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.

Emma Marcegaglia
Chairman

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

Upstream

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.

Mid-Downstream

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.

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.