San Donato Milanese, February 12, 2010 – Yesterday evening, Eni’s Board of Directors reviewed the Group preliminary results for the fourth quarter and the full year 2009 (unaudited).
 

Financial Highlights

					Full Year
Fourth Quarter 2008	Third Quarter 2009	Fourth Quarter 2009	%Ch.4 Q. 09 vs. 4 Q 08		2008	2009	% Ch.
				SUMMARY GROUP RESULTS (a) (€ million)
308	3.217	2.716	..	Operating profit	18,517	12,305	(33,5)
3,940	3,117	3,702	(6,0)	Adjusted operating profit (b)	21,608	13,122	(39,3)
(874)	1,240	641	..	Net profit (c)	8,825	4,617	(47,7)
(0,24)	0,34	0,18	..	- per ordinary share (€) (d)	2,43	1,27	(47,7)
(0,63)	0,97	0,53	..	- per ADR ($) (d) (e)	7,15	3,54	(50,5)
1,955	1,152	1,394	(28,7)	Adjusted net profit (b) (c)	10,164	5,207	(48,8)
0,54	0,32	0,38	(29,6)	- per ordinary share (€) (d)	2,79	1,44	(48,4)
1,42	0,92	1,12	(21,1)	- per ADR ($) (d) (e)	8,21	4,01	(51,2)
(a) From year 2009, the Company accounts gain and losses on non-hedging commodity derivatives instruments, including both fair value re-measurement and settled transactions, as items of operating profit. Adjusted operating profit and net profit only include gains and losses associated with settled transaction, gross and net of the associated tax impact respectively. Prior period results have been restated accordingly. (b) For a detailed explanation of adjusted operating profit and net profit see page 26. (c) Profit attributable to Eni shareholders. (d) Fully diluted. Dollar amounts are converted on the basis of the average EUR/USD exchange rate quoted by the ECB for the periods presented. (e) One ADR (American Depositary Receipt) is equal to two Eni ordinary shares.

 

Adjusted Operating Profit
Fourth-quarter adjusted operating profit was €3.70 billion, down 6% from a year ago. The decrease reflected sharply lower results recorded by the downstream oil business. This decline was offset by better operating performance recorded by the Exploration & Production division reflecting production growth and the ongoing recovery in oil prices and the Gas & Power division. For the full year, adjusted operating profit decreased by 39.3% to €13.12 billion, dragged down by an unfavourable oil environment mainly in the first nine months of the year.
Full-year results were also impacted by sharply lower refining margins. The Gas & Power division and the Engineering & Construction business segment showed a resilient performance.

Adjusted Net Profit
Fourth-quarter adjusted net profit was €1.39 billion, down 28.7% and full year adjusted net profit was €5.21 billion, down 48.8%. These results reflected reported trends in the oil market environment, lower results of equity-accounted entities and higher adjusted tax rate (up 7.8 percentage points in the quarter; up 2.2 percentage points in the full year).

Capital Expenditures
Capital expenditures were €3.89 billion in the fourth quarter (€13.69 billion for the full year) mainly related to continuing development of oil and gas reserves, the upgrading of gas transport infrastructure and the construction of rigs and offshore vessels in the Engineering & Construction segment.

Cash Flow
In the quarter net cash generated by operating activities amounted to €1.61 billion. These inflows were used to fund part of the financing requirements associated with capital expenditures (€3.89 billion). As a result, net borrowings ¹  as of December 31, 2009 increased by €2.5 billion from September 30, 2009.
For the full year net cash generated by operating activities amounted to €11.27 billion. Proceeds from disposals were €3.59 billion mainly related to the divestment of a 20% interest in Gazprom Neft based on the call option agreement with Gazprom which yielded cash consideration of €3.07 billion. Further cash proceeds related to the first tranche of total cash consideration on the divestment of a 51% stake in OOO SeverEnergia (€0.16 billion) and the divestment of certain non strategic assets in the Exploration & Production division (€0.32 billion). Capital transactions mainly related to a share capital increase (€1.54 billion) subscribed by Snam Rete Gas minorities following restructuring of Eni’s regulated gas businesses in Italy. These inflows were used to fund part of the financing requirements associated with capital expenditures (€13.69 billion), the payment of Eni’s dividends (€4.17 billion, of which €1.81 billion related to the 2009 interim dividend) and the completion of the Distrigas acquisition (€2.04 billion). At December 31, 2009 net borrowings amounted to €23.04 billion, an increase of €4.66 billion from a year ago (€18.38 billion at December 31, 2008).

(1) Information on net borrowings composition is furnished on page 37.

Financial Ratios
Return on Average Capital Employed (ROACE) ²  calculated on an adjusted basis at December 31, 2009 was 9.2%
(17.6% at December 31, 2008). The ratio of net borrowings to shareholders’ equity including minority interest – leverage ³ – increased to 0.46 at December 31, 2009 from 0.38 as of December 31, 2008.

Dividend 2009
The Board of Directors intends to submit to the Annual Shareholders’ Meeting proposal for distributing a cash dividend of €1.00 per share (€1,30 in 2008). Included in this annual payment is €0.50 per share which was distributed as interim dividend in September 2009. The balance of €0.50 per share is payable on May 27, 2010, to shareholders being the ex-dividend date May 24, 2010.
 

Operational Highlights And Trading Environment

						Full Year
Fourth Quarter 2008	Third Quarter 2009	Fourth Quarter 2009	%Ch.4 Q. 09 vs. 4 Q 08	KEY STATISTICS		2008	2009	% Ch.
1,854	1,678	1,886	1,7	Production of hydrocarbons	(kboe/d)	1,797	1,769	(1,6)
1,079	957	1,073	(0,6)	- Liquids	(kbbl/d)	1,026	1,007	(1,9)
4,449	4,139	4,668	4,8	- Natural gas	(mmcf/d)	4,424	4,374	(0,8)
30,99	22,52	28,39	(8,4)	Worldwide gas sales	(bcm)	104,23	103,72	(0,5)
1,31	1,40	1,82	38,9	- of which: E&P sales in Europe and the Gulf of Mexico		6,00	6,17	2,8
6,94	9,19	9,42	35,7	Electricity sales	(TWh)	29,93	33,96	13,5
3,06	3,16	3,00	(2,0)	Retail sales of refined products in Europe	(mmtonnes)	12,03	12,02	(0,1)

Exploration & Production
Oil and natural gas production for the fourth quarter of 2009 was a record at 1,886 kboe/d, representing an increase of 1.7% from the fourth quarter of 2008. The increase was 2.8% when excluding higher OPEC cuts (down approximately 20 kboe/d). The performance was mainly driven by field start-ups and continuing production additions in Congo, Nigeria, the USA and Egypt (up 119 kboe/d), as well as the reimbursement of royalties in kind in the USA and other contractual revisions (for an overall increase of 40 kboe/d). These increases were partly offset by mature field declines, unplanned facility downtime and negative price impacts associated with the Company’s PSAs and similar contractual schemes (down approximately 20 kboe/d). Oil and natural gas production for the full year 2009 amounted to 1,769 kboe/d, representing a decrease of 1.6% compared to a year ago. However, production was substantially unchanged (down 0.2%) when excluding OPEC cuts. Continuing production ramp-ups and positive price impacts in the Company’s PSAs were offset by the impact of unplanned facility downtime, continuing security issues in Nigeria, lower production uplifts associated with weak European gas demand and mature field declines.

Realized Oil and Gas Prices
Oil realizations increased by 47.2% in the fourth quarter driven by a recovery in Brent prices which materialized during the year (up 35.8%). Natural gas realizations were down 37.8% in the quarter driven by timelags between movements in oil prices and their effect on gas prices provided in pricing formulae and weak spot prices. For the full year, hydrocarbon realizations decreased by 31.2% (oil realizations down 32.2%; natural gas realization down 29.8%). 

Gas & Power
Eni’s natural gas sales were 28.39 bcm in the quarter, down 8.4% from a year ago due to a steep decline recorded on the Italian market (down 3.29 bcm or 24.7%). In spite of stable domestic demand for the quarter, the Company’s supplies to power generation utilities and industrial businesses declined by 67.5% and 30.2%.For the full year Eni’s natural gas sales (103.72 bcm) were barely unchanged (down 0.5%) 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.

(2) Non-GAAP financial measures disclosed throughout this pressrelease are accompanied by explanatory notes and tables to help investors to gain a full understanding of said measures in line with guidance provided for by CESR Recommendation No. 2005-178b. See pages 37 and 39 for leverage and ROACE, respectively.
(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.

Refining & Marketing
Eni’s realized refining margins in dollar terms were sharply lower in both the quarter and the full year 2009 mirroring the environment for Brent margins (down $6.5 per barrel in the quarter, or 83.9%; down $3.4 per barrel, or 51.8% for the full year). A number of negative factors contribute to the reduction. Firstly, significantly compressed light-heavy crude differentials due to a reduction in heavy crude availability on the marketplace negatively affected the profitability of Eni’s complex refineries. Specifically, in the quarter the premium on conversion was reduced by approximately two-thirds compared to a year ago. Secondly, the industry continued to be plagued by weak fundamentals due to excess capacity, high inventory levels and stagnant demand affecting end-prices, while feedstock costs have been on an upward trend since the beginning of the second half. Finally, middle-distillates prices plunged to historical lows in terms of spread versus the cost of oil.

Currency
Results of operations for the full year were helped by the depreciation of the euro vs. the US dollar, down by 5.3%.
The quarter followed a different trend resulting in an appreciation of the euro vs. the US dollar, up by 12.2% compared with the same period of last year.
 

Portfolio developments

We continued to focus on our stated strategy, mainly in the Exploration & Production and Gas & Power divisions. Key developments for the year were the agreements to produce resources at two giant oil fields in Venezuela and Iraq, the entrance in new countries with significant mineral potential, such as Ghana, finalisation of a number of strategic agreements in Russia and certain countries in Africa and the Caspian Region (Kazakhstan and Turkmenistan), completion of the Distrigas acquisition and reorganization of our regulated business in the Italian gas sector.

Venezuela
On January 26, 2010 Eni and the Venezuelan National Oil Company PDVSA signed an agreement for the joint development of the giant field Junin 5 with 35 billion barrels of certified heavy oil in place, located in the Orinoco oil belt. Production start-up is planned for 2013 at an initial level of 75 kbbl/d and a long term production plateau of 240 kboe/d is targeted. Development will be conducted through an “Empresa Mixta‘ (Eni 40%, PDVSA 60%).
At the time of the establishment of the Empresa Mixta Eni will disburse a bonus of $300 million, and further $346 million will be paid upon the achievement of certain project milestones. The agreement also includes an option to deploy Eni’s proprietary technology in hydrogenation for the conversion of heavy oils. Finally, Eni will present a project for the construction of a power plant in the Guiria peninsula.

Iraq
On January 22, 2010 Eni leading a consortium of international companies and the Iraqi National Oil Companies, South Oil Company and Missan Oil Company signed a technical service contract, under a 20-year term with an option for further 5 years, to develop the Zubair oil field (Eni 32.8%). The field was awarded to the Eni-led consortium following a successful first bid round and was offered under a competitive bid starting on June 30, 2009. The partners of the project plan to gradually increase production to a target plateau level of 1.2 mmboe/d by 2016. The contract provides that the consortium will earn a remuneration fee on the incremental oil production once production has been raised by 10 percent from its current level of approximately 200,000 barrels of oil per day and will recover its expenditures through a cost recovery mechanism based on the revenues from the field production.

Russia
The strategic partnership between Eni and Gazprom, leading worldwide natural gas producer, celebrated its 40th year of activity in 2009. The partners plan to proceed with the joint development of projects in the sectors of upstream and natural gas markets.
On September 23, 2009, Eni and its Italian partner Enel in the 60-40% owned joint-venture OOO SeverEnergia completed the divestment of the 51% stake in the venture to Gazprom based on the call option exercised by the Russian company. Eni collected the first tranche of the total cash consideration ($940 million) corresponding to approximately 25% of the whole amount for €155 million (or $230 million at the EUR/USD exchange rate of 1.48 as of the transaction date). The second tranche of the consideration will be paid by March 2010 ($710 million). A gain amounting to €100 million was recognized in the profit for the year. The gain was associated with interest income at an annual rate of 9.4% accruing on the initial investment in the venture when it was acquired on April 4, 2007 based on the contractual arrangements between Eni and Gazprom. The three partners are committed to producing first gas from the Samburskoye field by June 2011, targeting a production plateau of 150 kboe/d within two years from the start of production.

Eni and Gazprom have agreed upon a new scope of work in the development project of the South Stream pipeline, aimed at increasing its transport capacity from an original amount of 31 billion cubic meters per year to 63 billion cubic meters. Eni and Gazprom confirmed their full commitment to developing the project which, if the ongoing feasibility study produces a positive outcome, will build a new route to supply Russian gas to Europe, increasing both security and diversification of gas sources to Europe. In December 2009, Eni and Gazprom signed an agreement for the entrance of the French company Edf in the project. The conditions of the agreement will be defined in the coming months.

On April 7, 2009 Gazprom exercised its call option to purchase a 20% interest in OAO Gazprom Neft held by Eni based on the existing agreements between the two partners. The exercise price of the call option collected by Eni on April 24, 2009 amounting to €3,070 million is equal to the price ($3.7 billion) outlined in the bid procedure for the assets of bankrupt Russian company Yukos as adjusted by subtracting dividends distributed and adding the contractual yearly remuneration of 9.4% on the capital employed and financing collateral expenses. A gain amounting to €172 million was recognized in the profit of the period as remuneration of the capital invested and recovery of collateral expenses.

Austria
On January 21, 2010 Eni signed an agreement for the acquisition of a number of marketing activities of refined products in Austria, including a retail network of 135 service stations, wholesale activities as well as commercial assets in aviation business and complementary logistic and storage activities. The finalization of the transaction is subject to the approval of the relevant antitrust authorities.

Turkey
On October 19, 2009 Eni and its commercial partners in Turkey and Russia, working on the construction of the Samsum-Ceyhan pipeline, signed a Memorandum of Understanding committing to discuss the definition of the economic and contractual conditions for Russian companies to participate in the Samsun-Ceyhan Project in order to ensure the volume of crude that would guarantee the economic sustainability of the project. On the same occasion, representatives of the governments of Italy, Turkey and Russia reaffirmed their support to the project which will build a by-pass to facilitate safer transport across the Bosphorus and Dardanelles Straits as well as reduce the impact on the region’s complex and delicate ecosystem.

USA
On June 19, 2009, Eni finalized the acquisition from Quicksilver Resources Inc. of a 27.5% interest in the Alliance area, in Northern Texas, covering approximately 53 square kilometres, with gas shale reserves. Quicksilver will retain the 72.5% of the interests and operatorship of the properties. The cash consideration for the transaction amounted to $280 million. The expected production from the acquired assets will amount to 4,000 boe/d net to Eni for the full year 2009, ramping up to approximately 10,000 boe/d by 2011.

Indonesia
In November 2009, Eni was awarded a 37.8% stake in the Indonesian Sanga Sanga licence for the production of coal bed methane. Recent preliminary studies in the block showed a resource potential of about 111 billion cubic meters of gas to be verified through an appraisal program that will commence in 2010.

Egypt
On May 12, 2009 Eni and the Country Ministry for Oil agreed on a ten-year extension of the concession for the giant Belaym field. Eni will invest approximately $1.5 billion over the next five years to execute development expenditures, upgrading actions and operating costs.

Disposals of E&P assets
As part of a plan to optimize the upstream portfolio, the Company has reorganized its upstream activity in Italy. Three clusters of oil and gas properties were enucleated — the Pianura Padana region, the Central Italy prospicient the Adriatic Sea and the Ionian offshore near the Calabria region – and contributed in kind to newly established subsidiaries. Divestment procedures are underway which relate to the two subsidiaries operating the Pianura Padana and the Central Italy properties respectively.

Partnership Agreements
In 2009, leveraging its established co-operation model with oil host countries, Eni finalized a number of strategic partnerships pursuing new ventures. The framework of these ventures provides integration between the traditional oil business and sustainable development initiatives designed to support the host countries population in achieving high social and economic standards.
-  In December 2009, Eni signed a memorandum of understanding with Turkmenistan aimed at promoting and reinforcing the partnership in the development of the oil industry of the Country. Eni will co-operate with the State companies and Agency for Hydrocarbons to carry out studies to ascertain the oil and gas potential of the country. Eni will contribute its expertise in technology and the sustainability field.
-  In November 2009, Eni and the Kazakh National Oil Company KazMunayGas signed a co-operation agreement for initiatives in the fields of developing, explorating and producing hydrocarbon resources and industrial facilities in the Country. Under the agreement, Eni and KazMunayGas will jointly execute exploration studies, studies for the optimization of gas usage in Kazakhstan and the evaluation of a number of industrial initiatives including the upgrading of the Pavlodar refinery, in which KMG holds a majority interest.
-  In February 2009, Eni signed the project for the feasibility study addressing the utilization of associated gas feeding a new onshore power plant and upstream sector initiatives in the Angola onshore basins, as well as other projects in sustainability.
Similar agreements were defined in Egypt, the Democratic Republic of Congo and Pakistan.

Exploration activities
Exploration activities achieved a number of successes, in particular:
-  a large gas discovery was achieved in the Perla field, located in the Cardon IV block (Eni 50%) in the Gulf of Venezuela, yielding 600,000 cubic meters per day (approximately 3,700 boe/d) during flow test.
   The field has been estimated to contain a reserve potential of more than 160 billion cubic meters of gas (1 billion of barrels of oil equivalent);
-  an oil discovery was made in the Angolan onshore, located in the 15/06 block in Cabala Norte-1, yielding 6,500 barrels per day during flow test. This is expected to represent the most important discovery in this high potential block.
Further discoveries were made in the Gulf of Mexico, the North Sea and Indonesia offshore.
The exploration portfolio was strengthened through the following acquisitions:
-  operatorship of the offshore exploration permits Cape Three Point and Cape Three Point South (Eni 47.2%), in Ghana, allowing the Company enter the country.
-  operatorship and ownership interest of 40% in PL 533 and PL 529 licences and the participating interest of 30% in PL 532 license (StatoilHydro operator) in the Barents Sea.
-  the exploration licence of onshore Sukhpur block in Pakistan, located in proximity to the Eni-operated producing area of Bhit (Eni 40%).

Presentation to the Directorate General for Competition of the European Commission
of a set of structural remedies related to some international gas pipelines
Eni has formally presented to the Directorate General for Competition of the European Commission a set of structural remedies related to some international gas pipelines. With prior agreement from its partners, Eni has committed to dispose of its interests in both the German Tenp gas pipeline and in Switzerland’s Transitgas pipeline. Given the strategic importance of the Austrian Tag pipeline, which transports gas from Russia to Italy, Eni has negotiated a solution with the Commission which calls for the transfer of its stake into an entity controlled by the Italian State.
The remedies negotiated with the Commission do not affect Eni’s contractual gas transport rights.
The issue, which will be concluded today with the endorsement of the Directorate General for Competition of the European Commission, started in May, 2006 following an inquiry into alleged infringement of antitrust regulations which involved the main players in European gas, among which E.On, GDF and RWE. Eni received a statement of objections from the European Commission which alleged that during the 2000-2005 period, Eni was responsible for limiting the access of third parties to the gas pipelines TAG, TENP and Transitgas, thus restricting gas availability in Italy.
 

Outlook for 2010

Eni will host a strategy presentation on March 12, 2010 to outline the Company’s targets for the 2010-2013 four-year plan.
In what remains an uncertain energy environment, Eni forecasts a modest improvement in global oil demand and a Brent price of 65$/barrel in 2010.
Gas demand in Europe and Italy is expected to recover gradually from the steep decline suffered in 2009, which mainly impacted the industrial and thermoelectric sectors at a time when new import capacity was coming on line.
The Company faces a challenging refining environment, excluding any significant recovery in industry fundamentals and will entail prolonged weakness in refinery margins.

-  Production of liquids and natural gas is forecast to achieve a level no less than in 2009, when production came in at 1.769 million boe/d, based on the Company’s scenario for a Brent price of $65 per barrel for the full year, OPEC restrictions at the same level as 2009 and asset disposals underway.
   Growth will be driven by continuing field start-ups, mainly in Congo, Norway and marginally the Zubair project in Iraq, and production ramp-up at the Company’s recently started fields, mainly in Nigeria, Angola and the USA. These additions will be offset by mature field declines. Production growth will resume at a strong rate in the coming years.
-  Natural gas sales are expected to remain flat compared to 2009 (approximately 104 bcm were achieved in 2009). Increasing competitive pressures, mainly in Italy, will be offset by an expected recovery in European gas demand. Other positive trends include a benefit associated with integrating Distrigas operations and the re-negotiation of certain long-term supply contracts.
-  Regulated businesses in Italy will benefit from the pre-set, regulatory return on new capital expenditures and cost savings from integrating the whole chain of transport, storage and distribution activities.
-  Refining throughputs on Eni’s account are planned to be in line with 2009 (actual throughputs in 2009 were 34.55 mmtonnes). Volumes processed at wholly-owned refineries are expected to increase, resulting in a higher capacity utilization rate, due to a reduction of volumes on third party refineries reflecting the Company’s decision to terminate certain processing agreements. Efficiency improvement actions will partly offset the unfavourable trading environment.
-  Retail sales of refined products in Italy and the rest of Europe are expected to be unchanged from 2009 (12.02 mmtonnes in 2009) reflecting weak demand. New marketing initiatives are planned in order to strengthen Eni’s leadership on the Italian retail market and to develop its market share in European markets. 
-  The Engineering & Construction business is expected to see solid results due to a robust order backlog.

In 2010, management plans to make capital expenditures broadly in line with 2009 (€13.69 billion were invested in 2009). Capital expenditures will mainly be directed to the development of oil and natural gas reserves, exploration projects, the upgrading of construction vessels and rigs, and the upgrading of natural gas transport infrastructure. Management has planned a number of measures designed to ensure the achievement of a ratio of net borrowings to total equity (leverage) which will adequately support a strong credit rating.

Other information 
The status of certain pending legal proceedinupdated in the section “Legal Proceedings‘, part of the Company’s Annual report for the year 2009 due to be approved by Eni’s Board of Directors on March 11, 2010. Presently, the above referenced legal proceedings are discussed under the heading “Guarantees, commitments and risks‘, in the paragraphs (i) and (ii) of the section “Civil and Administrative Proceedings‘; (ii) of the section “Antitrust‘ and (i) of the section “Court Inquiries‘ as published in Eni’s interim consolidated financial statements as of and for the six-month period ended June 30, 2009 that was released to the public on August 7, 2009. Currently, the Company believes that losses on those proceedings are either not probable or not reasonably quantifiable. With regard to the European antitrust proceeding, the Company has formally presented to the Directorate General for Competition of the European Commission a set of structural remedies related to some international gas pipelines as discussed under section “Portfolio Developments‘ on page 6.
This press release has been prepared on a voluntary basis in accordance with the best practices on the marketplace. It provides data and information on the Company’s business and financial performance for the fourth quarter and the full year 2009 (unaudited). Full year and quarterly accounts set forth herein have been prepared in accordance with the evaluation and recognition criteria set by the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and adopted by the European Commission according to the procedure set forth in Article 6 of the European Regulation (CE) No. 1606/2002 of the European Parliament and European Council of July 19, 2002.
The evaluation and recognition criteria applied during the preparation of the report for the fourth quarter and the full year 2009 are unchanged from those adopted for the preparation of the 2008 Annual Report on form 20-F with the exception of the recognition and evaluation of customer loyalty programmes, after the effectiveness of IFRIC 13. For further details see Eni’s Interim Consolidated Report as of June 30, 2009. From year 2009, the Company accounts gains and losses on non-hedging commodity derivatives instruments, including both fair value re-measurement and settled transactions, as items of operating profit. Prior period results have been restated accordingly. Results are presented for the fourth quarter and the full year 2009 and for the fourth quarter and the full year 2008. Information on liquidity and capital resources relates to end of the period as of September 30, 2009 and December 31, 2008. Tables contained in this press release are comparable with those presented in the management’s disclosure section of the Company’s annual report and interim report. Non-GAAP financial measures and other performance indicators disclosed throughout this press release are accompanied by explanatory notes and tables to help investors to gain a full understanding of said measures in line with guidance provided by recommendation CESR/05-178b.

Eni’s Chief Financial Officer, Alessandro Bernini, in his position 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.

Cautionary statements
This press release, in particular the statements under the section “Outlook‘, contains certain forward-looking statements particularly those regarding capital expenditures, development and management of oil and gas resources, dividends, share repurchases, allocation of future cash flow from operations, future operating performance, gearing, targets of production and sales growth, new markets, and the progress and timing of projects. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results may differ from those expressed in such statements, depending on a variety of factors, including the timing of bringing new fields on stream; management’s ability in carrying out industrial plans and in succeeding in commercial transactions; future levels of industry product supply; demand and pricing; operational problems; general economic conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; development and use of new technology; changes in public expectations and other changes in business conditions; the actions of competitors and other factors discussed elsewhere in this document. Due to the seasonality in demand for natural gas and certain refined products and the changes in a number of external factors affecting Eni’s operations, such as prices and margins of hydrocarbons and refined products, Eni’s results from operations and changes in net borrowings for the first nine months of the year cannot be  extrapolated on an annual basis. The all sources reserve replacement ratio disclosed elsewhere in this press release is calculated as ratio of changes in proved reserves for the year resulting from revisions of previously reported reserves, improved recovery, extensions, discoveries and sales or purchases of minerals in place, to production for the year. A ratio higher than 100% indicates that more proved reserves were added than produced in a year. The Reserve Replacement Ratio is a measure used by management to indicate the extent to which production is replaced by proved oil and gas reserves. The Reserve Replacement Ratio is not an indicator of future production because the ultimate development and production of reserves is subject to a number of risks and uncertainties. These include the risks associated with the successful completion of large-scale projects, including addressing ongoing regulatory issues and completion of infrastructure, as well as changes in oil and gas prices, political risks and geological and other environmental risks.

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

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

Eni Press Office
Casella 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 for the fourth quarter and full year 2009 (unaudited) is also available on the Eni web site: www.eni.com