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June 18, 2020

Coronavirus company news summary – BP raises $12bn to strengthen balance sheet – US shale producers poised to increase output

By Jessica Paige

18 June

Oil and gas company Ovintiv has started trimming its workforce in North America due to dull drilling activity amid Covid-19 crisis, reported Bloomberg. However, a company spokesperson did not specify how many employees are being laid off as part of this redundancy process. Earlier this year, Encana rebranded itself as Ovintiv and shifted its headquarters from Canada to US.

According to the Financial Times, British oil major BP has raised $12bn of debt with equity-like features to bolster its balance sheet. It comes days after the company decided to write off $17.5bn from the value of its assets after reducing its forecasts of future energy prices.

US shale producers are expected to increase crude output by nearly 500,000 barrels per day (bpd) by the end of this month, Reuters reported quoting crude buyers and analysts. The move may put further complicate efforts by OPEC+, which seeks to revive oil prices by trimming output.

Chevron-led TCO has resumed rotation of its workers at Tengiz field in Kazakhstan in compliance with the government guidelines. With the move, the company aims to relieve those workers who have been on extended rotations as well as ensure safe production operations.

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