Eni Strategy
Vittorio Mincato
Chief Executive Officer
January 2003
2
RoadShow
Jan03
! Exploit integration to grow internationally
! Completion of core business reorganization
! E&P: Efficient organic growth continuing portfolio
rationalization
! G&P: Maintain attractive returns leveraging on Italian
gas and powergen presence and international growth
! R&M: Complete Italian repositioning and
expand in selected European regions
! Reduce capital employed
in non core business
! Continue cost cutting
! Capital and financial discipline
Eni Strategic Highlights in 2003-2006
STRATEGY
DRIVERS
Focus on core
business
Delivery
efficiency
Business
integration
Shareholder
return
Growth in core
business
International bid for
the disposal of
elastomer business in
2003
3
RoadShow
Jan03
Million boe/d
E&P: 2002 confirms strong production growth
1,471 kboe/d
1.8
1.5
1.2
0.9
0.6
0.3
0
Net of OPEC
cuts of
~ 26 kboe/d
1998
2000
2001
2002E
1999
2003 production target already
achieved: 1,500 kboe/d
before OPEC cuts
2002 / 2001
+ 7.5%
4
RoadShow
Jan03
1.8
1.5
1.2
0.9
0.6
0.3
1999
2000
2001 2002E 2003
2004 2005
2006
Million boe/d
E&P: maintaining a strong production* growth
in 2003-2006
2006 target
Above 1.8 **
* Based on 2002 average production
** Including Fortum acquisition
Net of
portfolio
rationalization
6% CAGR **
in 2002-2006
2005 target
>1.7
5
RoadShow
Jan03
Fortum Deal:
an acquisition in line with Eni profitable growth
To enhance the value of Eni
Upstream portfolio
Financial discipline
" Focus on strategic value
" Capture growth potential
" Leverage on participation level
" Accretive to Eni’s EPS and CFPS
Closing expected
in first quarter
2003
! ENTERPRISE VALUE: US$ 1,078 mm
! HYDROCARBON ASSET VALUE: US$ 663 mm
! VALUE PER BOE: US$ 3.2
6
RoadShow
Jan03
E&P: profitable growth in 2003-2006 leveraging on
efficiency and portfolio rationalization
Increase operational efficiency
Continue portfolio rationalization
" Maintaining a leading position in lifting costs
" Reducing discovery costs
" Continuing cost cutt