Global oil giants fall into super losses

After the oil price plummeted, the decline in demand caused by the epidemic continued to hit oil and gas companies hard!

According to the current situation, the global oil giants will continue to make crazy asset impairments to avoid huge losses!

However, the losses of Shell, Total, ConocoPhillips, Exxon Mobil and others in the second quarter have reached 29.8 billion U.S. dollars, or about 200 billion yuan...


Shell lost $18.1 billion in the second quarter

On July 30, the oil and gas giant Shell announced that the net profit attributable to ordinary shareholders of the parent company for the second quarter of fiscal 2020 was US$-18.131 billion (approximately 126.5 billion yuan), a year-on-year decrease of 704.77%; operating income was US$32.491 billion, year-on-year A decrease of 64.62%.　　

Shell pointed out that the main reason for this quarter's loss was lowering its long-term forecasts for crude oil and natural gas prices, resulting in an after-tax deduction of $16.8 billion ($22.3 billion before tax). After excluding this item, the adjusted profit for the second quarter was $638 million, a year-on-year decrease of 82%.

Shell expects its adjusted net loss in the third quarter to be US$8-875 billion, and the adjusted net loss for the whole year is between US$3.2-3.5 billion.


Total's huge loss of US$8.4 billion in the second quarter

Yesterday, the oil and gas giant Total announced its second-quarter results. The net loss attributable to shareholders in the second quarter was US$8.4 billion, and the net profit in the same period last year was US$6.857 billion. The adjusted net income for the quarter was US$130 million, a year-on-year decrease of 96. %.

The day before yesterday, Total announced that it had written down its oil and gas assets by US$8.1 billion. Among them, Canadian oil sands assets were impaired by US$7 billion, accounting for 87.5%.


BP will lose $13 billion to $17.5 billion in the second quarter

Affected by the new crown epidemic, the non-cash impairment expenditures and write-downs of the British energy giant BP in the second quarter will total between 13 billion and 17.5 billion US dollars.

BP's first-quarter revenue was $59.65 billion, a year-on-year decrease of 10%. The net loss attributable to shareholders was US$4.365 billion, compared with a net profit of US$29.34 in the same period last year. The record loss in the first quarter was due to the sharp drop in oil prices at the end of the quarter and a loss of US$3.7 billion in inventory.


ConocoPhillips' second quarter net loss of $1 billion

ConocoPhillips announced the second quarter (Q2) performance report of the 2020 fiscal year before the market on July 30. Data show that ConocoPhillips’ Q2 net profit was US$300 million, compared with US$1.6 billion in the same period last year, with an adjusted net loss of US$1 billion and a net profit of US$1.1 billion in the same period last year.

As of the second quarter of 2020, the total amount of cash, cash equivalents and restricted cash was US$3.2 billion, and short-term investment activities were US$4 billion.


Exxon Mobil expects a loss of $2.3 billion in the second quarter

Exxon Mobil faced a loss of $2.36 billion in the second quarter. This will be the second time this year after a loss of US$610 million in the first quarter of 2010. The specific results will be announced on July 31. Exxon Mobil is preparing to significantly streamline expenditures and lay off employees.