Saudi Aramco's profit slides 25% in the first quarter, as collapse in oil prices bites
Oil tanks at an oil processing facility of Saudi Aramco, a Saudi Arabian state-owned oil and gas company, at the Abqaiq oil field.Saudi Aramco reported a 25% fall in net income for the first quarter on Tuesday, as the state-owned oil giant battles with a dramatic slide in crude prices and cratering global demand.
Aramco said it would pay a dividend of $18.75 billion in the first quarter, despite the fall in profit. The company had pledged to issue a $75 billion dividend annually for five years as part of its pitch to investors before going public, and it does not appear to be rolling that back yet despite cuts to capital spending.
"The Covid-19 crisis is unlike anything the world has experienced in recent history and we are adapting to a highly complex and rapidly changing business environment," Aramco President and CEO Amin Nasser said in the release.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Exclusive: Saudi Aramco seeking to review price of SABIC deal - sourcesSaudi Aramco is looking to restructure its deal to acquire a controlling stake in petrochemicals maker SABIC after a more than 40% drop in SABIC's value following a slump in oil prices in coronavirus pandemic, two sources told Reuters.
Consulte Mais informação »
Saudi to distribute $493 million as 'Ramadan Aid' for social security beneficiariesSaudi king Salman ordered on Monday the distribution of 'Ramadan Aid' worth 1.85 billion riyal ($492.6 million) for social security beneficiaries, the state news agency reported.
Consulte Mais informação »
Saudi Arabia deepens oil cuts as weak demand weighs on pricesSaudi Arabia will voluntarily deepen oil output cuts from June as low oil prices are causing huge pain to the kingdom's budget and global demand remains weak due to lockdowns to contain the coronavirus pandemic.
Consulte Mais informação »
Saudi triples VAT rate in austerity push to counter oil slump, virusSaudi Arabia will triple value added tax and suspend a cost of living allowance for state workers, it said on Monday, seeking to shore up finances hit by low oil prices as the coronavirus pandemic pummels global demand for its lifeline export.
Consulte Mais informação »
Oil gains after Saudi Arabia says it will cut production further to boost prices - Business InsiderThe kingdom's second round of oil production cuts comes after the historic deal with OPEC and its allies in April.
Consulte Mais informação »