Eni Details Its Four-year Investment Plan - Quick Facts

(RTTNews) - Eni (E) presented the company's 2019-2022 strategic plan, under which the company will consolidate its organic growth in all businesses leveraging on three main pillars: integration, efficiency and technology deployment. The four-year investment plan, focused on high-value projects with rapid returns, envisages capital expenditures of approximately 33 billion euros.

Upstream will continue to represent the key driver of Eni's organic growth, while keeping a disciplined capital and operational spending. The mid-downstream businesses are expected to double their operating income.

For Upstream, the company said, in exploration, it expects to spend about 3.5 billion euros in the period 2019-2022 targeting 2.5 billion barrels of new resources at the unit cost of below $2, drilling around 40 wells per year. Hydrocarbon production is expected to grow 3.5% a year over the plan period.

Eni said it intends to increase the 2019 dividend to 0.86 euros per share and to start a four-year share buyback programme with a capital allocation of 400 million euros in 2019 and, in the following three years, assuming a leverage steadily below 20%, an annual capital allocation of 400 million euros in a $60-65 Brent scenario or 800 million euros with a scenario above $65 Brent.