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June 3, 2020

Coronavirus company news summary – Seadrill reports $1.56bn net loss – US LNG exports slips to 13-month low

By Jessica Paige

3 June

Deepwater drilling contractor Seadrill has reported a net loss attributable to shareholder of $1.56bn in the first quarter as the company continues to combat the challenges arising due to the Covid-19 pandemic. The company has also appointed advisors to assess restructuring alternatives to reduce debt.

US LNG exports have fallen to a 13-month low as the Covid-19 pandemic triggered a global fall in demand according to Reuters who cited the fall in the amount of gas flowing to LNG export plants. In recent weeks, LNG prices crashed due to oversupplies.

Oilfield firm ProPetro Holding estimated that there are 20 hydraulic fracturing fleets operating in the Permian Basin. This is significant fall from 172 running in the US field a year ago, reported Reuters. It comes after several oil and gas companies trimmed spending following Covid-19 pandemic.

The OOC Oil & Gas Blockchain Consortium has accelerated the process of advancing with a blockchain programme, following the Covid-19 pandemic that triggered oil price crash. The consortium was involved in testing blockchain distributed ledger software at production sites to streamline work flow process.

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