ENI SpA : Eni cuts capex by 25% in 2020 in a move to protect dividends
>Eni will cut capex by 25% this year and 30-35% next year - In the wake of the spread of COVID-19 and the fall in oil prices, Eni has announced that it will cut capex by 25%, or $ 2bn, this year and by 30-35%, equivalent to $ 2.5bn-3bn, next year (previous guidance was $ 8bn/year). At the same time, the group will cut Opex by $ 400m. The cut will impact mainly upstream activities, as Eni’s activities are more focused on this business, with lower investments in produc...Eni is engaged in the oil and gas exploration and production, gas marketing operations, management of gas infrastructures, power generation, petrochemicals, oil field services and engineering industries. Co.'s operations are divided into three segments; Exploration and Production (oil and natural gas exploration and field development and production, as well as LNG operations), Gas and Power (supply, trading and marketing of gas and electricity, managing gas infrastructures for transport, distribution, storage, re-gasification, and LNG supply and marketing), and Refining and Marketing (supply of crude oil, refining and marketing of refined products). Co. maintains operations in 73 countries.
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