Pages

Thursday, May 14, 2020

Big Oil quarterly earnings in the Covid-19 age

The first Big Oil quarterly earnings season in the age of the coronavirus or Covid-19 global pandemic has gone revealing profit slumps, capex and opex cuts, job losses and much upheaval. Selected reports on the financials by the Oilholic are listed below, with links:
  • Profits Slump 67% At BP But Oil Major Maintains Dividend Despite Coronavirus Downturn, Apr 28
  • ExxonMobil Follows BP In Maintaining Dividend But Shell Cuts As Oil Crash Bites, Apr 30
  • Shell Cuts Dividend By 65% On ‘Prolonged’ Oil Market Uncertainty, Apr 30 
  • Oil Giant Total Maintains Dividend Despite ‘Exceptional’ 35% Plunge In Profits, May 5
  • Oil Major Equinor Suspends 2020 Guidance Following 51% Slump In Earnings, May 7
  • Saudi Aramco Keeps Record $18.75 Billion Dividend Payment Intact Despite Profits Slump, May 12
Some key themes to emerge were: 

(1) Universal profit slumps, excepting Chevron which bucked wider quarterly trends, 
(2) Around $60 billion in cost cuts instituted by the biggest 20 IOCs, and 
(3) Shell's first dividend cut since the Second World War. 

A more detailed summary for Forbes on what we can learn from Q1 2020 figures for is here. But that's all for the moment folks. Keep reading, keep it 'crude'!

To follow The Oilholic on Twitter click here.
To follow The Oilholic on Forbes click here.

© Gaurav Sharma 2020.