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June 29, 2020

Coronavirus company news summary – Chesapeake Energy files for bankruptcy – India expects oil demand to rebound

By Jessica Paige

29 June

The number of operating oil and gas rigs in the US and Canada dropped to a record low as the industry struggles with dull demand following the Covid-19 outbreak. According to data from energy services firm Baker Hughes, the US oil and gas rig count slipped to 265. In Canada, the figure dropped to 13,

Chesapeake Energy, a US-based shale producer, has filed for bankruptcy to strengthen its balance sheet. Burdened with heavy debts, the company was also hit by the impact of the Covid-19 pandemic. Chesapeake Energy will continue to operate in the ordinary course throughout the restructuring process.

According to a Bloomberg report, Exxon Mobil is planning to trim its workforce in the US amid the ongoing Covid-19 crisis. The move may involve laying off around 5% to 10% of US-based employees as part of the company’s plan to streamline organisational structure.

India expects that oil demand will recover to normal levels sooner than the predictions made by the International Energy Agency and Opec. At the end of this month, the demand was around 85% of the levels recorded in the same period last year, Indian oil minister Dharmendra Pradhan told Bloomberg.

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