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July 27, 2020

Coronavirus company news summary – US oil rig count up while gas rigs at record lows – Equinor adjusted profits down 89% on Q2 2019

By Matt Farmer

27 July

According to Baker Hughes data, the number of oil rigs operating in the US increased for the first time since March as crude prices recover from record lows. The figure increased by one to 181, in the week that ended on 24 July. However, the number of gas rigs simultaneously dropped by three, to its lowest count on record.

Equinor has reported adjusted earnings of $350m in the second quarter of 2020. This figure represents an 89% fall from $3.15bn registered in the same three-month period a year ago. The company’s statement noted that the financial results were impacted by the Covid-19 pandemic. Its net debt ratio also increased to 29.3%, due to low oil prices.

India’s oil imports have plunged to their lowest levels since October 2011 because of the impact of Covid-19. The country imported 3.2 million barrels per day (bpd) of oil last month, Reuters reported citing data from industry sources. This represents a decline of 0.4% from May and nearly 28.5% from the imports registered a year ago.

Indonesian state-owned oil and natural gas PT Pertamina has said it produced 414,400 bpd of oil and 2,721 million cubic feet per day (mmcfd) in the first six months of the year. These levels lie marginally below the target set for this year of 430,000 bpd of oil and 2,857 mmcfd of gas.


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