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October 30, 2020

Coronavirus company news summary – No tax allowances for Russian oil producers – Polarcus’ revenues decline by 76% in third quarter

By Jessica Paige

30 October

Russian finance minister has declared that tax concessions will not be provided to oil companies, which are awaiting government incentives to raise investment and boost production to pre-pandemic levels. The minister noted that the country wants to be less dependent in oil revenues and focus spending on other sectors to boost the economy.

Polarcus, a marine seismic exploration company, registered a loss of $13.5m in the third quarter compared to a profit of $13.7m for the corresponding period in 2019. The slowdown in the oil and gas market induced by the pandemic impacted the company’s revenues, which declined by 76% to $24.3m in Q3 from $103.4m in 2019.

US-based oil and gas firm ConocoPhillips registered a lower-than-expected loss of $450m in Q3 compared to $3.1bn in earnings in 2019 aided by rebound in crude oil prices. The company reduced its output by 460,000 barrels per day in June due to fall in crude oil prices caused by the pandemic but returned to near normal production levels in Q3 as oil prices recovered.

Norwegian energy giant Equinor has wrote off assets worth $2.93bn noting that the coronavirus pandemic and shift from fossil fuels will deeply impact the energy market. The company’s biggest write off was in the US mostly comprising of onshore shale oil and gas business worth $1.38bn, which led to a net loss of $2.12bn in Q3.

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