Norwegian oil and gas investor Aker has said its net asset value has plunged 52% to $2.36bn (NOK24.1bn) as global oil prices crashed due to the impact of Covid-19. The company also stated it is preparing for long-term effects of the crisis.
Equinor has reported adjusted earnings of $2.05bn in first quarter of this year, significantly down from $4.19bn registered in the same period of 2019. The company’s statement also said its has launched a $3bn action plan for 2020 to strengthen its finances. It also reduced cash dividend for first quarter $0.09 per share.
US-based firm Hess has reduced its E&P capital and exploratory budget for 2020 by 37%, from $3bn to $1.9bn. The company also reported a net loss of $2.4bn in the first quarter of this year after including impairment and other after-tax charges. Adjusted net loss for the company was $182m.
Norwegian oil and gas operator DNO has reduced its 2020 budget to strengthen its funds as a result of the ongoing pandemic. The company has cut its annual budget by $350m or 35% across all spend categories. DNO completed the first quarter of 2020 with a cash balance of $543m.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData