BP’s first quarter profit plunged by nearly 66% in the first quarter of this year as Covid-19 pandemic crashed oil demand. According to the BBC, the company reported net income of $800m for the first three months of this year, significantly down from $2.4bn a year ago. However, the company will continue to pay dividends to its shareholders.
Brazil’s Petrobras has revised its debt reduction plans due to the ongoing fall in crude prices. The company now plans to maintain its gross debt at $87bn in 2020, the same level as it was last year. It also plans to reduce its gross debt to $60bn, which is aligned with the company’s new dividend policy.
Tokyo Gas has reported that its annual net profit for the year that ended on 31 March dropped 49% to $405m. The drop was attributed to impairment losses on its shale gas projects in the US and the Ichthys LNG project in Australia. The company further warned of additional impairments due to fall in crude prices. It also postponed the profit guidance for the current financial year.
UK-based exploration and production company EnQuest is planning to axe 530 jobs as a result of the pandemic. The company has launched a six-week consultation with the UK employees as it seeks to drive itself through this challenging environment through ‘decisive action’.