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July 23, 2020

Coronavirus company news summary – Baker Hughes posts quarterly loss – Polarcus Q2 results hit by cancellations

By Jessica Paige

23 July

Baker Hughes has registered second consecutive quarterly loss as the company aims to reduce its cost base amid economic uncertainty. Net loss attributable to the company stood at $201m. Revenue from the oilfield services business plunged 26% to $2.41bn, while total revenue fell 21% to $4.74bn in the quarter that ended in June.

Marine seismic contractor Polarcus has reported a fall in second quarterly revenue due to contract cancellations and reduced utilisation rates. The second quarter segment revenues amounted to $22.8m, a fall of 65% compared to $64.8m in Q2 2019. The vessel utilisation rate dropped to 50% in the same three-month period. The figure was 72% in the same quarter a year ago.

Australia’s Santos expects to maintain steady production at its core assets in the near term despite the impact of Covid-19 pandemic, reported Reuters. The company reported $785m revenue for the second quarter, an 18% drop from $959m registered a year ago. It comes after Santos warned of an up to $560m impairment as oil prospects remain bleak.

Kinder Morgan, a US-based firm that operates oil and gas pipelines, has reported a net loss attributable to the company of $637m in the second quarter of this year. The loss was primarily due to a $1bn non-cash impairment as natural gas prices plummeted following the Covid-19 crisis. Kinder Morgan registered a profit of $518m in the same three-month period a year ago.

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