Saudi Aramco profits plunge 73 per cent as coronavirus causes oil demand to plummet
4 years, 5 months ago

Saudi Aramco profits plunge 73 per cent as coronavirus causes oil demand to plummet

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Aramco is to push ahead with paying out $75bn in dividends this year, despite its profits plunging 73 per cent as the coronavirus pandemic caused demand for oil to plunge. “As countries ease the lockdown, we expect the demand to increase.” The state-owned oil company said it is still pressing ahead with a $15bn deal to buy a stake in Reliance Industries' chemicals business. BP also laid out plans to cut oil and gas production by 40 per cent this decade as it speeds up the transition away from fossil fuels towards renewable energy.

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History of this topic

Saudi Aramco to take on more debt, focus on dividend growth: CFO Ziad Al-Murshed
1 month, 3 weeks ago

Saudi Aramco to take on more debt, focus on dividend growth: CFO Ziad Al-Murshed

Live Mint  

Saudi Arabian Oil Co. plans to take on more debt and will focus on “value and growth” for its dividend, the company’s finance chief said. “It’s nothing to do with the dividend, it is optimizing our capital structure so that we end up with a lower weighted average cost of capital.” Saudi Aramco tapped debt investors earlier this year when …

Saudi oil giant Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier
2 months, 1 week ago

Saudi oil giant Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier

The Independent  

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Saudi Arabia's Aramco reports lower half-year profits as economic worries dampen energy prices
5 months, 1 week ago

Saudi Arabia's Aramco reports lower half-year profits as economic worries dampen energy prices

The Independent  

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Saudi Aramco’s $12 billion share sale: Dividends attract Indian, Chinese, and other foreign investors
7 months, 1 week ago

Saudi Aramco’s $12 billion share sale: Dividends attract Indian, Chinese, and other foreign investors

Hindustan Times  

Foreign investors have flocked to Saudi Aramco’s $12 billion share sale, mostly attracted by the dividends, sources who did not wish to be identified, told Bloomberg. This is a completely opposite situation from the oil giant’s 2019 IPO that ended up as a largely local affair, as investors weren’t happy with the valuation expectations, Bloomberg reported. Apart from Western institutions, …

Why Saudi Aramco stock is a tough sell on Wall Street
7 months, 1 week ago

Why Saudi Aramco stock is a tough sell on Wall Street

Live Mint  

Saudi Aramco’s generous dividends can only go so far in making up for an overpriced initial public offering. The Saudi government, which will still own more than 80% of Aramco at the end of the sale, will use the proceeds to fund the country’s cash-hungry Vision 2030 initiatives. Aramco shareholders missed out on the share-price rallies and bumper payouts delivered …

How Saudi Aramco plans to win the oil endgame
7 months, 1 week ago

How Saudi Aramco plans to win the oil endgame

Live Mint  

THE MANAGERS of Saudi Aramco could have the cushiest jobs in the energy business. During a visit to Saudi Arabia in May by Jennifer Granholm, America’s energy secretary, Aramco signed agreements with several American green startups. This could capture around 6m tonnes a year of Aramco’s own emissions, and another 3m from industrial customers, and either sequester them underground or …

Oil giant Saudi Aramco offers a second stock tranche worth billions of dollars
7 months, 2 weeks ago

Oil giant Saudi Aramco offers a second stock tranche worth billions of dollars

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia said Friday it …

Oil giant Saudi Aramco offers a second stock tranche worth billions of dollars
7 months, 2 weeks ago

Oil giant Saudi Aramco offers a second stock tranche worth billions of dollars

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia said Friday it will sell a second sliver of stock in its state oil giant Aramco worth billions of dollars, its first tranche since its initial public offering back in 2019. Saudi Aramco, formally known as the Saudi Arabian Oil Co., acknowledged the stock sale in a corporate disclosure online. The Saudi government …

Saudi Arabia may announce landmark Aramco share sale soon: Report
7 months, 2 weeks ago

Saudi Arabia may announce landmark Aramco share sale soon: Report

Hindustan Times  

Saudi Arabia may announce a landmark secondary share offering in oil giant Aramco later on Thursday, pending final approval from Crown Prince Mohammed bin Salman, people with knowledge of the matter said. Aramco share sale: The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France. The share offering on Riyadh's Saudi Exchange, which the sources said is expected …

Saudi Aramco says Q1 profit down 14.5 percent
8 months, 1 week ago

Saudi Aramco says Q1 profit down 14.5 percent

Hindustan Times  

Oil giant Saudi Aramco said Tuesday its first-quarter net profit dipped 14.5 percent on year to $27.27 billion as the Gulf kingdom kept production cuts in place. The world's biggest crude exporter, whose profits dropped by a quarter last year, is currently producing roughly nine million barrels per day, well below its capacity of 12 million bpd. Deficits expected The …

Saudi Arabia Is in Talks to Add Top Wall Street Banks to Aramco Share Sale
10 months ago

Saudi Arabia Is in Talks to Add Top Wall Street Banks to Aramco Share Sale

Hindustan Times  

Saudi Arabia is in talks to add top Wall Street banks for a secondary share sale in oil giant Aramco, as it pushes ahead with one of the largest stock offerings in recent years, people with knowledge of the matter said. It’s likely to be a marketed offering that’s open for a few days for investors to submit their orders, …

Aramco dividend hike hands PIF $5 billion quarterly windfall: What this means
10 months ago

Aramco dividend hike hands PIF $5 billion quarterly windfall: What this means

Hindustan Times  

Saudi Arabia’s sovereign wealth fund is set to earn about $5 billion in quarterly dividend payments from its stake in Aramco, after the government handed it more shares in the state-controlled oil company, which then said it would boost shareholder payouts. The hike in Aramco’s dividend, which is set to total at least $124 billion this year, comes days after …

Saudi Aramco's profit drops to $121B in 2023 amid energy price decline
10 months ago

Saudi Aramco's profit drops to $121B in 2023 amid energy price decline

Hindustan Times  

Saudi oil giant Aramco on Sunday reported it made $121 billion in profit last year, down from its 2022 record due to lower energy prices. The results still marked the company's second highest ever result, Aramco said, as members of the OPEC alliance continue to cut their production to try to boost global energy prices. “The decrease mainly reflects the …

Saudi oil giant Aramco announces $121 billion profit last year, down from 2022 record
10 months ago

Saudi oil giant Aramco announces $121 billion profit last year, down from 2022 record

Associated Press  

DUBAI, United Arab Emirates — Saudi oil giant Aramco on Sunday reported it made $121 billion in profit last year, down from its 2022 record due to lower energy prices. The results still marked the company’s second highest ever result, Aramco said, as members of the OPEC+ alliance continue to cut their production to try to boost global energy prices. …

Saudi Arabia’s crown prince transfers another 8% of Aramco shares to sovereign wealth fund
10 months, 1 week ago

Saudi Arabia’s crown prince transfers another 8% of Aramco shares to sovereign wealth fund

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia’s crown prince transferred another 8% of shares in the kingdom’s oil giant Saudi Aramco to the country’s prominent sovereign wealth fund on Thursday. The country’s sovereign wealth fund known as the Public Investment Fund, or PIF, has been a key element of Mohammed’s plans, known as Saudi Vision 2030. “The transfer of part …

Saudi Arabia's crown prince transfers another 8% of Aramco shares to sovereign wealth fund
10 months, 1 week ago

Saudi Arabia's crown prince transfers another 8% of Aramco shares to sovereign wealth fund

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia's crown prince transferred …

Saudi Arabia's oil giant Aramco says it will not increase maximum daily production on state orders
11 months, 2 weeks ago

Saudi Arabia's oil giant Aramco says it will not increase maximum daily production on state orders

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia's oil giant Saudi …

Saudi to likely roll over output cut into Oct: What lies ahead for oil prices?
1 year, 4 months ago

Saudi to likely roll over output cut into Oct: What lies ahead for oil prices?

Live Mint  

Saudi Arabia will likely roll over the voluntary oil cut of 1 million barrels per day for a third consecutive month into October amid uncertainty about supplies and as the kingdom targets pulling down global inventories further, according to analysts quoted in a report by news agency Reuters. Brent oil prices in July were up 14 per cent on the …

Saudi Arabia's Aramco Q2 profit drops 40% due to lower oil prices
1 year, 5 months ago

Saudi Arabia's Aramco Q2 profit drops 40% due to lower oil prices

Hindustan Times  

Saudi Arabia's state-run oil giant Aramco made $30 billion in profit in the second quarter, a nearly 40% decline from the same period the previous year, which it attributed to lower crude oil prices. An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia. In an earnings report filed …

Saudi Arabian oil giant Aramco reports $30B in Q2 profits, down nearly 40% from last year
1 year, 5 months ago

Saudi Arabian oil giant Aramco reports $30B in Q2 profits, down nearly 40% from last year

The Independent  

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Saudi oil giant Aramco reports $30B in profits, down nearly 40% from last year due to lower prices
1 year, 5 months ago

Saudi oil giant Aramco reports $30B in profits, down nearly 40% from last year due to lower prices

Associated Press  

DUBAI, United Arab Emirates — Saudi state-run oil giant Aramco on Monday reported $30 billion in second quarter profit, a nearly 40% decline from the same period the previous year that it attributed to lower oil prices. In an earnings report filed with the Saudi stock exchange, Aramco said the decrease “mainly reflected the impact of lower crude oil prices …

Oil giant Saudi Aramco's 1st quarter profit down 20% to $31B
1 year, 8 months ago

Oil giant Saudi Aramco's 1st quarter profit down 20% to $31B

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Oil giant Saudi Aramco reported …

Aramco Q1 PAT plummets 19% to $31.9 billion on lower crude prices
1 year, 8 months ago

Aramco Q1 PAT plummets 19% to $31.9 billion on lower crude prices

Live Mint  

On Tuesday, the Saudi oil giant Aramco reported a first-quarter net profit of 119.54 billion riyals, a drop of around 19% from the same period of the previous year. Aramco said the drop was mainly driven by lower crude prices, although partially offset by lower taxes and zakat and a rise in finance and other income. As per Refinitiv data, …

Saudi prince announces transfer of 4% Aramco stake to public investment firm
1 year, 8 months ago

Saudi prince announces transfer of 4% Aramco stake to public investment firm

Hindustan Times  

Saudi Arabia's crown prince announced Sunday the transfer of a 4% stake of the oil giant Saudi Aramco to a subsidiary of the kingdom's sovereign wealth fund, further boosting its coffers as the kingdom tries to expand its economy beyond oil. Crown Prince Mohammed bin Salman's decision, announced by the state-run Saudi Press Agency, sends the stake to the Saudi …

Saudi prince gives 4% Aramco stake to public investment firm
1 year, 8 months ago

Saudi prince gives 4% Aramco stake to public investment firm

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia’s crown prince announced Sunday the transfer of a 4% stake of the oil giant Saudi Aramco to a subsidiary of the kingdom’s sovereign wealth fund, further boosting its coffers as the kingdom tries to expand its economy beyond oil. Crown Prince Mohammed bin Salman’s decision, announced by the state-run Saudi Press Agency, sends …

Oil prices surge as Saudi Arabia leads shock production cuts
1 year, 9 months ago

Oil prices surge as Saudi Arabia leads shock production cuts

The Independent  

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Saudi Aramco to invest billions in Chinese petrochemicals
1 year, 9 months ago

Saudi Aramco to invest billions in Chinese petrochemicals

The Independent  

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Oil giant Saudi Aramco makes a historic $161B profit in 2022
1 year, 10 months ago

Oil giant Saudi Aramco makes a historic $161B profit in 2022

Associated Press  

DUBAI, United Arab Emirates — Oil giant Saudi Aramco reported Sunday earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists. The monster profit by the firm, known formally as the Saudi Arabian Oil Co., came off the back of energy prices rising after Russia launched its war …

Oil giant Saudi Aramco reports 46% jump in profits for 2022
1 year, 10 months ago

Oil giant Saudi Aramco reports 46% jump in profits for 2022

Firstpost  

Riyadh: Saudi Aramco reported on Sunday that profits jumped 46 per cent last year, highlighting how a surge in oil prices after Russia invaded Ukraine spurred growth in the world’s biggest crude exporter. Aramco’s results are consistent with record profits for 2022 reported by the five oil majors –- Shell, Chevron, ExxonMobil, BP and TotalEnergies – which surpassed $150 billion …

Oil giant Saudi Aramco has profits of $161B in 2022
1 year, 10 months ago

Oil giant Saudi Aramco has profits of $161B in 2022

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Oil giant Saudi Aramco said …

Explained | Taxing windfall profits of oil companies
1 year, 11 months ago

Explained | Taxing windfall profits of oil companies

The Hindu  

The story so far: On February 3, the Union government hiked the windfall profit tax levied on domestically-produced crude oil as well as on the export of diesel and aviation turbine fuel. This led to sharp increases in fossil fuel prices as sovereigns went to look for other suppliers for its energy needs, culminating in major profits for oil companies. …

Oil giant Saudi Aramco has $42.4B profit in third quarter
2 years, 2 months ago

Oil giant Saudi Aramco has $42.4B profit in third quarter

Associated Press  

DUBAI, United Arab Emirates — Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit in the third quarter of this year, a 39% bump buoyed by the higher global energy prices that have filled the kingdom’s coffers but helped fuel inflation worldwide. The oil firm’s profits will help fund the kingdom’s assertive Crown Prince Mohammed bin Salman’s plans …

Oil giant Saudi Aramco has $42.4B profit in third quarter
2 years, 2 months ago

Oil giant Saudi Aramco has $42.4B profit in third quarter

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Oil giant Saudi Aramco on …

Saudi Arabia is booming with visitors and this time it isn’t only about oil
2 years, 4 months ago

Saudi Arabia is booming with visitors and this time it isn’t only about oil

Hindustan Times  

The more than 300 apartments in Almajdiah Residence’s new Riyadh complex sold in just a month for cash, without the company even having to advertise. Saudi Arabia is booming with visitors and this time it isn’t only about oil This is Saudi Arabia, the world’s biggest exporter of oil, so it’s no surprise the property market is red-hot as income …

Saudi Aramco posts biggest quarterly profit of any listed company
2 years, 5 months ago

Saudi Aramco posts biggest quarterly profit of any listed company

Al Jazeera  

Saudi Aramco’s net income climbed to $48.4bn in the second quarter, up from $25.5bn in 2021, the company said. Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production. Aramco “expects oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global …

High oil prices help Saudi Aramco earn $88B in first half
2 years, 5 months ago

High oil prices help Saudi Aramco earn $88B in first half

Associated Press  

DUBAI, United Arab Emirates — Saudi energy company Aramco said Sunday its profits jumped 90% in the second quarter compared to the same time last year, helping its half-year earnings reach nearly $88 billion. Prices have dipped below the $100 mark in past weeks amid slowed-down economic growth in China and the U.S. Aramco President CEO Amin Nasser said he …

Saudi oil giant Aramco’s first-quarter profits surge 80%
2 years, 8 months ago

Saudi oil giant Aramco’s first-quarter profits surge 80%

Associated Press  

DUBAI, United Arab Emirates — Oil giant Saudi Aramco said Sunday its profits soared more than 80% in the first three months of the year, as the state-backed company cashes in on the volatility in global energy markets and surging oil prices following Russia’s invasion of Ukraine. The bumper first-quarter earnings by the firm formally known as the Saudi Arabian …

Aramco profit hits $110 billion as Saudis seek to expand investments
2 years, 9 months ago

Aramco profit hits $110 billion as Saudis seek to expand investments

Live Mint  

DUBAI : State oil giant Saudi Aramco said Sunday its 2021 net profit more than doubled to $110 billion, a boon to the Middle East’s largest economy as it seeks to use its hefty profits for investment opportunities domestically and abroad. Aramco’s income jumped 124% in 2021 from $49 billion a year earlier, due to higher crude oil prices, stronger …

Saudi Arabia gives 4% of Aramco worth $80B to fund
2 years, 11 months ago

Saudi Arabia gives 4% of Aramco worth $80B to fund

The Hindu  

Saudi Arabia said Sunday it will transfer 4% of the stock in the state-run oil giant Aramco to a sovereign wealth fund, an infusion valued at nearly $80 billion as the kingdom tries to overhaul its energy-dependent economy. Saudi Crown Prince Mohammed bin Salman, the assertive son of King Salman, made the decision to transfer the stock, the state media …

Saudi Arabia transfers $80 billion Aramco stake to kingdom’s wealth fund
2 years, 11 months ago

Saudi Arabia transfers $80 billion Aramco stake to kingdom’s wealth fund

Hindustan Times  

Saudi Arabia transferred a stake worth about $80 billion in state oil giant Aramco to the kingdom’s wealth fund as part of plans to boost its assets under management to over $1 trillion in four years. Saudi Arabia said it will transfer 4% of its stock in the state-run oil giant Aramco to its state investment fund, a nearly $80 …

Reliance, Aramco call off $15 bln deal amid valuation differences, sources say
3 years, 1 month ago

Reliance, Aramco call off $15 bln deal amid valuation differences, sources say

The Hindu  

Reliance Industries and Saudi Aramco have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of the Indian conglomerate due to valuation concerns, sources with knowledge of the matter said. Aramco, the world's top oil exporter, signed a non-binding agreement to buy a 20% stake in Reliance's O2C business for $15 billion …

Saudi Aramco sees third-quarter income spike to $30.4 billion on surge in oil prices, recovery in demand
3 years, 2 months ago

Saudi Aramco sees third-quarter income spike to $30.4 billion on surge in oil prices, recovery in demand

Firstpost  

Aramco declared a dividend of $18.8 billion in the third quarter, in line with its target, which will be paid in the fourth quarter Dubai: The world’s largest oil company, Saudi Aramco, reported $30.4 billion in third-quarter net income on Sunday, bolstered by a surge in oil prices and recovery in demand as the coronavirus pandemic eases. Saudi Arabia’s majority …

Saudi Aramco sees third-quarter income rise to $30.4 billion
3 years, 2 months ago

Saudi Aramco sees third-quarter income rise to $30.4 billion

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The world’s largest oil company, …

Saudi Aramco closes near $2T valuation as oil prices rally
3 years, 3 months ago

Saudi Aramco closes near $2T valuation as oil prices rally

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia’s oil company Aramco closed on Wednesday just shy of a $2 trillion valuation the kingdom’s crown prince has long sought, buoyed by high oil prices and increased demand for energy as economies recover from last year’s pandemic lockdowns. Aramco, which produces Saudi Arabia’s oil and gas, is closely watched by energy traders and …

Saudi Aramco hits $2T valuation on back of higher oil prices
3 years, 3 months ago

Saudi Aramco hits $2T valuation on back of higher oil prices

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia s oil company …

Saudi Aramco’s profits quadruple as oil giant unveils plans to increase production
3 years, 5 months ago

Saudi Aramco’s profits quadruple as oil giant unveils plans to increase production

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The world’s largest oil company, …

Saudi oil giant Aramco sees half-year earnings climb to $47B
3 years, 5 months ago

Saudi oil giant Aramco sees half-year earnings climb to $47B

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia's oil-producing company, Aramco …

RIL-Saudi Aramco deal to close this year: Ambani
3 years, 6 months ago

RIL-Saudi Aramco deal to close this year: Ambani

Live Mint  

Mumbai: Mukesh Ambani, chairman and managing director of Reliance Industries Ltd, on Thursday said he expects the company's deal with Saudi Aramco to materialise this year. Speaking at the company's annual general meeting, Ambani said "As an important part of this vision of achieving accelerated growth, we look forward to welcoming Saudi Aramco as a strategic partner in our O2C …

Oil giant Saudi Aramco sees 2020 profits drop to $49 billion
3 years, 9 months ago

Oil giant Saudi Aramco sees 2020 profits drop to $49 billion

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia’s state-backed oil giant …

Oil hits 11-month highs on Saudi output cut pledge, equities rally
4 years ago

Oil hits 11-month highs on Saudi output cut pledge, equities rally

Hindustan Times  

Oil prices on Friday hit 11-month highs and were on track for a strong weekly gain as a rally in global equities fed risk appetite and stoked bullish sentiment following Saudi Arabia’s pledge to cut output. UBS raised its forecast for Brent to $60 per barrel by mid-year, following Saudi Arabia’s unilateral cut and expectations of a second quarter demand …

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