Equinor has reported adjusted earnings of $2.05 billion and $0.56 billion after tax in the first quarter of 2020.
Equinor has reported adjusted earnings of $2.05 billion and $0.56 billion after tax in the first quarter of 2020. IFRS net operating income was $0.06 billion and the IFRS net income was -$0.71 billion, following net impairments of $2.45 billion. At the end of first quarter 2020 Equinor had completed five exploration wells with 4 commercial discoveries, and 17 wells were being drilled.
Chevron has reported earnings of $3.6 billion for first quarter 2020, compared with earnings of $2.6 billion in the first quarter 2019. Sales and other operating revenues in first quarter 2020 were $30 billion, compared to $34 billion in the year-ago period.
Chevron is further reducing its 2020 capital expenditure guidance by up to $2 billion to $14 billion. In addition, the company estimates that 2020 operating costs will decrease by $1 billion.
Exxon Mobil has announced an estimated first quarter 2020 loss of $610 million compared with earnings of $2.4 billion a year earlier. Results included a $2.9 billion charge from asset impairments relating to lower commodity prices. Capital and exploration expenditures were $7.1 billion.
Oil-equivalent production was 4 million barrels per day, up 2% from the first quarter of 2019.
ConocoPhillips has announced a further $3 billion in spending cuts this year to add on to the $2.2 billion announced last month.
Total has reported first quarter net income of $1.8 billion compared to $6.3 billion in Q1 2019. The group now anticipates 2020 production between 2.95 and 3 Mboe/d, a reduction of at least 5% from 2020 forecasts. Net investments for 2020 have been further reduced to less than $14 billion, a decrease of nearly 25% compared to the $18 billion announced in February 2020. Operating cost reduction increased to more than $1 billion, plus savings of more than $1 billion on energy costs.
Shell has reported first quarter earnings excluding identified items of $2.9 billion.
BP has reported underlying replacement cost profit for the first quarter was $0.8 billion, compared with $2.4 billion for the same period a year earlier.
Eni has reported a first quarter net loss of €2.93 billion (-$3.21 billion), compared to a net profit of €1.1 billion ($1.21 billion) in the first quarter of 2019, as a result of the alignment of its book value to market prices current at the end of the quarter. The company reported adjusted operating profit of €1.31 billion ($1.44 billion), down by €1 billion ($1.1 billion), on the first quarter of 2019.
