Oil and gas: Pandemic affects all quarterly results

Oil and gas: Pandemic affects all quarterly results

/ Financial News / Wednesday, 04 November 2020 08:19

Many leaders in the oil and gas industry have recently published their third quarter results for this year. And what has really stood out was the negative effect the pandemic has had on all of them, creating either a decrease in their profits or generated loss.

As this chart demonstrates, Saudi Aramco, who’s leading in terms of net income, has registered for the third quarter of 2020 profits of $11.79 billion, compared to $21.3 billion in the same period last year.

Followed by Shell, the company logged a net profit of $489 million in 2020, compared to $5.8 billion in 2019; a decrease of -92%.

The same drop was destined for OMV, Total, and Novatek.

As for BP, ExxonMobil, and Petrobras, they registered losses in Q3 2020.

It is noteworthy that amid this unsettled environment, Canadian TC Energy was able to register better than expected results for this year’s third quarter. It announced profits of $768 million, compared to $637.5 million over the same period Q3 2019.

Latest Issue

Please publish modules in offcanvas position.