Coronavirus company news summary – Tullow Oil reports $1.3bn loss in H1 – Enterprise cancels crude pipeline project

10 September 2020 (Last Updated September 10th, 2020 10:43)

10 September

Tullow Oil has reported a loss of $1.3bn in the first half of this year amid ongoing Covid-19 crisis. In the same six-month period last year, the company registered a profit of $103m. This comes after Tullow Oil was forced to write down $1.4 bln due to weak oil demand, reported Reuters. Currently, the company is exploring various refinancing alternatives.

Enterprise Products Partners has cancelled a 450,000-barrels-per-day crude pipeline project in Texas as oil prices continue to remain weak, Reuters reported. The company abandoned the M2E4 pipeline which was planned to transport crude from Midland in Texas to the ECHO 4 terminal in Houston. Enterprise expects that the move will trim growth capital expenditures for three years by nearly $800m.

Gazprom Marketing and Trading (GMT), the overseas trading arm of Gazprom, is set to shut down its crude oil and refined products trading desks to trim operating costs, sources familiar with the matter told Reuters. As a result, around 20 people will leave the company. However, Gazprom did not confirm the move.