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

23 July 2020 (Last Updated July 23rd, 2020 10:26)

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.