Coronavirus company news summary – Woodside Petroleum to expand Scarborough gas project – Covid-19 impacts Kinder Morgan’s profits – EQT Corp records lower-than-expected loss in Q3

23 October 2020 (Last Updated October 23rd, 2020 10:11)

23 October

Australian oil and gas company Woodside Petroleum announced plans to increase capacity at its Scarborough gas field located off of Western Australia by 20%. The project was put on hold due to the Covid-19 pandemic. The capacity of the project will now be increased from 6.5 million tonnes per annum (mtpa) to 8mtpa.

US energy infrastructure company Kinder Morgan reported a 10% decline in revenue in Q3, due to slump in natural gas and refined products shipments amid the coronavirus pandemic. The company’s revenue from product pipeline sales dropped by 20% in the September quarter.

American natural gas exploration firm EQT registered a quarterly loss below expectations, as reduction in operational costs offset the decline in gas demand and prices caused by the pandemic. The company’s net loss, however, increased to $601m for third quarter, compared to a loss of $361m for the same period in 2019.

Transocean Deepwater, an offshore driller, announced plans to lay off between 50 and 110 contract employees employed at its Deepwater Asgard drillship located in the Gulf of Mexico. The job cuts will commence in December and the retrenched staff will be paid severance.