|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Thu, 23rd Jul 2020 16:30:00 |
|
'It is going to be brutal': What to expect as oil and gas majors unveil their second-quarter results |
Oil and gas majors are likely to report “horrendous” second-quarter results over the next two weeks, energy analysts have told CNBC, with the three-month period through to the end of June widely expected to mark the “low point” of 2020.
“Big Oil” companies, referring to the world’s largest oil and gas majors, witnessed a historic fall in oil and gas prices during the second quarter as coronavirus lockdown restrictions coincided with an unprecedented demand shock.
Norway’s Equinor will report second-quarter earnings on Friday, with Austria’s OMV, Italy’s Eni, France’s Total and Anglo-Dutch company Shell set to report next week. The U.K.’s BP will unveil their quarterly results on August 4.
Stateside, ConocoPhillips will report earnings on July 30, with Exxon Mobil and Chevron expected to follow on July 31.
“I think it is going to be brutal and ugly,” Kathy Hipple, an analyst at the Institute for Energy Economics and Financial Analysis (IEEFA), told CNBC via telephone.
Hipple pointed out that international benchmark Brent crude futures averaged just $29 a barrel in the three months through to June, down from an average of $51 a barrel in the first quarter.
Brent crude futures tumbled to their lowest level since 1999 on April 21, while U.S. West Texas Intermediate futures plunged into negative territory for the first time on record.
IEA Executive Director Fatih Birol has since reportedly said he believes 2020 may well come to be regarded as the worst year in the history of global oil markets, with so-called “Black April” likely to be the worst month the industry has ever seen.
Read original full article
|
| |
|
|
Back to Featured Articles
|
|
|
|
|
|
|
|
|
|
|
|
Energy News
|
|
| |
| |
