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July 24, 2020

Coronavirus company news summary – Suncor Energy and Repsol announce falls in profit – Indian oil processing recovers

By Matt Farmer

24 July

Spanish oil and gas firm Repsol has reported an adjusted net income of $219m (€189m) in the first half of 2020. The company also noted that the oil price crash caused by the Covid-19 pandemic has resulted in its inventories losing $1.26bn (€1.088bn). Repsol has planned several cost cutting measures to adjust to the current situation.

China’s diesel exports last month plummeted to the lowest level since September 2018 as the Covid-19 pandemic continues to dampen demand. The country exported 1.04 million tonnes of diesel exported in June, according to data from the Chinese General Administration of Customs. This figure was 1.45 million tonnes in May 2020.

According to Reuters, the rate of crude oil processing in India improved last month after the government further relaxed Covid-19 restrictions. In June, companies processed 4.29 million barrels of crude oil per day, a jump of 10.9% from 3.87 million barrels per day in May. The refineries operated at 85.4% of their overall capacity in June.

Canada’s Suncor Energy has reported an operating loss of $1.11bn (C$1.49bn) in the second quarter of this year due to volatile market conditions. In the same quarter last year, the company posted operating earnings of $930m (C$1.25bn). The company has started working to reduce its operating expenses, and aims to achieve $740m (C$1bn) operating cost reduction target by the end of this year.

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