Apr 24, 2020 / 10:00AM GMT
Claudio Descalzi - Eni S.p.A. - CEO, GM & Director
Good afternoon. And welcome to Eni's 2020 update and Q1 results. We are going through an unprecedented times with the recent collapse in commodity prices caused by the twin factors of COVID-19 pandemic and supply glut. In facing this scenario, Eni is stronger than it was in the last downturn in 2014, because in the past 6 years, we have transformed the company into a leaner and more efficient organization with a robust upstream, a restructured mid-downstream and a solid balance sheet. Overall, these actions, coupled with the cost and CapEx reductions, have more than halved our all-in cash neutrality, while reducing our net debt.
Today, in facing this new challenge, we are taking a number of initiatives that will further strengthen Eni both operationally and financially. We are assuming the lockdown until the end of May and then a gradual demand recovery towards normality by the start of 2021. In the coming slide, I will detail our action plan for 2020.
In this particular circumstances, all our action are being based on the following
Q1 2020 Eni SpA Earnings Call Transcript
Feb 10, 2024
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