Eni cancels stock buyback plan, to review business plan

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Eni (E -7.2%) says it is withdrawing its proposal to authorize a €400M ($442.6M) stock buyback in 2020 and will reconsidered only when the Brent crude price is at least equal to $60/bbl.

Eni also will review its business plan for 2020-21 in light of its new forecast for Brent at $40-$45/bbl in 2020 and $50-$55/bbl in 2021, and expects to provide details when it issues Q1 results.

The company says the revision will consider a strong reduction in capex and expected costs to levels that are consistent with the new price scenario.

Source: dailystockbuzz

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