Eni to Continue Cost-Cutting Despite Improving Oil Prices
March 01 2017 - 5:42AM
Dow Jones News
By Eric Sylvers
MILAN--Italian oil and gas company Eni SpA (ENI.MI) promised to
continue asset sales and cost cuts even as it forecast crude oil
prices will increase over coming years to reach $70 a barrel in
2020.
Eni, 30%-owned by the Italian government, said it will pay a
dividend of 0.80 euros ($0.84) a share on 2017 results, the same as
the company is paying for 2016.
As part of a new strategic plan, Eni forecast asset sales over
the next four years of between EUR5 billion and EUR7 billion. Most
of the funds will come from the sale of stakes in existing
projects.
Earlier Wednesday, Eni reported a net profit of EUR340 million
for the three months to the end of December, compared with a loss
of EUR8.45 billion in the fourth quarter of 2015.
-Write to Eric Sylvers at eric.sylvers@wsj.com
(END) Dow Jones Newswires
March 01, 2017 06:27 ET (11:27 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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