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COVID-19 - News digest as of 10.07.2020

July 10/2020

1. Covestro issues preliminary earnings forecast, will beat consensus

MOSCOW (MRC) -- Covestro says its forecast preliminary EBITDA for the second quarter will be above market consensus at EUR124 million (USD141 million), with an expected preliminary net loss for the period of EUR60 million also beating consensus, said Chemweek. Ahead of the scheduled release of its second-quarter and half-year results on 23 July, Covestro says in the course of preparing its half-year report that preliminary key financial data deviate from capital market expectations. The market expectations are based on the latest consensus estimates of financial analysts provided by Vara Research, it says. Covestros estimate of a preliminary net loss of EUR60 million for the quarter compares to a steeper estimated consensus loss of EUR107 million, while its forecast EBITDA of EUR124 million compares to a lower consensus estimate of 80 million, according to the company. Preliminary sales are forecast by Covestro to come in lower than the consensus estimate of EUR2.22 billion at EUR2.16 billion, it says. Preliminary sales volumes were down 22% in the quarter, with consensus putting the decline at 22.5%. In April Covestro reported a fall of almost 90% year on year in its first-quarter net income to EUR20 million on sales that declined more than 12% to EUR2.8 billion, with all business segments hit hard by the COVID-19 pandemic and lower selling prices.

2. Marathon Petroleum halts projects at St. Paul Park refinery until next year

MOSCOW (MRC) -- US refiner Marathon Petroleum Corp is delaying all maintenance projects at its 102,000 barrel-per-day St. Paul Park, Minnesota, refinery for 2020, reported Reuters with reference to a source familiar with the matter, amid concerns related to the spread of the novel coronavirus. Several refiners have delayed planned maintenance at their plants this year due to concerns around the spread of the coronavirus among workers, or as part of capital and operational expense cuts. Contractors that work on a wide range of projects for the refinery were told they would not resume until next year, according to the source. Planned work included maintenance on a crude unit in September, according to Industrial Info Resources (IIR), which tracks refinery work and interruptions.

3. Irving Oil to lay off 6% of global workforce, citing coronavirus

MOSCOW (MRC) -- Refiner Irving Oil will lay off 6% of its global workforce due to economic challenges presented by the coronavirus pandemic, reported Reuters with reference to the company's statement. The layoffs will affect 250 workers across its operations in Canada, the United States, Ireland and the UK. The challenges that we face in our business and our industry are unlike any we have ever experienced, Irving Oil president Ian Whitcomb and chief brand officer Sarah Irving said in a joint statement.

4. Crude oil futures slip as COVID-19 cases rise

MOSCOW (MRC) -- Crude oil futures were trading lower mid-morning July 7 in Asia as the rising number of new infections in the US continued to dampen market sentiment, overturning overnight gains. However, the decline was limited by Saudi Aramco's announcement of a hike to its official selling prices for August crude cargoes to Asia, reported S&P Global. At 11:13 am Singapore time (0313 GMT), ICE Brent September crude futures were down 20 cents/b (0.46%) from the July 6 settle at $42.90/b, while the NYMEX August light sweet crude contract was down by 17 cents/b (0.42%) at USD40.46/b.
Author:Margaret Volkova
Tags:Asia, crude and gaz condensate, Bayer, Covestro, Marathon, COVID-19, UK, Canada, USA.
Category:General News
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