Inventory Accounting Policy
Inventories, including compulsory stocks and excluding construction contracts, are stated at the lower of purchase or production cost and net realizable value. Net realizable value is the net amount expected to be realized from the sale of inventories in the normal course of business, or, with reference to inventories of crude oil and petroleum products already included in binding sale contracts, the contractual sale price. Inventories of natural gas which are principally acquired with the purpose of selling in the near future and generating a profit from fluctuations in price are measured at fair value less costs to sell.
The cost for inventories of hydrocarbons (crude oil, condensates and natural gas) and petroleum products is determined by applying the weighted-average cost method on a three-month basis, or monthly, when it is justified by the use and the turnover of inventories of crude oil and petroleum products; the cost for inventories of the Petrochemical segment is determined by applying the weighted-average cost on an annual basis.
Source: ENI S.p.A., Annual Report
Inventory Disclosure
You have visited 10 password protected pages for free. Others contain data covered by 
.
Sign Up Now to get full access to whole website and cut out all advertisements.
ENI S.p.A., Statement of Financial Position, Inventory
USD $ in millions, translated from EUR €
Source: Based on data from ENI S.p.A. Annual Reports
| Item |
Description |
The company |
| Crude oil, gas and petroleum products |
The aggregate carrying amount as of the balance sheet date of unrefined petroleum and the liquid hydrocarbon components recovered from natural gas. |
ENI S.p.A.'s crude oil, gas and petroleum products increased from 2009 to 2010 and from 2010 to 2011.
|
| Chemical products |
Carrying amount as of the balance sheet date of solvents or substances produced by or used in a process to change the shape, form or composition of some related matter. |
ENI S.p.A.'s chemical products increased from 2009 to 2010 and from 2010 to 2011.
|
| Work in progress |
Carrying amount as of the balance sheet date of merchandise or goods which are partially completed, are generally comprised of raw materials, labor and factory overhead costs, and which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing. |
ENI S.p.A.'s work in progress declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
|
| Inventories |
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). |
ENI S.p.A.'s inventories increased from 2009 to 2010 and from 2010 to 2011.
|
