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'!

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© Gaurav Sharma 2020.

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