Top 12 oil giants listed post huge loss of $ 20.6 billion in first quarter

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The 12 largest listed oil companies in the world recorded a combined net loss of US $ 20.6 billion for the first quarter of this year, compared to a collective net profit of US $ 23.4 billion for the first quarter of 2019, company-based Anadolu Agency estimates. results.

The Anadolu Agency analyzed financial data from ExxonMobil, Chevron, ConocoPhillips, Halliburton, Schlumberger, Baker Hughes, Shell, BP, Total, Eni, Equinor and Rosneft, and found that these combined oil giants have seen their combined revenues drop by 17% year-on-year $ 262 billion in the first quarter of 2020, compared to around $ 315.5 billion in revenue in the first quarter of 2019.

All oil companies suffered from the drop in oil prices in the first quarter of 2020 and some, like Shell and Equinor, even used dividends in response to the weak operating environment and an uncertain recovery to come .

In absolute numbers, the biggest loss came from Baker Hughes, who reported a net loss of $ 10.21 billion for the first quarter of 2020. A week earlier, the oil services giant had said it planned to recognize a non-cash goodwill impairment charge of $ 15 billion in the first quarter. and plans to cut capital spending (capex) by 20% this year in response to the drop in oil and gas prices and the COVID-19 pandemic.

ExxonMobil reported a surprise loss in the first quarter following large depreciations amid falling oil prices, posting its first quarterly loss since the 1999 merger of Exxon and Mobil.

Coronavirus pandemic will forever change the world and the oil industry, Shell said in late April as it cut its dividend for the first time since World War II to preserve cash and value in a highly uncertain macro environment .

Oil and gas exploration and production (E&P) companies around the world are projected to see their total annual revenues plunge by $ 1 billion this year due to the coronavirus pandemic and its effects on demand and demand. world oil prices, Rystad Energy said in a statement. analysis at the end of April.

By Tsvetana Paraskova for Oilprice.com

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