Paolo Scaroni, Chief Executive Officer, commented:

"Eni achieved robust financial and operating results in the first half of 2010 despite ongoing challenging market conditions especially in the gas market. In E&P in particular we are delivering on all our targets with excellent results in terms of start-ups and exploration success. Eni continues to invest for growth while maintaining strict financial discipline and a strong balance sheet."

At the same time the Board has approved the interim report as of June 30, 2010, which has been prepared in accordance to Italian listing standards as per article 154-ter of the Code for securities and exchanges (Testo Unico della Finanza). The report was immediately submitted to the Company's external auditor. Publication of the interim report is scheduled within the first half of August alongside completion of the auditor's review.

Financial Highlights

Second Quarter 2009	First Quarter 2010	Second Quarter 2010	% Ch. 2 Q. 10 vs. 09	SUMMARY GROUP RESULTS	(€ million)	First Half		% Ch.
						2009	2010
2,405	4,847	4,305	79.0	Operating profit		6,372	9,152	43.6
2,549	4,331	4,128	61.9	Adjusted operating profit (a)		6,303	8,459	34.2
832	2,222	1,824	119.2	Net profit (b)		2,736	4,046	47.9
0.23	0.61	0.50	117.4	- per share (€) (c)		0.76	1.12	47.4
0.63	1.69	1.27	101.6	- per ADR ($) (c) (d)		2.02	2.97	47.0
902	1,822	1,625	80.2	Adjusted net profit (a) (b)		2,661	3,447	29.5
0.25	0.50	0.45	80.0	- per share (€) (c)		0.73	0.95	30.1
0.68	1.38	1.15	69.1	- per ADR ($) (c) (d)		1.94	2.52	29.9

(a) For a detailed explanation of adjusted operating profit and net profit see paragraph "Reconciliation of reported operating and net profit to results on an adjusted basis" page 24.
(b) Profit attributable to Eni shareholders.
c) Fully diluted. Dollar amounts are converted on the basis of the average EUR/USD exchange rate quoted by the ECB for the periods presented.
(d) One ADR (American Depositary Receipt) is equal to two Eni ordinary shares.

Adjusted operating profit

Adjusted operating profit for the second quarter of 2010 was €4.13 billion, an increase of 61.9% compared with the second quarter of 2009. For the first half of 2010, adjusted operating profit was €8.46 billion, an increase of 34.2% compared with the first half of 2009. These results reflected an excellent operating performance reported by the Exploration & Production division (an increase of 66.8% compared with the second quarter of 2009) driven by higher oil realizations and the appreciation of the US dollar vs. the euro. Also the downstream refining and petrochemical divisions reported better results as business conditions have improved, particularly the second quarter refining margins.

Adjusted net profit

Adjusted net profit for the second quarter of 2010 was €1.63 billion, up 80.2% compared with a year ago.

In the first half of 2010, net profit of €3.45 billion increased by 29.5%. These results reflected improved operating performance and higher results reported by equity-accounted entities, partly absorbed by an increased adjusted tax rate (up 1.2 percentage points in the second quarter; up 3.3 percentage points in the first half).

Capital expenditures

Capital expenditures were €4.3 billion for the quarter and €7.1 billion for the first half mainly relating to continuing development of oil and gas reserves, the upgrading of rigs and offshore vessels in the Engineering & Construction segment and of the gas transport infrastructures.

Cash flow

The main cash inflows for the quarter were net cash generated by operating activities amounting to €4,585 million (€9,139 million in the first half) and proceeds from divestments of €66 million (€795 million in the first half). These inflows were used to fund part of the financing requirements associated with capital expenditures of €4,328 million (€7,107 million in the first half) and dividend payment amounting to €2,164 million, which included payment of balance dividend for the fiscal year 2009 to Eni'sshareholders and dividends paid to minorities by consolidated entities. As a result, net borrowings² as of June 30, 2010 amounted to €23,342 million, representing an increase of €2,290 million from March 31, 2010 and €287 million from December 31, 2009.

Financial Ratios

Return on Average Capital Employed (ROACE) ³ calculated on an adjusted basis for the twelve-month period to June 30, 2010 was 9.7% (13% at June 30, 2009).

Ratio of net borrowings to shareholders' equity including non-controlling interest – leverage ³ – decreased to 0.41 at June 30, 2010 from 0.46 as of December 31, 2009, benefiting from a sizeable increase in shareholders’ equity associated with the appreciation of the US dollar.

Interim dividend 2010

In light of the financial results achieved for the first half of 2010 and management's expectations for the full-year results, the interim dividend proposal to the Board of Directors on September 9, 2010 will amount to €0.50 per share (€0.50 per share in 2009). The interim dividend is payable on September 23, 2010 to shareholders on the register on September 20, 2010.

(1) Excluding the impact of updating the natural gas conversion rate. For further information see page 6 (of the pdf document).

(2) Information on net borrowings composition is furnished on page 33 (of the pdf document).

(3) Non-GAAP financial measures disclosed throughout this press release are accompanied by explanatory notes and tables to help investors to gain a full understanding of said measures in line with guidance provided for by CESR Recommendation No. 2005-178b. See pages 33 and 34 (of the pdf document) for leverage and ROACE, respectively.

Operational highlights and trading environment

Second Quarter 2009	First Quarter 2010	Second Quarter 2010	% Ch. 2 Q. 10 vs. 09	KEY STATISTICS		First Half		% Ch.
						2009	2010
1,733	1,842	1,758	n.m.	Production of oil and natural gas (a)	(kboe/d)	1,756	1,800	n.m.
1,733	1,816	1,732	(0.1)	Production of oil and natural gas net of updating the natural gas conversion rate		1,756	1,774	1.0
986	1,011	980	(0.6)	- Liquids	(kbbl/d)	1,000	995	(0.5)
4,290	4,615	4,319	0.8	- Natural gas	(mmcf/d)	4,344	4,466	2.4
20.46	30.51	19.19	(6.2)	Worldwide gas sales	(bcm)	52.81	49.70	(5.9)
1.46	1.60	1.34	(8.2)	of which: E&P sales in Europe and the Gulf of Mexico		2.95	2.94	(0.3)
7.57	9.00	9.61	26.9	Electricity sales	(TWh)	15.35	18.61	21.2
3.07	2.68	2.94	(4.2)	Retail sales of refined products in Europe	(mmtonnes)	5.86	5.62	(4.1)

(a) From April 1, 2010, the conversion rate of natural gas from cubic feet to boe has been updated to 1 barrel of oil = 5,550 cubic feet of gas (it was 1 barrel of oil = 5,742 cubic feet of gas). The effect on production has been 26 kboe/d. For further information see page 6.

Exploration & Production

In the second quarter of 2010, Eni's reported liquids and gas production of 1,758 kboe/d (1,800 kboe/d in the first half of 2010) which was calculated assuming a conversion rate of gas to barrel equivalent which was updated to 5,550 cubic feet of gas equals 1 barrel of oil (it was 5,742 cubic feet of gas per barrel in previous reporting periods; for further disclosure on this matter see page 6). On a comparable basis, i.e. when excluding the effect of updating the gas conversion rate, production was nearly unchanged on a quarter-to-quarter basis, while reporting an increase of 1.0% for the first half of 2010. Production increases were driven by organic growth achieved in Nigeria and Congo, new field start-ups and production ramp-ups at fields which were started-up in 2009. Those trends were offset by planned facility shutdowns in the North Sea and in Kazakhstan, as well as mature field declines. The quarterly performance was also affected by lower gas uplifts in Libya due to oversupply conditions on the European market. Finally, the combined negative impact associated with lower entitlements in Company's PSAs due to higher oil prices net of lower OPEC restrictions (overall down 10 kboe/d) reduced growth by half of a percentage point in both periods.

Realized Oil and Gas Prices

Oil realizations in dollar terms increased by 32.9% in the second quarter and by 48.3% in the first half driven by a recovery in market benchmark Brent prices (up 33.2% and 49.7% from the second quarter and first half of 2009, respectively). Gas realizations showed a slower pace of increase (up 15.5% in the quarter but down 4.8% in the first half) due to time lags in oil-linked pricing formulae and weak demand in areas where gas is sold on a spot basis.

Gas & Power

Eni's gas sales were 19.19 bcm in the second quarter of 2010 (49.70 bcm in the first half of 2010), a decrease of 6.2% compared with the second quarter of 2009, and down by 5.9% from the first half of 2009. The gas performance was negatively affected by lower sales volumes on the Italian market (in absolute terms down by 1.63 bcm and 3.97 bcm, or 20.6% and 18.8% in the second quarter and in the first half of 2010 respectively). Those trends reflected rising competitive pressures in the power generation business, industrial customers and wholesalers. On a positive note, sales in European markets trended up and increased by 5.4% in the second quarter of 2010 (up by 4.9% in the first half of 2010). This was driven by organic growth in Belgium, France and Germany/Austria.

Refining & Marketing

Eni's refining margins improved in the second quarter of 2010, driven by a re-opening of light-heavy crude differentials in the Mediterranean area. This trend benefited the profitability of Eni'scomplex refineries, which were further upgraded by a new hydrocracker coming on stream at the Taranto plant in the first half of 2010. Another positive factor was the appreciation of the dollar over the euro. Underlying fundamentals in the refining business remained weak as high costs of oil-based feedstock were only partially transferred to product prices which remain under pressure due to excess capacity, sluggish demand and high inventory levels as evidenced by lowered Brent margins (down $0.22 per barrel in the quarter, or 6.1%, down $1.57 per barrel in the first half, or 35.1%).

Also sales volumes on retail markets were weaker, particularly on the Italian market where sluggish consumption of automotive fuels dragged Eni'svolumes down (down by 6.1% and 5.2% in the quarter and in the first half, respectively). Retail sales in other European markets were stable.

Currency

Results of operations for the second quarter were helped by the depreciation of the euro vs. the US dollar, down 6.5% from the second quarter of 2009. The impact of this depreciation on the results of the first half was negligible (down 0.3%).

Portfolio developments

Divestment of Gas Brasiliano Distribuidora

On May 27, 2010, Eni signed a preliminary agreement to divest its 100% interest in Gas Brasiliano Distribuidora, a company that markets and distributes natural gas in Brazil, to Petrobras Gas, a fully owned subsidiary of Petróleo Brasileiro SA 0("Petrobras"). Total cash consideration is expected to amount to $250 million. The completion of the transaction is subject to approval of the relevant Brazilian authorities.

Sale of 25% of the share capital of GreenStream BV

On April 27, 2010, Eni sold a 25% stake in the share capital of GreenStream BV to NOC (Libya National Oil Corporation), the company owning and managing the gas pipeline for importing to Italy natural gas produced in Libya. Following the decrease of Eni'sshareholding in the company to 50% and implementation of renewed shareholders arrangements, Eni no longer controls the company and it has therefore been excluded from consolidation as of May 1, 2010.

South Stream

On June 18, 2010, Eni and Gazprom signed a Memorandum of Understanding to define terms and conditions for the French company EDF entering the South Stream project. As part of the agreement, EDF is expected to acquire an interest in the venture that is planning to build a new infrastructure to transport Russian gas across the Black Sea and Bulgaria to European markets.

Exploration Activities

In the first half of 2010 the Company executed exploration activities which resulted in adding approximately 600 million barrels to the Company's resource base. Main results were achieved:
In Venezuela, the Perla 2 appraisal well (Eni 50%) showed results that exceeded the initial resource estimation of the discovery by 30% with further improvements to be assessed through future drillings.
In Angola, three oil discoveries were made in the 15/06 block (Eni 35%, operator) off the Angolan coast with the Nzanza, Cinguvu, and Cabaca South East-1 exploration wells. The first two of these have been flowing at more than 1,600 and 6,400 barrels per day respectively.
In Indonesia, a second well located in the Jangkrik gas discovery in the Muara Bakau permit (Eni 55%, operator), was successfully drilled. The well yielded approximately 3.2 kboe/d during flow test.

Main production start-ups

In line with the Company's production plans, production was started at 5 fields. The main ones were:

(i) The Annamaria B field (Eni 90%, operator), located in the offshore section between Italy and Croatia;

(ii) Baraka (Eni 49%, operator) in Tunisia;

(iii) Rom Integrated in Algeria;

(iv) The M’Boundi IPP project (Eni 100%) in Congo.

Other fields were started to production in China and Nigeria.

Outlook

In what remains an uncertain and volatile energy environment, Eni forecasts a modest improvement in global oil demand and a Brent price of 76$/barrel for the full year 2010. Considering ongoing trends, management expects that gas demand in Europe and Italy will recover at a faster pace than the Company's base case assumptions following the steep decline suffered in 2009 in the industrial and power generation sectors. In the refining business, underlying fundamentals are expected to remain weak as highlighted by margins volatility. Against this backdrop, key volumes trends for the year are expected to be the following:

- Production of liquids and natural gas is forecast to be in line with 2009 (production in 2009 was 1.769 million boe/d). This estimate is based on the Company's assumption for a Brent price of 76$/barrel for the full year, the same level of OPEC restrictions as in the first half of 2010 and asset disposals underway. It excludes the effect of updating the gas conversion rate. Growth will be driven by continuing field start-ups, mainly in Italy, Congo and Norway and marginally the Zubair project in Iraq, as well as production ramp-up at the Company's recently started fields, mainly in Nigeria and Angola. These additions will be offset by mature field declines, lower gas uplifts in Libya due to oversupply conditions on the European market and rescheduling of certain projects expected in the Gulf of Mexico as consequence of the accident occurred at the BP-operated Macondo well;

- Worldwide gas sales are forecasted to decrease compared with 2009 (approximately 104 bcm were achieved in 2009). Increasing competitive pressures, mainly in Italy, are expected to be partly offset by an expected recovery in European gas demand. Other positive trends include a benefit associated with integrating Distrigas operations and the optimization of its supply portfolio, including re-negotiation of long-term supply contracts;

- Regulated businesses in Italy will benefit from the pre-set regulatory return on new capital expenditures and cost savings from integrating the full chain of transport, storage and distribution activities;

- Refining throughputs on Eni's account are planned to increase compared with 2009 (actual throughputs in 2009 were 34.55 mmtonnes) due to a higher capacity utilization rate of Eni'srefineries partly offset by lowered volumes on third party refineries reflecting the Company's decision to terminate certain processing agreements. In a challenging trading environment, management forecasts an improvement in refining margins from a year ago, leveraging on better spreads between light and heavy crudes as well as initiatives for efficiency enhancement and margin expansion;

Retail sales of refined products in Italy and the rest of Europe are expected decline slightly from 2009 (12.02 mmtonnes in 2009) reflecting sluggish consumption. Marketing initiatives are planned in order to support sales volumes and margins in the Italian retail market and to develop the Company's market share in European markets;

- The Engineering & Construction business is expected to see solid results due to a robust order backlog.

In 2010, management plans to make capital expenditures slightly higher compared with 2009 (€13.69 billion were invested in 2009) as a result of interventions aimed at optimizing production and the impact of the appreciation of the US dollar over the euro. Capital expenditures will mainly be directed to the development of oil and natural gas reserves, exploration projects, the upgrading of construction vessels and rigs, and the upgrading of natural gas transport infrastructure. Management has planned a number of measures designed to ensure the achievement of a ratio of net borrowings to total equity (leverage) which will adequately support a strong credit rating.

This press release has been prepared on a voluntary basis in accordance with the best practices on the marketplace. It provides data and information on the Company's business and financial performance for the second quarter and the first half of 2010 (unaudited). Results of operations for the first half of 2010 and material business trends have been extracted from the interim report 2010 which has been prepared in compliance with article 154-ter of the Italian code for securities and exchanges ("Testo Unico della Finanza" – TUF) and approved by the Company's Board of Directors today. The interim report has been transmitted to the Company's external auditor as provided by applicable regulations. Publication of the interim report is scheduled in the first half of August, alongside the Company's external auditor report upon completion of relevant audits.

Results are presented for the second quarter and the first half of 2010 and for the second quarter and the first half of 2009. Information on liquidity and capital resources relates to end of the periods as of June 30, 2010, March 31, 2010 and December 31, 2009. Tables contained in this press release are comparable with those presented in the management's disclosure section of the Company's annual report and interim report. Quarterly and semi-annual accounts set forth herein have been prepared in accordance with the evaluation and recognition criteria set by the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and adopted by the European Commission according to the procedure set forth in Article 6 of the European Regulation (CE) No. 1606/2002 of the European Parliament and European Council of July 19, 2002.

The evaluation and recognition criteria applied in the preparation of this report are unchanged from those adopted for the preparation of the 2009 Annual Report, with the exception of the international accounting standards that have come into force from January 1, 2010 described in the section "Accounting standards" in the 2010 Interim Report which will be published shortly.

Adoption of those accounting standards did not have any significant impacts on the financial results of the second quarter and first half of 2010 with the sole exception of interpretation IFRIC12 "Service concession arrangements". IFRIC12 provides guidance on the accounting by operators for public-to-private service concession arrangements. An arrangement within the scope of this interpretation involves for a specified period of time an operator constructing, upgrading, operating and maintaining the infrastructure used to provide the public service. In particular when the grantor controls or regulates what services the operator must provide with the infrastructure, at what price and any significant residual interest in the infrastructure at the end of the term of the arrangement, the operator shall recognize the concession as an intangible asset or as a financial asset on the basis of the agreements. Based on existing arrangements in Eni Group companies, adoption of IFRIC12 has led to the Company classifying infrastructures used to provide the public service within intangible assets in the balance sheet as of March 31 and June 30, 2010. Balance sheet data as of December 31, 2009 have been restated accordingly for an amount of €3,412 million (i.e. the net book value of infrastructures used to provide the public service which were presented within property, plant and equipment in prior years).

Considering the tariff set-up of public services rendered under concessions arrangements and absent any benchmarks, the Company was in no position to reliably quantify margins for construction and upgrading activities and consequently capital expenditures made in the period have been recognized as contract work in progress for an equal amount as costs incurred. Infrastructures used to provide the public service are amortized on the basis of the expected pattern of consumption of expected future economic benefits embodied in those assets and their residual value, as provided by the relevant regulatory framework.

From April 1, 2010, Eni has updated the conversion rate of gas to 5,550 cubic feet of gas equals 1 barrel of oil (it was 5,742 cubic feet of gas per barrel in previous reporting periods). This update reflected changes in Eni'sgas properties that took place in recent years and was assessed by collecting data on the heating power of gas in all Eni's230 gas fields on stream at the end of 2009. The effect of this update on production expressed in boe for the second quarter of 2010 was 26 kboe/d. For the sake of comparability also production of the first quarter of 2010 was restated resulting in an effect equal to that of the second quarter. Other per-boe indicators were only marginally affected by the update (e.g. realization prices, costs per boe) and also negligible was the impact on depletion charges. Other oil companies may use different conversion rates.

Non-GAAP financial measures and other performance indicators disclosed throughout this press release are accompanied by explanatory notes and tables to help investors to gain a full understanding of said measures in line with guidance provided by recommendation CESR/05-178b.

Eni'sChief Financial Officer, Alessandro Bernini, in his position as manager responsible for the preparation of the Company's financial reports, certifies pursuant to rule 154-bis paragraph 2 of Legislative Decree No. 58/1998, that data and information disclosed in this press release correspond to the Company's evidence and accounting books and entries.

Cautionary statement
This press release, in particular the statements under the section "Outlook", contains certain forward-looking statements particularly those regarding capital expenditures, development and management of oil and gas resources, dividends, allocation of future cash flow from operations, future operating performance, gearing, targets of production and sales growth, new markets, and the progress and timing of projects. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. Actual results may differ from those expressed in such statements, depending on a variety of factors, including the timing of bringing new fields on stream; management’s ability in carrying out industrial plans and in succeeding in commercial transactions; future levels of industry product supply; demand and pricing; operational problems; general economic conditions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; development and use of new technology; changes in public expectations and other changes in business conditions; the actions of competitors and other factors discussed elsewhere in this document. Due to the seasonality in demand for natural gas and certain refined products and the changes in a number of external factors affecting Eni'soperations, such as prices and margins of hydrocarbons and refined products, Eni'sresults from operations and changes in net borrowings for the first half of the year cannot be extrapolated on an annual basis.

Contacts

E-mail: segreteriasocietaria.azionisti@eni.com

Investor Relations

E-mail: investor.relations@eni.com

Tel.: +39 0252051651 - Fax: +39 0252031929

Eni Press Office

E-mail: ufficio.stampa@eni.com

Tel.: +39 0252031287 - +39 0659822040

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Eni

Società per Azioni Roma, Piazzale Enrico Mattei, 1

Share capital: euro 4,005,358,876 fully paid.

Tax identification number 00484960588

Tel.: +39 0659821 - Fax: +39 0659822141

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This press release for the second quarter and the first half of 2010 (unaudited) is also available on the Eni web site: eni.com.