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Coronavirus company news summary – Saudi Aramco’s net income plummets in second quarter – US oil rig count falls to lowest level in 15 years

10 Aug 2020 (Last Updated August 10th, 2020 09:45)

10 August

Saudi Aramco has reported a net income of $6.6bn in the second quarter of this year amid Covid-19 crisis. The figure dropped significantly from $24.7bn registered in the same period last year. Despite the fall, the company plans to pay $75bn in dividends this year. Aramco President & CEO Amin H. Nasser also noted that the energy market is witnessing a partial recovery.

The number of oil rigs in the US has dropped to their lowest level in 15 years, according to energy services firm Baker Hughes. In the week to 7 Aug, the oil rig count dropped by four to 176. However, the number of gas rigs remained steady at 69. This comes when the oil prices are low due to the dull demand following the Covid-19 pandemic.

US-based EOG Resources has reported a net loss of $909.4m in the second quarter of this year amid Covid-19 crisis. In the same three-month period last year, the company registered a profit of $847.8m. EOG Resources also noted that the total production declined by 23.3% in the period.

According to a Reuters report, BP is planning several of its oil and gas assets when the crude prices recover. The plan includes using the proceeds from the sales to increase its investment in renewable energy. Earlier, the oil major trimmed long-term oil price forecast to $55 per barrel.