Top Oil Companies Recorded a Total Loss of $80 billion in First Half of 2020

The world’s top twelve oil companies recorded a total net loss of $80 billion in the first half of 2020. The coronavirus pandemic and the decline in oil demand as a result of global lockdowns are the primary reasons behind the loss. The declining demand pushed the oil price at its lowest level since 1999.

The twelve biggest oil companies, ExxonMobil, Chevron, ConocoPhillips, Halliburton, Schlumberger, Baker Hughes, BP, Royal Dutch Shell, Total S.A., Eni, Rosneft and Equinor, recorded a total net income of $46.5 billion in the same period in 2019. The companies’ total revenue also decreased from $635 billion in the first half of 2019 to $395 billion this year.

BP posted the biggest loss with $21.2 billion, followed by Royal Dutch Shell, with $18.1 billion, and American oilfield services giant Schlumberger with $10.8 billion.

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now


Do you need to access special insights on this matter?

Start your 7-day free trial  and become a member today


Get your daily Business Brief

Subscribe free to Business Brief

Business Brief delivers the latest insights straight to your inbox

You'll get daily industry insights on

Energy, Cleantech, Oil & Gas, Mining, Defense, Aviation, Construction, Transportation, Online Retail, Bigtech, Finance and Politics of Business

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Mining Giants Agree to Disclose Contracts, Taxes

The International Council on Mining and Metals (ICMM) said its members agreed to disclose all mineral development contracts and related taxes from January 2021. The council’s 29 members include the two biggest miners of the world, BPH and Rio Tinto. 

Kuwait, Greece Sign Deal for LNG Terminal

Kuwait and Greece signed a six year deal for Greek gas grid operator DESFA to operate an LNG terminal in the Gulf Country. The contract is worth a total of $106 mn.

Biden Set to Sign the U.S. Chips Legislation into Law

Biden is set to sign into law the bipartisan bill that will authorize the investment of billions of dollars in domestic semiconductor industry, with an aim to bolster U.S. competitiveness in the sector with China and other foreign rivals. Biden has long been campaigning on the legislation, pushing the Congress to act quickly for the U.S. economy and national security. Biden attended the ceremony virtually on Tuesday as Michigan Governor Whitmer signed an executive directive to implement the “Chips and Science Act”.

error: This content is protected !!