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April 21, 2020

Coronavirus company news summary – Indian firms resume projects – Halliburton makes $1bn loss – Canadian extractors cut spending

By Matthew Farmer

21 April

State-owned oil firms in India are set to resume several projects after the government relaxed some lockdown restrictions. According to a PTI report, work on over 500 projects, with a combined value of $5.48bn (Rs420bn), will restart. The projects are either located in rural areas or have in-situ labour to support the resumption of work.

US-based oil field services provider Halliburton has reported a net loss of $1bn for the first quarter of 2020. The report follows the decline of US oil prices, which last night briefly touched negative worth for the first time ever. In the first three months of this year, Halliburton registered total revenue of $5bn. This is a 12% drop from $5.7bn reported in the first quarter of 2019.

Canadian firms Husky Energy and Crescent Point Energy have further cut their 2020 capital spending and reduced production because of the Covid-19 pandemic. This comes days after the federal government announced financial assistance of $1.8bn (C$2.5bn) to help the ailing industry. Husky reduced its spending by an additional C$700m, while Crescent Point Energy slashed its expenses by another C$75m, reported Reuters.

Australian company Beach Energy has terminated the Ocean Onyx rig contract with Diamond Offshore Drilling due to delay in delivery. The company is expected to incur some preliminary start-up costs as it is yet to take the delivery of the rig. Beach Energy further said all parties are engaged in discussions to utilise the Ocean Onyx rig in future drilling campaigns. The process will be finalised after taking the impact of Covid-19 into account.

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