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August 20, 2020

Coronavirus company news summary – Santos’ underlying profit plunges by 48.4% in H1 – China’s CNOOC profit erodes by two-thirds

By Jessica Paige

20 August

Russia’s oil and gas condensate production jumped to 9.78 million bpd this month, two sources told Reuters. Last month, the output averaged 9.37 million bpd. According to OPEC deal, Russia should produce 9 million bpd of oil from this month. However, gas condensate is not included in the deal.

German oil and gas company Wintershall expects to have a healthy cash balance by the end of this year driving on low-cost projects and reduced expenditures. The company reported a 63% fall in earnings before adjustments in the second quarter due to the impact of Covid-19 pandemic. The EBITDAX amounted to €254m, while adjusted net profit amounted to €90m.

Santos, an Australian oil and gas producer, has registered a 48.4% fall in half-yearly underlying profit due to weaker crude prices following the Covid-19 pandemic. The company reported underlying profit of $212m in 2020 H1, compared to $411m registered a year ago, reported Reuters. Santos also booked up to $560m in impairments due to the current crisis.

Chinese oil and gas producer CNOOC has said that its profits in the first-half of the year plummeted by nearly two-thirds as Covid-19 pandemic dampened fuel demand. In the first half, CNOOC registered a profit of $1.5bn, Reuters reported citing company results. Revenues also dropped 32% in the same period.

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