ktonnes from last year, or 8.9%, due to a context of economic downturn, especially in the automotive sector, that negatively influenced demand for petrochemical products.
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Fact Sheet (430 Kb)
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