This Day On The Street
Continue to site right-arrow
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 Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: E

In the first quarter of 2012, adjusted net profit was €2.48 billion, up 13% compared with a year ago as a result of better operating performance. This positive effect was partially offset by higher financial charges, which increased by €207 million, and a higher consolidated tax rate, up approximately 6 percentage points.

The physical impact was the result of a high fluctuating E&P, and to the revision of the so called rough impacts inactive over 2011. Looking at more detail at the exploration and production. In the first quarter of 2012, in reported liquids and gas production of 1,674,000 barrel of oil equivalent per day, representing a small decrease from the first quarter of 2011, down by 10,000 BOE per day or 0.6%.

Excluding price effects, which reduced Q1 production by 14,000 barrels of oil equivalent per day, compared to the year-end earlier quarter, the production for the first quarter was marginally higher, up by 0.2% driven by the ongoing recovery in Libyan production and start up ramp up of new fields in Australia, Egypt and United States. These positives offset negatives from the sale of minor assets and some minor unplanned production losses.

The exploration and production division would have thought in an adjusted operating profit of €5.1 billion, increasing by €180 million or 24% on the back of a stronger oil and gas prices and the recovery in Libyan activities.

In gas and power, overall volumes sold including consolidated and associated companies fell by 5.4% to 29.9 Bcf, decline is mainly due to weak demand and higher competitive pressure in Europe.

In Italy, overall sales rose by 1.4% with higher demand from residential user and higher sales to the network balancing market more than compensating declining volumes sold to power generation and wholesalers. The gas and power division reported an adjusted operating profit of €1.5 billion, increasing by €546 million, or 57% from the first quarter of 2011.

Read the rest of this transcript for free on

3 of 3

Select the service that is right for you!

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 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • 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