Coronavirus company news summary – Adani Gas posts 57% drop in revenue – Fieldwood Energy files for bankruptcy

6 August 2020 (Last Updated August 6th, 2020 09:13)

6 August

US-based Marathon Oil has reported a loss of $750m in the second quarter of the year in the wake of Covid-19 pandemic. However, the loss is lower than expected as the company trimmed its expenses by 17.2%, reported Reuters. Marathon’s net production in the second quarter amounted to 390,000 barrels of oil equivalent per day.

Adani Gas, a natural gas distribution company of Adani Group, has posted a 57% drop in revenue after operations in the quarter than ended in June amid Covid-19 crisis. The company registered a total revenue after operations of Rs2.07bn ($27.67m) in June quarter. In the same period, Adani Gas’ net profit also declined by 42%.

According to a Reuters report, several US-based shale producers are planning a variable dividend programme as Covid-19 pandemic trimmed revenues. Pioneer Natural Resources plans to roll out the plan in 2022, while Devon Energy will assess market conditions for a couple of years before introducing it. ConocoPhillips is also mulling to introduce variable dividend programme, the report added.

US-based offshore company Fieldwood Energy has filed a voluntary petition under Chapter 11, its second bankruptcy filing in more than two years. According to court filings, the company has around $1.8bn in debt. The move will involve a complete restructuring of the company. It expects to carry out normal business operations during the restructuring.