Eni Cuts Dividend as Virus Crisis Erases Quarterly Profit
- Company now sees full-year payout at 55 euro cents a share
- Eni also reduces output forecast amid capital-spending cuts
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Eni SpA reported a second-quarter loss and reduced its dividend as the coronavirus crisis sent oil prices plunging.
The Italian giant, one of several European energy majors reporting results on Thursday, was hurt by slumping demand for crude and fuels as governments imposed lockdowns to contain the virus. Consumption fell particularly sharply in its home market, the first European economy crippled by the pandemic.