Coronavirus company news summary – Shell’s earnings plummet as oil prices hit – ConocoPhillips plans to restore output by September

31 July 2020 (Last Updated July 31st, 2020 10:07)

31 July

Royal Dutch Shell has reported a sharp drop in its earnings in the second quarter of this year following an unprecedented fall in oil prices due to Covid-19 pandemic. The company reported an adjusted net income of $638m in the second quarter, plunging 82% from $3.5bn reported in the same period a year ago. The net loss of the company stands at $18.3bn, reported The Guardian.

ConocoPhillips plans to restore most of its output by the end of September, ending majority of production curtailments currently in place. According to a Reuters report, the company reduced its output by nearly one-third after the oil prices plummeted. In the quarter that ended in June, the US-based company’s output was down by 24%.

Italian oil and gas company Eni has updated its short and medium term strategy as it seeks to achieve further cost reduction in operations. The updated strategy has increased capex optimisation, confirmed energy transition targets as well as increased investments in businesses associated with decarbonisation. The company has also reviewed its shareholders’ remuneration policy.

India’s Reliance Industries has posted a net profit of Rs132.48bn ($1.77bn) for the quarter that ended in June, despite the impact of Covid-19. The figure represents a 30.6% year-on-year jump. The profit levels are primarily buoyed by a deal with BP where the British oil major invested Rs76.29bn ($1.02bn) to acquire 49% stake in the Reliance’s fuel retailing business.