March 25, 2020 / 5:12 PM / 11 days ago

Eni cuts 2020, 2021 capex to mitigate Coronavirus hit

FILE PHOTO: The logo of Italian energy company Eni is seen in Novara, Italy, September 26, 2019. REUTERS/Flavio Lo Scalzo/File Photo

MILAN (Reuters) - Italian oil and gas group Eni (ENI.MI) said on Wednesday it would reduce its capital expenditure this year by around 2 billion euros ($2.17 billion) to mitigate the impact from falling commodity prices following the coronavirus emergency.

Planned capex will be cut by around 2.5-3.0 billion euros next year, it added.

“We are taking these actions in order to defend our robust balance sheet and the dividend while maintaining the highest standards of safety at work,” Eni CEO Claudio Descalzi said in a statement.

Eni expects 2020 output of between 1.8 and 1.84 million barrels of oil equivalent per day and the same for next year.

Reporting by Agnieszka Flak, editing by Stephen Jewkes

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