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May 5, 2020

Coronavirus company news summary – Record high shipping in Brazil – Profits up for Sempra

By Matt Farmer

5 May

Brazilian firm Petrobras shipped one million barrels of oil per day last month; a record high amount despite the Covid-19 pandemic. The company attributed the increase to higher sales to China, which accounted for nearly 60% of all oil exports in the first four months of 2020.

Equatorial Guinea has agreed to grant oil and gas companies two-year extensions on exploration programmes to ensure investment flow in the country. The extensions were granted by the hydrocarbons ministry. According to Reuters, around 90% of state revenue is generated by the oil and gas sector.

US-based energy infrastructure company Sempra Energy reported first-quarter 2020 earnings of $760m, compared to $441m registered in the first-quarter of 2019. The company also stated it plans to further strengthen its balance sheet and ensure strong liquidity position, while delivering essential services throughout the pandemic.

Oil and gas production by major producers is set to decline by more than 12% in the second quarter of this year because of the impact of Covid-19, Reuters has reported. This would be the largest output cut in the last 17 years.

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