Sudden wave of sales on Eni's stock on the Stock Exchange, which in mid-afternoon manages to lose 4,8%, to 15,55 euros, recording one of the worst declines of the Ftse Mib. Investors were disappointed by the communication relating to the dividend 2015 of the Six-legged dog, which will have a base price of 80 cents per share, significantly lower than last year's coupon (1,12 euro). The news was communicated by the group itself, which today presents the 2015-2018 industrial plan.
Furthermore, Eni has decided to suspend the programme buyback and "will evaluate its reactivation when strategic progress and the market scenario allow it", reads the presentation slides of the plan.
On the front of the productionon the other hand, the company expects annual growth of 3,5% until 2018, “mainly thanks to the start-up of new projects and the ramp up of those already started in 2014, with a total contribution of over 650 boe per day in 2018 ”.
The projects have an average breakeven of $45 a barrel and will generate additional cumulative operating cash flow of $19 billion between 2015 and 2018.
Finally, the group aims to achieve 8 billion euros with the resignations by 2018. The disposals will involve Galp and Snam, excess stakes in discovered fields, mature upstream assets and non-core activities in the mid and downstream sectors.
