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May 12, 2020

Coronavirus company news summary – Thai losses first in four years – More losses in US oil

By Matt Farmer

12 May

Thailand’s state-owned oil and gas company PTT is set to cut investment by up to 15% due to the current downturn caused by the Covid-19 pandemic. The company also registered a $48.2m loss in its first quarter of this year. This is the company’s first quarterly loss in the last four years, Reuters reported.

In the US, Kosmos Energy has reported a net loss of $183m in the first quarter of this year as the company announced measures to reduce costs. The adjusted net loss stands at $66m. Total net production in the same three month period averaged around 66,300 barrels of oil equivalent per day.

Energy Transfer, a US-based company that supports transportation, storage and terminal services for petroleum products, has registered a net loss of $855m attributable to partners for the first three months of the year. The company said the loss was down to the decline in market demand and commodity prices.

Colombian oil company Ecopetrol has registered a 95% fall in first-quarter net profit due to fall in oil prices, reported Reuters. The company reported a profit of $34.3m (COP133bn) in the first three months, compared to a net profit of $700m (COP2.745tn) registered in the same three month period a year ago.

 

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