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Eni Affirms Decarbonization Strategy; Revises Long-term Price Projections

Eni (E) said the company remains committed to its decarbonization strategy. The company is also assessing how to speed up its plans. It believes the ongoing evolution will allow the company to achieve a better balanced portfolio.

Eni now foresees a long-term price of the marker Brent of $60/barrel in 2023 real terms compared to the previous assumption of $70/barrel. For the years 2020-2022, Brent prices are expected respectively at 40, 48 and 55 $/barrel compared to the previous assumptions of 45, 55 and 70 $/barrel.

Eni said its impairment assessments are in progress and it is not possible at this time to precisely determine the impact of the revised impairment testing price assumptions on the group's financial statements. Eni currently expects to record in the results of the second quarter estimated non-cash, post-tax impairment charges against non-current assets, including a devaluation of tax credits recorded in connection with tax-losses carryforwards, of 3.5 billion euros, plus/minus 20%.

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