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May 28, 2020

Coronavirus company news summary – Outbreak for Shell in Gulf of Mexico – Chevron to lay off 15% of workers

By Matt Farmer

28 May

Chevron is set to cut 15% of its global workforce as part of an ongoing restructuring process during the Covid-19 pandemic. Reuters reported the company currently has around 45,000 employees. Previously, Chevron announced to reduce its 2020 spending by 30% due to oil price crash following the outbreak.

Royal Dutch Shell has reported five Covid-19 cases on a company platform in the Gulf of Mexico. The company airlifted a total of nine employees from offshore after they exhibited symptoms. Five of them then tested positive for coronavirus, with two negative results and two yet to be confirmed, according to the Houston Chronicle. Shell is now testing all offshore workers before they are flown to platforms.

UK operator Neptune Energy has reported limited disruption to operations in its first quarter results. The company reported a cash flow of $355m in the first three months of 2020. It also terminated the agreement to acquire Edison E&P’s UK and Norwegian subsidiaries from Energean Oil & Gas.

Maersk Drilling has reported a quarterly revenue of $279m in 2020 Q1. In a statement, the company said it is well positioned to respond to the current crisis. Maersk Drilling recently revised its full-year guidance for this year, aiming to keep capital expenditures around $150m.

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