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August 01, 2012 8:00 am ET
Paolo Scaroni - Chief Executive Officer, General Manager and Director
Alessandro Bernini - Chief Financial Officer
Claudio Descalzi - Chief Operating Officer of Exploration & Production Division
Nitin Sharma - JP Morgan Chase & Co, Research Division
Oswald Clint - Sanford C. Bernstein & Co., LLC., Research Division
Hootan Yazhari - BofA Merrill Lynch, Research Division
Jon Rigby - UBS Investment Bank, Research Division
Matthew P. Lofting - Nomura Securities Co. Ltd., Research Division
Irene Himona - Societe Generale Cross Asset Research
Rahim Karim - Barclays Capital, Research Division
Kim Fustier - Crédit Suisse AG, Research Division
Alastair Roderick Syme - Citigroup Inc, Research Division
Martijn Rats - Morgan Stanley, Research Division
Andrea Scauri - Mediobanca Securities, Research Division
Good afternoon, ladies and gentlemen, and welcome to Eni’s 2012 Second Quarter Results Conference Call hosted by Paolo Scaroni, Chief Executive Officer; and Alessandro Bernini, Chief Financial Officer. [Operator Instructions] I'm now handing you over to your host to begin today's conference. Thank you.
Good afternoon, ladies and gentlemen, and welcome to our interim update and second quarter results conference call. Looking at the first half of 2012, there are 3 main highlights that I would like to draw your attention to. Two of these are positive strategic developments, and one is a negative business trend.
First, we have made a good start on our non-core asset disposal program, unlocking value for shareholders, reducing debt and refocusing the business. Secondly, we have further built up the organic growth prospect of our E&P to a stream of truly exceptional exploration successes. And third, we are facing challenging market conditions in our Italian and European businesses with Gas & Power, refining marketing and chemicals buffeted by euro area headwinds. I will now take you through each of these points in a little more depth. Sandro will then present the financial performance in Q2.