The net profit of the largest oil company in the world has almost halved

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The net profit of the largest oil company in the world has almost halved

23.03.2021 News

The net profit of the world’s largest production and reserves of Saudi oil company Saudi Aramco in 2020 amounted to $ 49 billion against $ 88.2 billion a year earlier. The decrease was 1.8 times, according to company reports.

It is noted that 2020 has become one of the most difficult in the history of Saudi Aramco due to the effects of the pandemic. Despite this, the company sent $ 75 billion in dividends to shareholders.

Saudi Aramco’s free cash flow for the reporting period was $ 49.1 billion, down 1.6 times year on year. The company’s capital expenditures (CAPEX) after optimization amounted to $ 27 billion. The company will continue to optimize costs this year. Therefore, CAPEX for 2021 will be $ 35 billion with an initial plan of $ 40-45 billion.

The average level of production in 2020 in the company amounted to 12.4 million bpd of oil equivalent, of which oil accounts for 9.2 million bpd. In April 2020, Saudi oil production reached a record high of 12.1 million bpd.

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