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Saudi Aramco Reports First Half 2019 Net Income of USD 46.9 billion

Gasoil News - Published on Wed, 14 Aug 2019

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Saudi Aramco announced for the first time its half-year financial results. The Company’s net income was USD 46.9 billion for the first half 2019, compared to USD 53.0 billion for the same period last year. Earnings before interest and tax were USD 92.5 billion, compared with USD 101.3 billion a year earlier. Free cash flow was USD 38.0 billion, compared to USD 35.6 billion for the same period last year. Capital expenditure was USD 14.5 billion, compared to USD 16.5 billion for the same period in 2018. Saudi Aramco President & CEO Amin H Nasser said: “Despite lower oil prices during the first half of 2019, we continued to deliver solid earnings and strong free cash flow underpinned by our consistent operational performance, cost management and fiscal discipline.”

He said “We demonstrated our reliability with near 100% delivery on our customers’ requirements for oil and refined products, maintaining our total hydrocarbon production of 13.2 million barrels of oil equivalent per day and an average daily crude production of 10 million barrels per day.”

He added “Leveraging our strength in Upstream, we continued to deliver on our downstream growth strategy, including acquisitions in both Saudi Arabia and key international markets.”

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Posted By : Rabi Wangkhem on Wed, 14 Aug 2019
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