Top 12 Listed Oil Giants Book Huge $20.6 Billion Loss In First Quarter
By Tsvetana Paraskova - May 22, 2020, 1:30 PM CDT
The 12 largest listed oil companies in the world booked a combined net loss of US$20.6 billion for the first quarter this year, compared to a collective net income of US$23.4 billion for Q1 2019, according to estimates of Anadolu Agency based on the companies’ results.
Anadolu Agency analyzed the financials of ExxonMobil, Chevron, ConocoPhillips, Halliburton, Schlumberger, Baker Hughes, Shell, BP, Total, Eni, Equinor, and Rosneft, and found that these oil giants saw their combined revenues drop by 17 percent year on year to US$262 billion in Q1 2020, from around US$315.5 billion in revenues for Q1 2019.
All oil firms suffered from the oil price crash in the first quarter of 2020 and some, like Shell and Equinor, even resorted to cutting dividends in response to the weak operating environment and uncertain recovery ahead