the year 2014

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Letter to shareholders

The new oil environment featured by significantly lower prices than in the past over the short-to-medium term warrants higher flexibility and efficiency from the oil industry in order to continue to grow and create value for all stakeholders.

We believe that our company is in an ideal strategic position to face this challenge successfully

The organizational structure, division-based in the past years, has been fully integrated, streamlined and refocused on the priority of our core business. This allowed Eni in the past and will allow again in the future to achieve significant cost efficiencies, also thanks to the centralization of technical services.

Emma Marcegaglia, CHAIRMAN (photo)

Emma Marcegaglia



Claudio Descalzi

CEO and General manager

In 2014, in spite of an increasingly weak scenario, Eni achieved excellent results supported by record cash flow over the last six years.

In light of these results, the Board of Directors will propose to the Annual Shareholders’ Meeting a cash dividend of €1.12 per share, of which €0.56 per share paid as interim dividend in September 2014 (€1.1 in 2013).

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Eni's activities


Eni engages in oil and natural gas exploration, field development and production, mainly in Italy, Algeria, Angola, Congo, Egypt, Ghana, Libya, Mozambique, Nigeria, Norway, Kazakhstan, UK, The United States and Venezuela, overall in 40 countries.


Eni sells in the European market basing on the portfolio availability of equity oil and long-term contracts; sells LNG on a global scale. Produces and sells electricity through gas plants.

Through refineries and chemical plants, Eni processes crude oil and other oil-based feedstock to produce fuels, lubricants and chemical products that are supplied to wholesalers or through retail networks or distributors.

Eni engages in the trading of oil, natural gas, LNG and electricity.

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Highlights 2014

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.

Injury frequency rate (No. of accidents per million of worked hours)
Injury frequency rate (No. of accidents per million of worked hours) (bar chart)Injury frequency rate (No. of accidents per million of worked hours) (bar chart)
Dividend and dividend yield
Operating cash ow(€ billion)
Operative efficiency
Operative efficiency (bar and line chart)Operative efficiency (bar and line chart)
2014 net borrowings evolution(€ billion)
Employees at period end (number)
Employees at period end (number) (stacked bar chart)Employees at period end (number) (stacked bar chart)