Eni defends balance sheet and dividend with huge capex and opex cuts

Italian oil and gas company Eni has decided to reduce its capex and opex for this year and the next as a result of the coronavirus pandemic and the oil price war. The reductions are mainly related to Eni’s Upstream activities. 

Last week, Eni said that, due to the recent market developments, the spread of the COVID-19 pandemic, and the recent decisions taken by OPEC+, Eni’s board of directors decided to update the commodities scenario for the years 2020 and 2021, downgrading the forecasts on the Brent price to $40-45 in 2020 and $50-55 in 2021.

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