This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

ENI's CEO Discusses Q4 2011 Results - Earnings Call Transcript

In this context we've taken steps to strengthen our competitive position in each sector. In gas and power we continue our strategy of reviewing our supply costs, enable ready close the agreement with Sonatrach. However, it is worth reminding you that gas and power results do not yet include the expected benefits of the Gazprom renegotiation which is progressing constructively and will be retroactive for the whole of 2011.

Meanwhile, we've strengthened our position in the most resilient retail segment through organic growth in Italy and selective acquisitions in France and Belgium. In Refining and marketing we are concentrating our efforts on efficiency. In 2011, we exceeded our target with over €150 million savings. In Petrochemicals alongside cost cutting we're refocusing our business on more profitable niches and example comes from our innovative project to convert a structural loss making basic chemical plants to biochemical giving us the full told in these fast growing markets.

Thank you for your attention, and I'll now hand it over to Sandro for a closer look at our fourth quarter results.

Alessandro Bernini

Thank you, Paul. In the fourth quarter of 2011, the market environment was mixed. The brand price averaged $109 a barrel, up 26% compared to the fourth quarter of 2010. Meanwhile, the average European refining margin Brent/Ural was $2.5 a barrel well below historical levels, and the showing an 8% decline year-on-year. The euro-dollar exchange rates were broadly inline with the last quarter of 2010 at $1.35 per euro.

Moving to our results, ENI's adjusted operating profit for the fourth quarter of 2011 was to €4.3 billion, a decrease of 10% from the fourth quarter '10. These results reflects the operating losses recorded by the bouncing businesses against the backdrop of recessionary environment and the increased competitive pressure on gas and power marketing results which only partially included the benefits of supply renegotiations. These negatives were to some extent offset by the improved operating performance in ELP where operating profits were up 4.3% year-on-year replacing higher oil prices and the effort made to recover the Libyan production after the suspension of ___01 2.22__ in the country during the crisis.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs