A story of impairments: Themes from the Oil Majors' Q2 2020 earning calls

Second quarter earnings of the oil and gas majors reflected the full impact of lockdowns introduced in many countries to stem the spread of COVID-19.

Companies indicated that they had seen some early signs of demand recovery but cautioned that they were not planning for a rapid rebound in economic activity. Several companies commented on the positive contribution to earnings made by their trading businesses, which was underpinned by high price volatility. These companies stressed the benefits of their integrated business models in generating value across oil, gas and power trading.

Read Brunswick's full report here.