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May 21, 2020updated 22 May 2020 9:25am

Coronavirus company news summary – Halliburton cuts dividend – pandemic halts Angola exploration

21 May

Oilfield services provider Halliburton has trimmed its quarterly dividend by 75% as the company seeks to bolster its capital flow amid the Covid-19 pandemic. The company announced a 2020 second-quarter dividend of $0.045 a share, while its board of directors approved a 20% voluntary reduction to their annual retainer.

Oil exploration and drilling activities have been suspended in Angola due to the impact of the Covid-19 pandemic, Reuters reports. French firm Total, which manages around 50% of the country’s oil output, told the news agency that it has halted drilling activity in Angola. Other operators have also suspended drilling operations.

The US Government has postponed an auction of oil and gas leases in New Mexico, at a time when the oil industry is struggling with the impact of Covid-19 pandemic. However, the government did not provide any reason for the move, according to Reuters. The oil and gas lease sale was scheduled to begin on 21 May.

Aberdeen Drilling Consultants (ADC) has introduced a resilience audit that will help oil and gas companies prevent the spread of Covid-19 at offshore installations. The audit will help companies adapt to the new working environment and review the best practices. The audit comes with ADC’s TRAMS digital rig audit management system or is available separately.

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