U.S. oil and gas producer EOG Resources Inc. on Aug. 6 reported a bigger-than-expected quarterly loss as the COVID-19 pandemic hammered crude prices and eroded demand for fuel.
Oil prices plunged to historic lows earlier this year as travel and business restrictions sapped demand, while oversupply forced producers to slash output.
EOG, which also operates in Trinidad and Tobago as well as China, said average crude and condensate price fell nearly 66% to $20.40/bbl in the second quarter.
Total output fell 23.3% to 623,400 boe/d, after the company shut in production of about 73,000 bbl/d of oil during the quarter.
However, EOG said it started to restore curtailed production in June as oil prices recovered from their April lows, and it expects nearly all shut-in wells to begin production before the third quarter ends.
The Houston-based company said net loss was $909.4 million, or $1.57 per share, for the second quarter ended June 30, from a profit of $847.8 million, or $1.46 per share, last year.
Excluding items, it posted a loss of 23 cents per share, bigger than analysts' average estimate of 5 cents loss per share, according to Refinitiv IBES.
DOF Subsea have been awarded two contracts in the Asia Pacific region, securing backlog for the onshore team and offshore fleet, the company said on Sept. 22.
CGG has unveiled a fourth-quarter delivery of the fast-track results from its recently acquired 3D multiclient seismic survey of the Gippsland Basin in South East Australia on Sept. 22.
This effort builds on an existing partnership between the companies. It will allow the ingestion and contextualization of data from the Brage field to build applications which support Wintershall Dea domain experts in decision-making for smart maintenance and production optimization.