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By Nathan Allen
Eni SpA (ENI.MI) plans to return more cash to shareholders over the next four years via dividends and buybacks, the company said Friday as it presented its new strategy to investors.
The Italian oil major pledged to launch an annual buyback of 400 million euros ($452.4 million) in 2019, which would be maintained over the following three years assuming the price of Brent crude remains between $60 and $65 a barrel and the group's leverage remains below 20%.
If Brent rises above $65 a barrel Eni said it would raise the buyback to EUR800 million a year.
The company also proposed a dividend payment of EUR0.86 a share on 2019 earnings compared with EUR0.83 on 2018 earnings.
Eni said it expects to invest EUR33 billion over the next four years, while targeting compound growth of 17% in free cash flow between 2019 and 2022.
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(END) Dow Jones Newswires
March 15, 2019 06:52 ET (10:52 GMT)
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