Arab News, Sunday, Mar 21, 2021 | Shaaban 7, 1442
Saudi Aramco declares $75bn dividend
Saudi Arabia: Saudi Aramco declared a $75 billion full year
dividend on Sunday as the world's biggest oil company reported a decline in 2020
profits.
It posted a 44.4 percent drop in net income to SR183.76 billion ($49 billion) in
2020, as the global energy industry emerged from the impact of lower crude oil
prices and the COVID-19 pandemic.
The company, listed on the Saudi stock exchange, said revenues declined 30.5
percent to SR768.11 billion.
“In one of the most challenging years in recent history, Aramco demonstrated its
unique value proposition through its considerable financial and operational
agility,” said Aramco CEO Amin Nasser.
“Our exceptional performance during such testing times owed much to the
unwavering spirit and resilience of our employees, who set operational records
and continued to meet the world’s energy needs both safely and reliably,” he
added.
In 2020, Aramco’s average hydrocarbon production was 12.4 million barrels per
day of oil equivalent, including 9.2 million barrels per day (mmbpd) of crude
oil, the company said.
A massive contraction in global oil demand that followed the first
pandemic-related lockdowns a year ago has been a major blow to international oil
companies as they rapidly re-shape their businesses in response to rapidly
changing consumer demand.
“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. We remain confident that we
will emerge on the other side of this pandemic in a position of strength,” said
Nasser.
Aramco said that its international bond issuance in the fourth quarter achieved
record demand for a 50-year tranche and was 10 times oversubscribed compared to
its initial offering size.