Eni is building a more solid company, says CEO Descalzi

(AGI) London, Mar 13 - The 2015-2018 plan will strengthen Eni'sbusiness, said CEO Claudio Descalzi, during the presentation ofthe strategy. "We have taken a series of additional measures,including capex optimisations and opex and G&A reductions, allof which will strengthen the business," he explained. "Despitethis success, the oil price fall means our 2015-2018 plan ispredicated on much lower oil prices [...] The decision tore-base the dividend in 2015 is appropriate and in line withour strategic objectives considering the new oil pricescenario. It sets a level from which sustainable returns can bedelivered

(AGI) London, Mar 13 - The 2015-2018 plan will strengthen Eni'sbusiness, said CEO Claudio Descalzi, during the presentation ofthe strategy. "We have taken a series of additional measures,including capex optimisations and opex and G&A reductions, allof which will strengthen the business," he explained. "Despitethis success, the oil price fall means our 2015-2018 plan ispredicated on much lower oil prices [...] The decision tore-base the dividend in 2015 is appropriate and in line withour strategic objectives considering the new oil pricescenario. It sets a level from which sustainable returns can bedelivered while maintaining a progressive dividend policy withunderlying earnings growth," he continued. "We are able todeal with scenarios with crude prices falling" "We arebuilding a much more robust Eni capable of facing a period oflower oil prices and generating sustainable returns andcreating value for shareholders," Descalzi added, "Since lastsummer Eni's transformation into a more closely integrated oiland gas business has made significant progress. Whilemaintaining our focus on our exploration success we haveachieved the turnaround of G&P one year earlier than expectedand the restructuring of our R&M activities will lead to breakeven in 2015". (AGI) . . .