By Mauro Orru

Eni SpA said Wednesday that it would reduce its capex for 2020 and 2021 amid a sharp decrease in commodities prices and as the coronavirus pandemic continues to spread.

The Italian oil-and-gas major said it would cut its capex by about 2 billion euros ($2.16 billion) in 2020, and by a range of approximately EUR2.5 billion and EUR3 billion for 2021.

Eni added that it expects production for 2020 of between 1.8 million and 1.84 million barrels of oil equivalent a day, adding that this would remain unchanged in the following year as well.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

March 25, 2020 13:30 ET (17:30 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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