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Eni cuts output, capex on coronavirus as Q1 profits decline

Apr. 24, 2020 6:39 AM ETEni S.p.A. (E) StockEBy: Vandana Singh, SA News Editor1 Comment
  • Eni (NYSE:E-2.7% in pre-market as it lowers its forecast for production and capital budget in 2020, due to the impact of COVID-19 and lower gas demand.
  • The company says that the spending budget would be ~30% less in 2020 than originally planned, and 2021 spending would be 30%-35% lower than previously predicted
  • Expects annual production for 2020 to be 1.75M-1.8M boepd, down from earlier forecast of ~1.9M and marginally lower than 1.87M boepd in 2019.
  • Q1 adjusted net profit fell by 94% to €59M, and underlying cash flow dipped 43% to ~€2B; forecasts adjusted cash flow of €7.3B for FY2020 based on benchmark Brent crude at $45 a barrel.
  • The company also approved to issue bonds for up to €4B.
  • Previously: ENI reports Q1 results (April 24)

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