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May 6, 2020

Coronavirus company news summary – Nigerian revenues plummet – Total and Repsol profits down

By Matt Farmer

6 May

Spain’s Repsol has registered an adjusted net income of $482 (447m) in the first quarter of this year. The company has also adopted a new plan for this year that includes further trimming its expenses to improve capital flow amid the Covid-19 crisis.

A Nigerian official told Reuters that oil revenues may fall by more than 80% as Covid-19 pandemic plummeted fuel demand. Due to the impact, the national economy is also expected to contract by 3.4%. Nigeria is Africa’s top oil exporter where oil sales generate more than 90% of foreign exchange earnings.

French oil and gas major Total has reported an adjusted net income of $1.78bn in the first quarter of this year, a 35% drop from $2.76bn reported in the same period a year ago. However, the company kept its first-quarter dividend stable at €0.66 per share. It has also committed to reducing emissions from its energy products to net-zero by 2050.

Occidental Petroleum has again cut its 2020 capital programme to between $2.4bn and $2.6bn due to current market conditions. The company also reported a net loss of $2.2bn attributable to common stockholders in the first quarter of this year as it was hit by $1.4bn in impairment charges.

 

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