- FINANCE, STRATEGY AND REPORTING
- ● PRICE SENSITIVE
Rome, 18 March 2020 – In light of recent market developments due to the spread of the COVID-19 pandemic and the recent decisions taken by OPEC+, Eni’s board of Directors met today and resolved:
-to update the commodities scenario for the years 2020 and 2021, downgrading the forecasts on the Brent price to 40-45 dollars in 2020 and 50-55 dollars in 2021;
-to withdraw the proposal to authorise the purchase of treasury shares at the Shareholder Meeting of 13 May 2020, with a total amount of €400 million in 2020. The proposal will be reconsidered when the Brent price for the referenced year, which is the benchmark for decisions relating to the buyback plan activation, is at least equal to 60$/barrel.
In addition, Eni’s CEO, Claudio Descalzi, informed the Board of Directors of the ongoing revision of the company’s planned activities for 2020-2021, following recent market developments. Details of the revised plan will be shared with the market and set out at Q1 results on 24 April 2020.
Eni’s CEO commented: “Following the recent fall in commodities prices and operational constraints caused by the COVID-19 pandemic, Eni promptly started reviewing its planned activities. This revision will consider a strong reduction in the Capex and expected costs to levels that are consistent with the new price scenario. We will maintain the highest standards of safety at work, which have been raised due to current circumstances. Eni’s priorities at the moment are safeguarding the health of our people and the communities we operate in, as well as our robust balance sheet and the dividend”.
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EnergIA (ener'dʒia) is a system based on Generative Artificial Intelligence.
Thanks to this technology, we can respond to your requests by querying the most relevant content and documents available on eni.com. (Note: financial documents from the last 12 months and press releases from the last 2 years are considered.)
Through EnergIA, you can delve into topics of interest and have a real-time window into the world of Eni.
If you wish to search for a specific document, press release or news, use the traditional search engine via the magnifying glass icon.
Like all systems that leverage Generative Artificial Intelligence, EnergIA may generate inaccurate or outdated responses. Always consult the sources that EnergIA proposes as the origin of the generated information.
If the system fails to find an exact match for the requested content, it still tends to provide a response.
If you find any inaccuracies in the provided response, please send us your feedback at the bottom of the page: it will be very helpful for us to improve.
Remember that the content generated by the system does not represent Eni’s official position. We therefore invite stakeholders to refer to their designated contacts for official statements: Press Office for journalists, Investor Relations for analysts and investors, Company Secretariat for shareholders etc..
EnergIA can understand questions posed in almost all languages, but we prefer to provide you with a response in English or Italian, the two languages available on eni.com. If you ask a question in Italian, the content on the site in Italian will be consulted. If you ask it in English or any other language, the content in English will be consulted. (Note: the language Eni uses for financial documents/content is predominantly English.)
If questions are formulated that violate the set security criteria, the system will not proceed with processing the response. Please remember not to send personal data.
By using this service, the users acknowledge that they have read and accepted the terms and conditions of use.
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