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May 13, 2020

Coronavirus company news summary – Saudi and Japanese profits down – African producers given guidance on risks

By Matt Farmer

13 May

Oil giant Saudi Aramco has reported a 25% fall in net profit in the first quarter of this year amid the Covid-19 pandemic. In the three months to March, the company posted a net income of $16.7bn, while cash flow from operating activities dropped from $24.5bn a year ago to $22.4bn.

Japanese oil and gas company Inpex has cut its annual net profit forecast by nearly 93% due to the fall in oil prices. The company revised its net profit to $93m for this calendar year, against its previous estimate of $1.35bn. Inpex also said in a statement it has started reassessing all its assets and may book impairment losses, subject to market conditions.

Modec, which supplies and operates floating platforms, has said its costs are anticipated to increase in the first quarter due to provisions made in response to Covid-19. The company said it has invested around $84m (JPY 9bn) in Covid-19 prevention efforts. Modec expects to post an operating profit of around $32.7m (JPY 3.5bn) in the first quarter, excluding the impact of the disease.

African Energy Chamber (AEC), which represents the petroleum industry in the continent, issued advisory guidelines to ensure the safety of oil workers during this pandemic. The move aims to enable the energy sector to work safely and reduce contagion risks.

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