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E - Eni: Pondering Options To Weather The Oil Price Collapse
ENI S.p.A.
In March, the Italian energy heavyweight Eni S.p.A. (E) that I have been covering since 2018 announced a few steps that must be undertaken to protect liquidity and shield the company from severe repercussions of the oil price collapse. Among the steps were capex and opex reduction, postponement of the buyback, and thorough review of the portfolio, including a deep inspection of the Middle Eastern projects inclusive of the offshore gas concessions in the United Arab Emirates. Though the capex cut will inevitably take a toll on future production, I hope these measures