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May 4, 2020

Coronavirus company news summary – Losses in North America – Production deferred in India

By Matthew Farmer

4 May

US-based ExxonMobil has reported a loss of $610m in the first quarter of this year, compared to a profit of $2.4bn reported for the same three-month period in the previous year. The loss is primarily due to a $2.9bn write-down as market conditions made its assets lose their value. The company has also announced it is trimming its planned 2020 capital and operating expenditures to restrict costs amid the current crisis.

Canada’s Imperial Oil has reported a loss of $133.24m (CAD$188m) in the first quarter of this year. In comparison, the company made $208m (CAD$293m) in Q1 2019. The company maintains a cash balance of $990m (CAD$1.4bn) and continued to pay a dividend while reducing spending.

Reliance Industries and its partner BP have agreed to defer the start of production from the second wave of discoveries in the Indian KG-D6 block to end of next month. Earlier, Reliance said it is working on three projects in the KG-D6 block. Production from older fields stopped in February this year.

Saudi Arabian finance minister Mohammed al-Jadaan has said in an interview the kingdom must reduce expenditures to reduce the impact of Covid-19 pandemic. He went on to warn that oil and non-oil revenues will further drop in the upcoming quarters. Earlier, the Saudi Arabian Monetary Authority said foreign assets dropped to the lowest level in 19 years, reported IANS.

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