the year 2015

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Letter to shareholders

Among the achieved results, the Saipem transaction was finalized on February 26, 2016. In addition to the deconsolidation of Eni’s interest, the reimbursement of intercompany loans has freed important financial sources to be reinvested in the development of the considerable mineral resources recently discovered, while maintaining a strong capital structure.

Exploration has been once again a driver of value creation. Significant discoveries have been made in Indonesia, Congo, Gabon and, above all, in the deep Egyptian offshore with the super giant Zohr gas field. The asset with a potential of up to 30 trillion cubic feet of gas in place represents the largest ever discovery of the Mediterranean Sea. All the discoveries will be developed with competitive time-to-market; in particular Zohr is expected to come on stream by the end of 2017. In 2015, the total additions to the Company’s reserve backlog amounted to 1.4 billion of boe, at a unit cost of less than one dollar per barrel.

In the Refining & Marketing business (R&M), we started a number of initiatives to restructure the industrial setup: the green refinery project at the Venice plant is currently in an advanced phase, while it has started at the Gela site. Widespread actions progressed to upgrade plants and improve energy efficiency and yields at plants with traditional feedstock. These initiatives, along with an improved scenario and steady marketing performance, allowed the segment to achieve positive adjusted operating profit and free cash flow earlier than forecasted.

The Gas & Power (G&P) reported an adjusted operating profit almost at break-even while cash generation was excellent due to almost full recovery of take-or-pay volumes.

We are aware of reach and complexity of the future challenges which will require full engagement, Group identity and commitment of Eni’s women and men so as to enable the Company to continue progressing in value creation.

Emma Marcegaglia, CHAIRMAN (photo)

Emma Marcegaglia


Claudio Descalzi
CEO and General manager

In light of the achieved results and Company’s outlook, we intend to propose to the Annual Shareholders’ Meeting a dividend of €0.8 per share, of which €0.4 per share paid as interim dividend in September 2015.

2016-2019 Strategic Plan

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 42 countries.

upstream, mid-downstream (graphic)upstream, mid-downstream (graphic)


Eni sells in the European market basing on the portfolio availability of equity gas and long-term contracts; sells LNG on a global scale. Produces and sells electricity through gas plants. Through refineries, Eni processes crude oil to produce fuels, lubricants that are supplied to wholesalers or through retail networks or distributors.

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

Highlights 2015

In 2015, on the back of a weak Brent price scenario, Eni achieved remarkable results leveraging on its refocused portfolio, profitable growth in the upstream segment and cost efficiency programs.

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
Dividend and dividend yield (bar and line chart)Dividend and dividend yield (bar and line chart)
Operating cash flow*
Operating cash flow (bar and line chart)Operating cash flow (bar and line chart)

* Continuing operations on a standalone basis

Proved reserves (million boe)
Proved reserves (bar and line chart)Proved reserves (bar and line chart)
Capex* (€ billion)
Capex (bar chart)Capex (bar chart)

* Continuing operations

Employees at period end* (number)
Employees at period end (bar chart)Employees at period end (bar chart)

* Excluding Saipem and Versalis