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November 16, 2020

Coronavirus company news summary – Rosneft records $827m net loss in Q3 – Covid-19 pushes Gulfport Energy into bankruptcy

By Jessica Paige

16 November

Russian energy company Rosneft posted a net loss of $827m in the September quarter compared with the $555m income it made in the second quarter. The company’s oil and gas production in Q3 stood at 3.91 million bpd, a 3.2% drop from the previous quarter. Rosneft oil output reduction was mandated by its supply pact with OPEC+, meant for stabilising the global oil market. The company also incurred pandemic-induced costs of $65m during January-September period.

Gulfport Energy, a natural gas producer, filed for bankruptcy becoming the newest company to bear the brunt of the Covid-19 pandemic. The ongoing pandemic has led lower fuel demand and price war between oil majors triggering an unprecedented fall in crude prices. Gulfport will clear off a $1.25bn funded debt and substantially reduce its yearly cash interest expense as part of the restructuring plan.

Wyoming will use federal government’s coronavirus relief fund to support the recovery of petroleum companies, whose oil and gas drilling projects were thwarted due to the ongoing pandemic. The Wyoming government announced a $15m assistance to the sector through an energy rebound programme.

Norwegian subsea services company DOF Subsea registered a loss of $14.5m during the September quarter, compared with $120m losses it incurred for the same period in 2019. The company’s operating revenue in Q3 was $131m, compared to $126m in Q3 2010. The loss is attributed to weak vessel services market and expected lower demand for services in the future due to the Covid-19 pandemic.

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