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

ENI S.p.A. (E)

Q1 2012 Earnings Call

April 27, 2012 8:00 am ET

Executives

Alessandro Bernini – Chief Financial Officer and Financial Reporting Officer

Paolo Scaroni – Chief Executive Officer, General Manager and Executive Director

Claudio Descalzi – Chief Operating Officer, Exploration & Production

Analysts

Theepan Jothilingam – Nomura International plc

Iain S. Reid – Jefferies International Ltd.

Clint Oswald – Sanford C. Bernstein

Mark A. Bloomfield – Deutsche Bank AG

Karim Rahim – Barclays Capital

Michele della Vigna – Goldman Sachs International Ltd.

Nitin Sharma – JPMorgan

Jon Rigby – UBS Ltd.

Neill Morton – Berenberg Bank

Presentation

Operator

Good afternoon, ladies and gentlemen, and welcome to Eni’s 2012 First Quarter Results Conference Call hosted by Alessandro Bernini, Chief Financial Officer. For the duration of the call, you will be in listen-only mode. However, at the end of the call you’ll have the opportunity to ask questions.

I’m now handing you over to your host to begin today’s conference call. Thank you.

Alessandro Bernini

Good afternoon, ladies and gentlemen, and welcome to our first quarter results conference call. Before I take you through the financial results, let me give you a summary of the main highlights of the quarter. In E&P we are continuing to strengthen our long-term growth prospects. Our exploration continues to deliver exceptional result. In the first three months of the year, we added around 1 billion BOE of new exploration resources through Mamba North 1 in Mozambique areas in the Barents Sea, which together with Skrugard has recoverable resources of 500 million of barrel. And other discoveries in proven or near field areas.

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