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June 10, 2020

Coronavirus company news summary – Global gas demand to fall by 4% this year – Chesapeake Energy shares plummet

By Jessica Paige

10 June

International Energy Agency (IEA) has said that global natural gas demand is set to fall by 4% this year due to the impact of Covid-19 pandemic and mild winter. In its annual outlook, IEA said that the demand is expected to drop by 150 billion cubic metres (bcm) to 3,850 bcm this year.

Shares of Chesapeake Energy plummeted nearly 66% after a Bloomberg report said that the shale oil and gas producer is planning to file for bankruptcy. The company was struggling with high debt even before the Covid-19 crisis broke. However, Chesapeake refused to comment on the volatility in its stock.

Norwegian firms Aker BP and Equinor have decided to advance with several offshore projects, a day after the government announced a cash injection to support the oil industry amid Covid-19 crisis. The national parliament has approved €760m of tax benefits for petroleum companies to support new field development.

According to a Reuters report, US oil and gas companies have increased their outlay to renew insurance liability coverage for their top brass, as the sector anticipates a wave of bankruptcies due to plummeting demand amid Covid-19 pandemic. Several companies are planning to buy additional insurance to cover claims against their directors and officers.

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