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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Eni Spa | BIT:ENI | Italy | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.138 | -0.90% | 15.136 | 15.11 | 15.20 | 15.438 | 15.116 | 15.344 | 8,355,224 | 17:00:00 |
From May 2019 to May 2024
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ENI SpA said Wednesday that it has withdrawn its share buyback proposal and would revise its business plan for the 2020-21 period due to coronavirus and recent decisions taken by the Organization of the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Italian oil-and-gas company said the proposal to authorize a 400 million euro ($442.6 million) buyback in 2020 will be withdrawn and could be reconsidered only if Brent crude--the global benchmark--for the referenced year will be equal to at least $60 a barrel.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.
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