March 15, 2019 / 10:36 AM / a month ago

Eni promises higher returns with buyback, fatter dividend

MILAN, March 15 (Reuters) - Italian oil and gas group Eni promised investors richer pickings on Friday through a buyback and fatter dividend after pledging strong growth in cash flow over the next four years.

In its new plan the major announced a four-year buyback programme with an initial allocation of 400 million euros this year and a 3.6 percent rise in its dividend to 0.86 euros in 2019.

Oil and gas output will grow an average of 3.5 percent per year to 2025 and generate free cash to the tune of 22 billion euros, it said.

Reporting by Stephen Jewkes, editing by Silvia Aloisi

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