March 18, 2020 / 5:55 PM / 19 days ago

BRIEF-Eni To Withdraw 2020 Share Buyback Proposal, 2020 And 2021 Business Plan Under Revision

March 18 (Reuters) - Eni SpA:

* ENI, COVID-19 UPDATE: 2020 SHARE BUYBACK PROPOSAL WITHDRAWN, 2020 AND 2021 BUSINESS PLAN UNDER REVISION

* BOARD RESOLVES TO UPDATE COMMODITIES SCENARIO FOR YEARS 2020 AND 2021, DOWNGRADING FORECASTS ON BRENT PRICE TO 40-45 DOLLARS IN 2020 AND 50-55 DOLLARS IN 2021

* BOARD RESOLVES TO WITHDRAW PROPOSAL TO AUTHORISE PURCHASE OF TREASURY SHARES AT SHAREHOLDER MEETING OF 13 MAY 2020, WITH TOTAL AMOUNT OF €400 MILLION IN 2020

* PROPOSAL WILL BE RECONSIDERED WHEN BRENT PRICE FOR REFERENCED YEAR, WHICH IS THE BENCHMARK FOR DECISIONS RELATING TO THE BUYBACK PLAN ACTIVATION, IS AT LEAST EQUAL TO 60$/BARREL

* FOLLOWING RECENT FALL IN COMMODITIES PRICES AND OPERATIONAL CONSTRAINTS CAUSED BY COVID-19 PANDEMIC, ENI PROMPTLY STARTED REVIEWING ITS PLANNED ACTIVITIES - CEO

* CEO SAYS REVISION COMPANY’S PLANNED ACTIVITIES FOR 2020-2021 WILL CONSIDER STRONG REDUCTION IN CAPEX AND EXPECTED COSTS TO LEVELS THAT ARE CONSISTENT WITH NEW PRICE SCENARIO

* ENI’S PRIORITIES AT THE MOMENT ARE SAFEGUARDING HEALTH OF OUR PEOPLE AND COMMUNITIES WE OPERATE IN, AS WELL AS OUR ROBUST BALANCE SHEET AND THE DIVIDEND - CEO Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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