The first three months of 2020 are ones Teck Resources is looking to forget.
As expected with the COVID-19 pandemic and current economic situation, the oil company struggled in the first quarter reporting a loss of $312 million.
This is compared to the $630 million they brought in during the same time period of 2019.
“Our current focus is on managing the risks around COVID-19 and ensuring we have the necessary measures in place to safeguard our people and our local communities,” said Don Lindsay, President and CEO.
“The pandemic has had a significant negative impact on the global economy and commodity markets and the outlook is uncertain. However, almost all of our sites are currently operating, with some at reduced production, and our steelmaking coal operations had a strong finish to the quarter, exceeding our sales guidance with site costs well below expectations.”
Teck also experienced a $474 million after-tax impairment charge with their share of Fort Hills north of Fort McMurray. This is mostly due to them reducing the site to a single-train operation.