By Giulia Petroni

ENI SpA said Wednesday that it has withdrawn its share buyback proposal and would revise its business plan for the 2020-21 period due to coronavirus and recent decisions taken by the Organization of the Petroleum Exporting Countries.

The Italian oil-and-gas company said the proposal to authorize a 400 million euro ($442.6 million) buyback in 2020 will be withdrawn and could be reconsidered only if Brent crude--the global benchmark--for the referenced year will be equal to at least $60 a barrel.

Eni cut its price forecasts for Brent to $40/bbl to $45/bbl in 2020 and $50/bbl to $55/bbl in 2021 and said it's reviewing its business plan for the period. Details of the revised plan will be set out on April 24 during first-quarter results.

"This revision will consider a strong reduction in the capex and expected costs to levels that are consistent with the new price scenario," said Chief Executive Claudio Descalzi.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

March 18, 2020 14:02 ET (18:02 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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