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Coronavirus company news summary – PetroChina reports $4.36bn net loss – Iraq’s crude oil exports slip this month

28 Aug 2020 (Last Updated August 28th, 2020 09:38)

28 August

PetroChina has registered a net loss of CNY29.98bn ($4.36bn) in the first half of this year due to weak oil prices amid Covid-19 pandemic. In the same six-month period last year, the company registered a profit of CNY28.42bn, reported Reuters. The revenue also dropped by 22% to CNY929bn. PetroChina also aims to achieve near-zero emissions by 2050.

The Canadian province of Alberta, which derives most of its revenues from energy production, has increased its deficit estimate for the current fiscal from C$7.3bn to C$24.2bn ($18.41bn). The move comes after oil prices plummeted following the coronavirus pandemic. Alberta also anticipates 8.8% fall in its real GDP this year.

The US has resumed oil and gas lease sales auctioning more than 45,000 acres in New Mexico. However, the move saw tepid bidding from the drillers indicating weakened state of the industry, Reuters reported citing results posted on an online auction site. The average bid per acre was $169, significantly less compared to $1,386 per acre the state took during a sale in February.

Crude oil exports from Iraq has fallen so far this month suggesting better OPEC+ deal compliance. Southern Iraqi exports up to 25 August have fallen to 2.63 million bpd, Reuters reported citing figures from Petro-Logistics. This is 40,000 bpd less compared to the figures from July. Iraq is working to reduce its output, as agreed with OPEC+, after failing to meet its commitment in the earlier months.