tyb
Saudi Aramco's 2019 profit down 21%, cuts spending
The giant oil producer’s earnings statement for 2019 provides a bleak backdrop for 2020
Saudi Arabia’s state oil giant Aramco (2222.SE) said on Sunday its 2019 profit fell almost 21% due to lower crude oil prices and a drop in production volumes. Aramco posted a net profit of 330.69 billion Saudi riyal ($88.11 billion) after zakat and tax in the period ended Dec. 31, down from 416.52 billion riyals a year earlier. Analysts expected Aramco to post a net profit of 346.6 billion riyals ($92.35 billion) in 2019, according to an estimate of 15 analysts polled by Refinitiv.
Aramco, the world’s top oil producing company, raised $29.4 billion in a record initial public offering in December last year. Despite the economic headwinds and low oil prices, Aramco will be able to maintain good dividends at a price of $40 or even $20 bp for Brent crude.”
Aramco said in its release that in response to price volatility it would most likely cut capital spending to between $25 billion and $30 billion for 2020 compared to $32.8 billion in 2019. At the same time, the company recently announced plans to increase production capacity by a billion barrels a day to 13 billion barrels a day as part of the saber-rattling with Russia. A production increase of that magnitude will most likely require large expenditures on drilling and other operations
https://www.reuters.com/article/us-saudi-aramco-instantview/saudi-aramcos-2019-profit-down-21-cuts-spending-idUSKBN2120K4
LOBO715 USMC C-560 nw from MCAS Cherry Point
Luftwaffe GAFMED1 Airbus A400M out of Hanover, Wunstorf Airport se approaching Turkish/Iranian border. Medical flight
Current CONUS
it could have anyone on board. No way to know empirically.
good sunday morning to you B
'tis and ty for asking. Had some frens over yesterday. Smoked a pork roast-apple wood. It was guud.
and you? copacetic?