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April 23, 2020

Coronavirus company news summary – Spending cuts in Australia – Shell defers decisions – Indian refineries slow production

By Matt Farmer

23 April

Indian crude refineries have cut their production as the country’s lockdown and restrictions have reduced fuel demand. According to a Reuters report, crude processing fell by nearly 5.7% last month compared to the same time last year. In March 2020, refiners processed around 21.20 million tonnes of oil. Crude production also slipped by nearly 5.5% on a year-on-year basis.

Royal Dutch Shell has deferred some decisions on deepwater projects due to the recent oil price crash. The company has postponed making decisions on whether to move ahead with two offshore developments in the Gulf of Mexico and North Sea. Shell has also trimmed its 2020 spending plans by nearly one-fifth due to the coronavirus pandemic.

US-based oil field services company Baker Hughes has reported a 20% drop in orders in the first quarter of this year compared to Q4 2019. Between January and March, the company announced orders of $5.5bn. Its quarterly revenue was $5.4bn, a 15% sequential drop and 3% fall year-over-year. Baker Hughes also reported cost cuts and structural changes to mitigate the impact of Covid-19.

Jadestone Energy has reduced its 2020 capital expenditure guidance. Overall, the company plans to invest $30m to $35m in 2020. It has postponed its Australia infill drilling campaign to next year, and last month, it announced it would defer the Nam Du and U Minh development project.

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