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2015-02-21 21:55:00

ENI WOULD CUT INVESTMENT 14%

ENI WOULD CUT INVESTMENT 14%

Italy's Eni raised its dividend on Wednesday despite a slump in fourth-quarter profits and like its rivals pledged to cut investment this year in the face of lower oil prices.

Eni posted a 64 percent drop in fourth quarter adjusted net profit and said it would cut investment in 2015 by about 14 percent, mainly at its exploration and production business.

Oil companies across the globe have announced spending cuts and asset sales worth billions of dollars to strengthen their balance sheets and offset falling crude prices.

Larger energy firms such…

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Tags: ENI, OIL, PRICES,
Chronicle:
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