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Aramco Announces Second Quarter & Half-Year 2020 Results

Gasoil News - Published on Thu, 13 Aug 2020

Image Source: Coronavirus COVID19 Aramco
The Saudi Arabian Oil Company announced its results for the second quarter and first half of 2020, highlighting the Company’s financial and operational resilience, and commitment to shareholders despite challenging market conditions caused by the COVID-19 pandemic. Aramco President & CEO Amin H. Nasser said “Despite COVID-19 bringing the world to a standstill, Aramco kept going. We have proven our financial resilience and operational reliability, setting a record in our business operations, while at the same time taking steps to ensure the health and safety of our people. Strong headwinds from reduced demand and lower oil prices are reflected in our second quarter results. Yet we delivered solid earnings because of our low production costs, unique scale, agile workforce, and unrivalled financial and operational strength. We will continue to pursue our long-term growth and diversification strategy to capture unrealized and additional value from every hydrocarbon molecule we produce driving global commerce and enhancing people’s lives. The completion of our historic acquisition of a 70% stake in SABIC is yet more evidence of that forward momentum and a testament to our healthy financial position.

Despite continued global economic disruption and challenges facing the energy sector, Aramco continued to deliver on its commitment to shareholders by declaring a dividend of USD 18.75 billion for the second quarter, compared to USD 13.4 billion for the second quarter of 2019.

Aramco navigated challenging market conditions to record net income of USD 6.6 billion for the second quarter and USD 23.2 billion for the first half of 2020, respectively, compared to USD 24.7 billion and USD 46.9 billion in the corresponding periods of 2019.

The Company demonstrated reliable upstream performance with total hydrocarbon production of 12.7 million barrels per day of oil equivalent in the second quarter of 2020. Aramco achieved a historic highest single day crude oil production of 12.1 million barrels on April 2, 2020.

In June 2020, Aramco successfully completed the acquisition of a 70% stake in SABIC, for USD 69.1 billion. SABIC is a world-class, diversified petrochemicals company with complementary chemicals capabilities. The acquisition enhances Aramco’s existing Downstream portfolio, accelerates its petrochemicals growth, increases existing chemicals volumes and expands its international reach.

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Posted By : Yogender Pancholi on Thu, 13 Aug 2020
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