Top U.S. and European oil and gas companies are forecast to swing into a second quarter loss after coronavirus lockdowns destroyed fuel demand, hit prices and squeezed margins, analysts said and Refinitiv Eikon data showed.
FILE PHOTO: An oil derrick stands above the plains north of Amarillo, Texas, U.S., March 14, 2017. REUTERS/Lucas Jackson
The expected rare losses for BP , Chevron, Eni, Exxon Mobil, Royal Dutch Shell and Total follow a collapse in oil and gas prices and demand to levels not seen in decades, creating a perfect storm for the energy companies that produce, refine, trade and sell fuel. During previous price slumps, integrated oil producers’ results were boosted by refining operations whose margins typically benefit from low oil prices and provide an internal hedge.
But as travel, industry and business were all halted by lockdowns, margins for refined oil products, such as gasoline, diesel and kerosene, dipped into negative territory.Trading divisions can make money even when prices slump by exploiting choppy market moves. Oil price benchmarks Brent LCOc1 and U.S. WTI CLc1 are down around a third year-to-date, falling around 66% in the first quarter and jumping 81% and 92% respectively in the second quarter.
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