- 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)