Saudi Aramco profits nearly cut in HALF as pandemic woes cripple oil markets

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13 shares, 81 points
Saudi Aramco profits nearly cut in HALF as pandemic woes cripple oil markets

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.
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“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.
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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.
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The coronavirus pandemic wreaked havoc across the global economy, sparked an unprecedented collapse in crude prices, inevitably dragging down production volumes and refining margins.

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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.

RT


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