Eni: books 3.5 billion euro write-down
(CercleFinance.com) - Eni will write down about 3.
5 billion euros of its assets because of its decarbonisation strategy and lower oil prices resulting from the Covid-19 crisis.
The revised scenario adopted by the Italian energy firm forecasts a long-term Brent oil price of 60 dollar per barrel in 2023, compared to the previous forecast of 70 dollar per barrel.
Eni's assessments are underway and it is not yet possible to precisely determine the impact of the impairment on the group's financial statements, it said.
However, based on available information, Eni currently expects to record in its second quarter results an estimated non-cash, post-tax impairment charge of 3.5 billion euros, plus/minus 20%, the company said.
The Milan-listed share was down 1.1% after this announcement.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
5 billion euros of its assets because of its decarbonisation strategy and lower oil prices resulting from the Covid-19 crisis.
The revised scenario adopted by the Italian energy firm forecasts a long-term Brent oil price of 60 dollar per barrel in 2023, compared to the previous forecast of 70 dollar per barrel.
Eni's assessments are underway and it is not yet possible to precisely determine the impact of the impairment on the group's financial statements, it said.
However, based on available information, Eni currently expects to record in its second quarter results an estimated non-cash, post-tax impairment charge of 3.5 billion euros, plus/minus 20%, the company said.
The Milan-listed share was down 1.1% after this announcement.
Copyright (c) 2020 CercleFinance.com. All rights reserved.