This Day On The Street
Continue to site
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

ENI's CEO Discusses Q1 2012 Results - Earnings Call Transcript

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

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
Only $9.95
14-Days Free
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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.99 0.00%
FB $99.54 0.00%
GOOG $678.11 0.00%
TSLA $148.25 0.00%
YHOO $26.82 0.00%


Chart of I:DJI
DOW 16,014.38 -12.67 -0.08%
S&P 500 1,852.21 -1.23 -0.07%
NASDAQ 4,268.7630 -14.99 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs