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July 16, 2020

Coronavirus company news summary – California Resources files for Chapter 11 – China’s refinery output soars

By Jessica Paige

16 July

California Resources has filed a voluntary petition seeking relief under Chapter 11, becoming the latest victim of the recent oil price slump that bankrupted several energy firms. The company filed for pre-arranged restructuring at the court and aims to reduce its debt substantially through the process. Meanwhile, it will continue to operate in the ordinary course.

Venezuela’s crude output has fallen to the lowest level in eight decades due to sanctions and weak demand amid Covid-19 crisis. In June, the South American nation produced 393,000 barrels per day (bpd), Reuters reported citing data provided to OPEC. The figure was 573,000 bpd in May.

Australia’s Origin Energy is set to book impairments of around A$1.2bn ($840.12m) after tax. It comes after several companies trimmed the value of their assets following the drop in crude prices due to Covid-19 pandemic. The company also noted that it is expected to include non-cash charges of up to A$1.24bn in its full-year accounts.

China’s refinery production has increased to hit record levels as demand for gasoline and diesel soared in the country. Last month, the country’s refining units processed 57.87 million tonnes of crude oil (equivalent to nearly 14.08 million bpd), Reuters reported citing data released by the National Bureau of Statistics (NBS). The figure is also a significant increase from 13.63 million bpd recorded in May 2020.

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