Eni to book 3.5 bln euro asset writedown after cutting price outlook [Reuters]
BP p.l.c. (BP)
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Source: Reuters
Eni to book 3.5 billion euro asset writedown after cutting price outlook MILAN (Reuters) - Italian energy group Eni said it would write off around 3.5 billion euros ($4 billion) from the value of its assets after revising down its long-term outlook for oil and gas prices due to economic fallout from the COVID-19 crisis. In a statement on Monday, Eni said it was cutting its 2023 long-term price assumption for Brent to $60 a barrel from a previous $70 and gas on the Italian hub to $5.5/million British thermal units from $7.8. “Our changed long-term assumptions, reached four months after the outbreak of the COVID-19 pandemic, reflect our current expectations about future prices and will be incorporated in our processes of capital allocation,” Eni CEO Claudio Descalzi said. The move follows similar writedowns by rivals such as BP and Shell as crumbling demand due to the COVID-19 crisis and the transition to lower-carbon energy trigger a recalculation of reserves and asset values. Eni said
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