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Eni raises dividend 4%, hikes production target

Published 03/16/2018, 09:15 AM
Updated 03/16/2018, 09:15 AM
© Reuters.  Eni raises dividend 4%, hikes production target
  • Eni (NYSE:E) says it is raising its dividend by nearly 4% to €0.83/share, marking its first change in the payout to investors since 2015, and will consider share buybacks depending on its cash flow position over the next four years.
  • Eni slashed its dividend 29% in 2015 amid intense pressure from falling oil prices, a radical move in an industry where shareholder payouts are considered sacred.
  • At a strategy presentation in London, CEO Claudio Descalzi also raised Eni’s production growth target over the next four years to 3.5% from 3% in 2017, as some of its biggest projects ramp up more rapidly than expected.
  • Descalzi also pledged to commit €1.8B in green energy investments over the next four years, more than half of the €3.5B the company plans to spend on traditional exploration.
  • Now read: If You Think Exxon Mobil (NYSE:XOM) Is Doomed Read This


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