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Letter to shareholders

Emma Marcegaglia, CHAIRMAN (photo)

Emma Marcegaglia


"We believe that our company is in an ideal strategic position to face this challenge successfully, underpinned by our competitive portfolio of oil&gas assets, a robust financial structure and the initiatives launched in May 2014 designed to focus our core upstream activities and to accelerate the turnaround in the mid-downstream business."


Claudio Descalzi

CEO and general manager

We are aware that the motivation of our people is key to the achievement of our targets. Therefore, we intend to keep investing on our personnel, focusing in particular on leadership and change management, maintaining a strong focus on our fundamental values of integrity and transparency.

Claudio Descalzi

CEO and general manager

"2014 was a positive year for Eni, thanks to the achieved results and the timely start-up of the appropriate actions aimed to face a new cycle in the Oil&Gas industry. In a still uncertain 2015, Eni thanks to its excellent strategic position is well organized to continue to create sustainable value for its shareholders, in the short and long term."

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Integrated annual report

Eni’s 2014 integrated annual report is prepared in accordance with principles included in the “International Framework”, published by International Integrated Reporting Council (IIRC). It is aimed at representing financial and sustainability performance, underlining the existing connections between competitive environment, group strategy, business model, integrated risk management and a stringent corporate governance system.

Since 2011, Eni takes part in the IIRC Pilot Program, whose aim is to define an international framework for integrated reporting.

Cash flow operations

Performance of the year




Hydrocarbon production growth

Performance of the year


hydrocarbon production

Renegotiation of gas supply portfolio

Performance of the year


of supply contracts aligned to market conditions

R&D costs

Performance of the year




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Business segments

Exploration & Production

Eni’s Exploration & Production segment engages in oil and natural gas exploration and field development and production, as well as LNG operations in 40 countries, including Italy, Angola, Congo, Egypt, Ghana, Libya, Mozambique, Nigeria, Norway, Kazakhstan, the United Kingdom, the United States and Venezuela.

Gas & Power

Eni’s Gas & Power segment engages in supply, trading and marketing of gas and electricity, international gas transport activities, and LNG supply and marketing. This segment also includes the activity of electricity generation that is ancillary to the marketing of electricity.

Refining & Marketing

Eni’s Refining & Marketing segment engages in crude oil supply and refining. It markets petroleum products to wholesalers or through retail networks, mainly in Italy and in the rest of Europe.


Through its wholly-owned subsidiary Versalis, Eni engages in the production and marketing of olefins, basic chemicals, plastics and elastomers, as well as advanced and eco-friendly plastics and rubber. Versalis operations are concentrated in Italy and Western Europe.

Engineering & Construction

Through its partially-owned subsidiary Saipem, Eni provides a full range of engineering, drilling and construction services to the oil&gas industry and downstream refining and chemical sectors.

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In 2014, in spite of an unfavourable trading environment, Eni delivered excellent results underpinned by record cash flow generation. The performance was driven by the increased contribution from upstream production and the accelerated restructuring of the mid and downstream businesses.

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