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Stock impact report

Italy's Eni cuts targets, braces for coronavirus complexity [Reuters]

Royal Bank Of Canada (RY) 
Last royal bank of canada earnings: 2/21 06:00 am Check Earnings Report
US:NYSE Investor Relations: rbc.com/investorrelations/index.html
Company Research Source: Reuters
Italy's Eni cuts targets, braces for coronavirus complexity MILAN (Reuters) - Italian energy group Eni lowered its forecast for production and investments on Friday and braced for “a complicated 2020” as the coronavirus crisis destroys oil and gas demand and hammers prices. Across the industry, producers are being forced to retrench as the impact of travel restrictions to curb the novel coronavirus have had a particularly severe impact on oil and gas. “The period since March has been the most complex period the global economy has seen for more than 70 years,” Eni Chief Executive Claudio Descalzi said in a statement. “Like everyone, we expect a complicated 2020.” In first quarter results, Eni said it would spend about 30% less this year than planned and it expected spending in 2021 to be 30%-35% lower than previously predicted. Already in March it said it would cut 2020 capital expenditure by 25%. Production this year should be around 1.75 million-1.8 million barrels of oil equivalent Show less Read more
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