Four major oil and gas companies in Nigeria including Seplat, Total, Ardova and 11 Plc (Mobil) have made their half-year financial statement available. The statement shows a significant loss of N85.2 billion in revenue which came mostly from lower demand in oil and gas and well as lowered prices.
The oil and gas companies in Nigeria aren’t alone in high revenue losses. But these companies are able to stay afloat with their current combined revenue of N135.6 billion. In correspondence with the same quarter of 2019, they reported a revenue of N220.3 billion.
Seplat and Ardova contributed a little over 10 billion in the losses. Seplat’s loses are mostly from falling prices and weak demand for crude oil. A greater portion of the losses was from oil marketing firms Total and Mobil which was over N56 billion.
11 Plc (Mobil) stated in its unaudited half-year financial statement that the impact of coronavirus on its finances are yet undetermined. Its revenue fell from N92.8bn (H1 2019) to N80.5bn (H1 2020).
Operating expenses, as well as losses in tax which was at N16.6 billion, was also impossible to avoid even with the lockdown.
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