Eni: forecasts lower capex for 2020 and 2021

(CercleFinance.com) - Italian oil group Eni said late on Wednesday that it will reduce its capital spending for 2020 and 2021 amid the collapse in commodity prices and constraints arising from the COVID-19 pandemic.


Revising its 2020-2021 business plan, Eni will reduce its 2020 capex by around 2 billion euros, equal to 25% of the planned budget, and will cut its operating expenses by around 400 million euros.

In 2021, Eni expects to cut capex by around 2.5-3 billion euros, equal to 30-35% of its initial schedule.

These measures are intended to maintain a "robust" balance sheet and to protect the group's dividend, CEO Claudio Descalzi said.

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