Eni CEO Buys Company Stock
The CEO of Eni, Claudio Descalzi, has spent €200,000 ($214,000) of his cash on 29,300 shares, the Italian energy company said March 19. The news comes at a time of major global sell-offs of shares in energy companies, as the rewards from producing and selling oil and gas are – for nearly all producers – now less than the costs involved. But Descalzi said the company has a good future.
At time of press, Eni shares were trading at €6.75, or about half their value in February, before the presesnt crisis had got underway. Saudi Aramco's announcement earlier this month to boost oil supply even though the Covid-19 virus had caused demand to slump has led to major retrenchments in all parts of the energy value chain.
However, Descalzi said that “Eni’s balance sheet is very robust and we have excellent growth and value creation prospects from an industrial point of view. We have passed through other crises and successfully turned them into an opportunity to become more efficient. We will do it again. I strongly believe in the transformation path we are following and will continue to follow, while safeguarding our people and the communities where we operate as a priority.”