On Monday, shale drillers Diamondback Energy Inc. and WPX Energy Inc. posted losses in the third quarter this year due to the coronavirus-related lockdowns which hampered crude oil prices.
In the third quarter of 2020, Diamondback reported a net loss of USD1.11 billion or USD7.05/share. The adjusted earning per share was at 62 cents, exceeding forecasts of only 37 cents.
Production was steady at 287,315 boepd while the total equivalent prices dropped by around 26% to USD26.75/barrel, excluding hedging. The company also endured USD1.45 billion impairment charges in the latest quarter, continuing the USD3.5 billion in the two previous quarters.
Likewise, WPX Energy also posted a quarterly loss, mostly on the back of the value changes in hedges and debt cancellation. Earnings were 11 cents/share, excluding items, beating predictions.
After the announcement, Diamondback’s shares climbed by almost 2% while WPX’s edged up by 1%.
