Eni Withdraws Buyback Proposal; Revises 2020-21 Business Plan Due to Coronavirus, OPEC
March 18 2020 - 2:17PM
Dow Jones News
By Giulia Petroni
ENI SpA said Wednesday that it has withdrawn its share buyback
proposal and would revise its business plan for the 2020-21 period
due to coronavirus and recent decisions taken by the Organization
of the Petroleum Exporting Countries.
The Italian oil-and-gas company said the proposal to authorize a
400 million euro ($442.6 million) buyback in 2020 will be withdrawn
and could be reconsidered only if Brent crude--the global
benchmark--for the referenced year will be equal to at least $60 a
barrel.
Eni cut its price forecasts for Brent to $40/bbl to $45/bbl in
2020 and $50/bbl to $55/bbl in 2021 and said it's reviewing its
business plan for the period. Details of the revised plan will be
set out on April 24 during first-quarter results.
"This revision will consider a strong reduction in the capex and
expected costs to levels that are consistent with the new price
scenario," said Chief Executive Claudio Descalzi.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
March 18, 2020 14:02 ET (18:02 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
ENI (NYSE:E)
Historical Stock Chart
From Jun 2024 to Jul 2024
ENI (NYSE:E)
Historical Stock Chart
From Jul 2023 to Jul 2024