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| Saudi Aramco profits nearly cut in HALF as pandemic woes cripple oil markets | |
| (32 minutes later) | |
| Saudi state-controlled oil giant Aramco said last year’s profits saw a dramatic drop to $49 billion as the Covid-19 pandemic turned 2020 into one of the hardest years for one of the world’s most valuable companies. | Saudi state-controlled oil giant Aramco said last year’s profits saw a dramatic drop to $49 billion as the Covid-19 pandemic turned 2020 into one of the hardest years for one of the world’s most valuable companies. |
| The sharp slump in the company’s full-year net income totaled 44% compared to the previous year, when profits amounted to $88.19 billion. In 2018, the oil firm reported profits of $111.1 billion.The result was slightly below the projections of $48.1 billion, but is still the highest among the world’s public corporations. Despite the massive drop in net income, Saudi Aramco managed to maintain its $75 billion dividend payout. | The sharp slump in the company’s full-year net income totaled 44% compared to the previous year, when profits amounted to $88.19 billion. In 2018, the oil firm reported profits of $111.1 billion.The result was slightly below the projections of $48.1 billion, but is still the highest among the world’s public corporations. Despite the massive drop in net income, Saudi Aramco managed to maintain its $75 billion dividend payout. |
| “In one of the most challenging years in recent history, Aramco demonstrated its unique value proposition through its considerable financial and operational agility,” Saudi Aramco Chief Executive Amin Nasser said in a statement on Sunday. | “In one of the most challenging years in recent history, Aramco demonstrated its unique value proposition through its considerable financial and operational agility,” Saudi Aramco Chief Executive Amin Nasser said in a statement on Sunday. |
| Saudi Aramco reportedly produced the equivalent of 9.2 million barrels per day of crude oil over 2020. Capital expenditure was down in 2020 to $27 billion, against $32.8 billion in the previous year. | Saudi Aramco reportedly produced the equivalent of 9.2 million barrels per day of crude oil over 2020. Capital expenditure was down in 2020 to $27 billion, against $32.8 billion in the previous year. |
| The company reportedly expects capital expenditure in the year ahead to be cut, and it lowered its guidance for spending to $35 billion from the previously planned $45 billion. | The company reportedly expects capital expenditure in the year ahead to be cut, and it lowered its guidance for spending to $35 billion from the previously planned $45 billion. |
| “Looking ahead, our long-term strategy to optimize our oil and gas portfolio is on track and, as the macro environment improves, we are seeing a pick-up in demand in Asia and also positive signs elsewhere,” the top official said. | “Looking ahead, our long-term strategy to optimize our oil and gas portfolio is on track and, as the macro environment improves, we are seeing a pick-up in demand in Asia and also positive signs elsewhere,” the top official said. |
| The coronavirus pandemic wreaked havoc across the global economy, sparked an unprecedented collapse in crude prices, inevitably dragging down production volumes and refining margins. | The coronavirus pandemic wreaked havoc across the global economy, sparked an unprecedented collapse in crude prices, inevitably dragging down production volumes and refining margins. |
| Earlier, Exxon Mobil, the largest US oil and gas corporation, posted its first annual loss, while shares in European energy majors like Royal Dutch Shell and BP plummeted to multi-year lows last year. | Earlier, Exxon Mobil, the largest US oil and gas corporation, posted its first annual loss, while shares in European energy majors like Royal Dutch Shell and BP plummeted to multi-year lows last year. |