Enap records $34.2 mn loss in Q1 for Covid-19 and fall in oil prices

Chilean State Oil Company (Enap) closed the first quarter of 2020 with a loss of $34.2 million due to the “international collapse in refining margins, a significant decrease in local demand and the sharp drop in oil prices”. This is in addition to the effects generated by the Covid-19 crisis. Enap’s revenues declined 8% to CH$1,761 million in 2020. This is the result of a 20.2% decrease in the average price of the global Brent ICE marker compared to 2019.

Source: La Tercera