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May 11, 2020

Coronavirus company news summary – Profits and budgets down in Norway and US

By Matthew Farmer

11 May

Norwegian oil and gas investor Aker has said its net asset value has plunged 52% to $2.36bn (NOK24.1bn) as global oil prices crashed due to the impact of Covid-19. The company also stated it is preparing for long-term effects of the crisis.

Equinor has reported adjusted earnings of $2.05bn in first quarter of this year, significantly down from $4.19bn registered in the same period of 2019. The company’s statement also said its has launched a $3bn action plan for 2020 to strengthen its finances. It also reduced cash dividend for first quarter $0.09 per share.

US-based firm Hess has reduced its E&P capital and exploratory budget for 2020 by 37%, from $3bn to $1.9bn. The company also reported a net loss of $2.4bn in the first quarter of this year after including impairment and other after-tax charges. Adjusted net loss for the company was $182m.

Norwegian oil and gas operator DNO has reduced its 2020 budget to strengthen its funds as a result of the ongoing pandemic. The company has cut its annual budget by $350m or 35% across all spend categories. DNO completed the first quarter of 2020 with a cash balance of $543m.

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