Receive our newsletter – data, insights and analysis delivered to you
  1. Uncategorised
June 18, 2020

Coronavirus company news summary – BP raises $12bn to strengthen balance sheet – US shale producers poised to increase output

By Jessica Paige

18 June

Oil and gas company Ovintiv has started trimming its workforce in North America due to dull drilling activity amid Covid-19 crisis, reported Bloomberg. However, a company spokesperson did not specify how many employees are being laid off as part of this redundancy process. Earlier this year, Encana rebranded itself as Ovintiv and shifted its headquarters from Canada to US.

According to the Financial Times, British oil major BP has raised $12bn of debt with equity-like features to bolster its balance sheet. It comes days after the company decided to write off $17.5bn from the value of its assets after reducing its forecasts of future energy prices.

US shale producers are expected to increase crude output by nearly 500,000 barrels per day (bpd) by the end of this month, Reuters reported quoting crude buyers and analysts. The move may put further complicate efforts by OPEC+, which seeks to revive oil prices by trimming output.

Chevron-led TCO has resumed rotation of its workers at Tengiz field in Kazakhstan in compliance with the government guidelines. With the move, the company aims to relieve those workers who have been on extended rotations as well as ensure safe production operations.

Content from our partners
How the North of Tyne region is leveraging its legacy to define its future
Q&A with Chevron Lubricants’ Paul Sly, global industrial OEM specialist, and Nathan Knotts, global brand technical manager
The important role of antifoam agents in oil-gas separation and amine treating
Related Companies

Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy