Business Outlook 2021

Business and financial outlook 2021

Management expectations for our business operations are provided below.

Outlook 2021

  • The rebalancing of the global oil market and a recovery in fuel consumption in the course of 2021 are exposed to continued risk from the ongoing impact of the COVID-19 pandemic in a number of large global economies, such as in multiple West European countries that are still in lockdown, as well as new restrictions being reimposed in other parts of the world.
  • Reaffirming the guidance for hydrocarbon production at about 1.7 million boe/d for the FY, assuming OPEC+ cuts of about 35 kboe/d through the year on average, and an organic capex spending forecast for 2021 of approximately €6 billion; forecast cash flow from operations before working capital requirements at replacement cost higher than €9 billion at current Brent prices of 60 $/bbl.
  • Cash neutrality at a Brent price of 51 $/bbl to fund organic capex and the floor dividend.
  • The outlook for oil prices will be reassessed in Eni’s 2021 interim report in July for the purpose of establishing the variable dividend as well as in view of the possible resumption of the buy-back of the Eni share. The floor dividend set at €0.36 per share will be complemented by a variable dividend, which amount will increase when the Brent reference price for 2021 rises above the threshold of 43 $/bbl. The share buy-back program is expected to resume with a Brent reference price 2021 of at least 56 $/bbl.