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July 14, 2020

Coronavirus company news summary – US shale output to fall to two-year low – China’s crude imports increase

By Jessica Paige

14 July

The US Energy Information Administration has said that the crude output from seven major shale formations will drop to a two-year low next month. In the monthly productivity forecast, the agency said that the production will be around 7.49 million barrels per day (bpd) in August. It comes after the number of operating oil and gas rigs in the US dropped to a record low of 258 in the week to 10 July.

Oil Search has unveiled plans to write off around $380m from some exploration assets and a gas-to-power project in Papua New Guinea. In a statement to the stock exchange, the company said that it will record an impairment between $360m and $400m in its half-year results. However, the decision would not impact its cash earnings.

China’s crude oil imports rose for the second consecutive month amid the Covid-19 crisis, Reuters reported citing data from the General Administration of Customs. In June, China received 53.18 million tonnes of oil (equivalent to 12.9 million bpd), significantly higher compared to 11.3 million bpd of oil imported in May.

Norway’s Aker Solutions has said that it expects to achieve better financial results in second quarter than it had anticipated due to the implementation of cost-saving measures and higher activity. In the second quarter, the company is expecting an operating revenue of about NOK5.4bn ($570m) and EBITDA of around NOK230m ($24.33m).

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