Eni to Boost Shareholder Returns Under Strategic Plan
15 March 2019 - 10:07PM
Dow Jones News
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.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
March 15, 2019 06:52 ET (10:52 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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