Coronavirus company news summary – Halliburton posts fourth straight quarterly loss – Ampol returns to profits as fuel sales increase

20 October 2020 (Last Updated October 20th, 2020 09:25)

20 October

Oil field services provider, Halliburton, reported a net loss of $17m in the fourth quarter of 2020 as oil and gas demand remains low due to the Covid-19 pandemic. Total revenue declined by 7% compared to the previous quarter. Halliburton’s Chief Executive Jeff Miller forecasts recovery in 2021 aided by boost in activity of unfinished wells.

Crude oil imports to Japan declined by 21.2% between April and September, which is the lowest level recorded since 1979. Fuel demand in the country, which is the fourth biggest importer of crude oil, declined due to the restrictions imposed by the Covid-19 pandemic. Japan imported 2.34 million barrels per day of crude oil during the first half of the year.

Australian refiner Ampol has reported a net profit of A$129m ($91m) for the third quarter after reporting a loss of A$597m ($423m) in the second quarter. The increase in profits was attributed to the recovery of the company’s fuel retailing business and despite the Lytton refinery in Queensland being affected by restrictions imposed due to Covid-19 pandemic.