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July 21, 2020

Coronavirus company news summary – Chevron to acquire Noble Energy – Santos to take up to $800m impairment hit

By Jessica Paige

21 July

US-based energy company Chevron has signed a definitive agreement to acquire Noble Energy in an all-stock transaction valued at $5bn. If approved, the deal will be the biggest oil deal since the Covid-19 crisis crushed crude prices. The acquisition will bolster Chevron ’s footprint in US shale and will help the company enter Israel energy market with a stake in Leviathan field.

Australia’s Oil Search has registered a total revenue of $625.6m in the first half of this year, a 19% fall from $777m registered in the same six-month period a year ago. The Papua New Guinea-focused company also noted to have completed an organisational review to trim costs, a move that will result in 34% reduction in global workforce by the end of this year.

Australian energy company Santos has announced that it expects to book a non-cash impairment charge between $700m and $800m before tax in its 2020 half-year results. The move is planned as the company downgraded oil price assumptions following the Covid-19 pandemic that crushed crude prices. The results are due next month.

US-based oil field services provider Halliburton Company has reported a net loss of $1.7bn for the second quarter of 2020. This comes after the company registered a net loss of $1bn in the first quarter. Adjusted net income in the three month period that ended in June 2020 was $46m, while total revenue amounted $3.2bn.

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