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    Capital.gr: Eni to Cut Spending, Slash Dividend and Sell Assets Amid Low Oil Price -- Update

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Summary

With tumbling oil prices expected long-term, Eni has begun divesting its assets, including partial stakes in its massive Mozambique gas field

by: Erica Mills

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Press Notes, Africa

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Capital.gr: Eni to Cut Spending, Slash Dividend and Sell Assets Amid Low Oil Price -- Update

Eni SpA said Friday it would reduce spending, slash its dividend, suspend its buyback plan and sell EUR8 billion ($8.5 billion) of assets over the next four years as the Italian oil and gas company hunkers down to face a prolonged period of lower oil prices.

The four-year plan for the years 2015-2018 projects a 17% fall in capital expenditure compared with a previous plan. Eni said it would pay a cash dividend on this year's earnings of EUR0.80 a share, a 29% reduction from 2014. The company left open the possibility of following rivals, including Royal Dutch Shell PLC, and paying dividends beyond this year in shares.

Read the full article HERE.

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