Oil and gas exploration and production (E&P) companies around the world are set to see their total annual revenues plunge by a whopping US$1 trillion this year, due to the coronavirus pandemic and its effect on global oil demand and prices, Rystad Energy said in an analysis this week. E&P revenues are set to plummet by around US$1 trillion in 2020, a drop of 40 percent, and stand at just to US$1.47 trillion this year, compared to last year’s combined annual revenues of US$2.47 trillion, according to the independent energy research firm. Before the pandemic, Rystad Energy was forecasting annual E&P revenues at US$2.35 trillion this year and US$2.52 trillion in 2021. The research firm also slashed its projections for total E&P revenues for 2021 —to US$1.79 trillion. The current extraordinary times for the oil industry will also result in shrinking cash flows for E&P companies. Total free cash […]