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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Eni's CEO Hosts 2012-2015 Strategy Presentation Call (Transcript)

Of the key reason why ENI is stronger now than a year ago is the success of our restorations in Norway, West Africa and Mozambique, which will drive our strong growth to 2021 and beyond.

Turning now to our medium downstream businesses, over the last year, we have taken further steps to increase our competitiveness in what remains a challenging market contest. In gas and power, we’ve concluded contra-renegotiations with two of our main suppliers, Sonatrach and Gazprom. We re-leverage on our improved cost and flexibility to continue to build out European market to print. A strategy which will position us well to recover profitability as the market tightens.

In R&M and chemicals will further stream-lined our operations and have targeted additional cost savings and optimizations in each business. In chemicals in particular, we’re also targeting a number of initiatives, which will significantly improve our competitiveness.

Let me now take you through our strategy and targets in more detail. In E&P, our consistent track record of exploration success over the past year is the key driver of our growth. While 2011 has been an extraordinary year in terms of the size and potential on our new discoveries, it is not an outlier in terms of results. Over the past four years, we have discovered around 4 billion BOE of new resources almost double our cumulative production of 2.5 billion BOE with the progressive strengthening of our resource base to 32 billion BOE.

Meanwhile with unit exploration cost of around $1.7 per barrel over the past four years, our exploration success supports our capacity to deliver sustainable returns on new projects and our almost ENI oil price scenario, and then IRR in excess of 20% at our planned scenario of $90 for 2012 and 2013 and 85 thereafter.

Our consistence performance confirms the effectiveness of our exploration strategy with this focus on proven basis and a select number of high potential frontier teams. Building on the success over the next four years, we will increase our exploration efforts to further strengthen the basis of our long-term growth.

2 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 16,546.09 -17.21 -0.10%
S&P 500 1,929.50 -1.17 -0.06%
NASDAQ 4,373.2640 +3.4910 0.08%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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