Eni Unveils Strategic Plan; Proposes Higher Dividend for 2018
March 16 2018 - 8:27AM
Dow Jones News
By Marc Bisbal Arias
Eni SpA (ENI.MI) released its strategic plan Friday and proposed
to raise its dividend to 0.83 euros ($1.02) a share for 2018.
For the 2018-21 period, capital expenditures will be below EUR32
billion, the company said. Share buybacks will be considered should
there be cash in excess of the leverage target of 20% to 25%.
The proposed dividend for the year is 3.75% higher than it was
in 2017.
The break-even point for new projects in upstream--entailing its
exploration business--will be below $30 a barrel in the period, the
oil-and-gas company said. Eni expects to spend about EUR3.5 billion
in the next four years in this segment and is targeting 2 billion
barrels of new resources. Hydrocarbon production is expected to
grow by 3.5% a year until 2021, Eni said.
Chief Executive Claudio Descalzi said Eni is "entering a renewed
phase of strong and enhanced industrial expansion, driven by a
deeper business integration and a relentless focus on efficiency
and capital discipline."
A decarbonization strategy will also be pursued, and investments
in green business development for the 2018-21 period will be in
excess of EUR1.8 billion, Eni said.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
March 16, 2018 08:12 ET (12:12 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Eni (BIT:ENI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Eni (BIT:ENI)
Historical Stock Chart
From Sep 2023 to Sep 2024