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April 27, 2020

Coronavirus company news summary – Total reports cases in Congo – Eni profits down 44% – More spending cuts

By Matthew Farmer

27 April

Maersk Drilling has decided to make layoffs in its North Sea workforce as the Covid-19 pandemic and oil price crash results in less contract work. The company plans to make around 250-300 of its workers redundant across Denmark, Norway and the UK. The drilling rig operator has initiated the process to engage with the respective trade unions and employee representatives.

French oil and gas company Total has reported 14 cases of Covid-19 in its operations in Congo. The cases include two of its own staff, Reuters reported. A Total document said the infected people started showing symptoms last week, following which they were taken onshore and quarantined. However, the company also said regular output has not been affected due to the incident.

Italian oil and gas company Eni has registered an adjusted operating profit of €1.31bn in the first quarter of this year, a 44% fall compared to 2019 Q1. The fall was attributed to the combined impact of Covid-19 pandemic and falling crude prices. Overall, the company reported a net loss of €2.93bn, primarily due to alignment of the book value of inventories to market prices current at the end of the quarter.

Tap Oil, an oil and gas exploration and production company, has taken a series of steps to mitigate the economic impact of Covid-19. The measures include trimming non-critical spending and cancelling some exploration initiatives. The company has also reduced its 2020 Manora work programme and its budget by $14m gross. It also noted to have a strong balance sheet to offset any adverse financial impact.

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