Oil companies must disclose losses in q2

According to analysts and data from Refinitiv Eikon, major oil and gas companies in the United States and Europe are expected to report losses in the second quarter after the coronavirus pandemic that affected fuel demand and prices. 

With recent events, such as the stoppage of travel and companies due to lockdowns, margins for refined products such as gasoline, diesel and kerosene have sunk into negative territory.

At Equinor, the "marketing & midstream" unit, which includes the trading division, was the company's only department to generate pre-tax profit in the second quarter, having positioned itself well amid the "contango" structure, in which oil prices for immediate delivery are cheaper than longer-term contracts.

BP and Shell have already lowered their projections for the long-term price of oil, making provisions, respectively, from $13 billion to $17.5 billion and $15 billion to $22 billion in the second quarter.

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