DUBAI - Saudi state oil group Aramco on Sunday reported a 73.4 per cent fall in second-quarter net profit, a steeper drop than analysts had forecast. It said it expected capital expenditure for 2020 to be at the lower end of a US$25 billion to US$30 billion range.
Net profit fell to 24.6 billion riyals for the quarter to June 30 from 92.6 billion riyals a year earlier. Brent crude prices at the end of the second quarter were down 38 per cent from a year earlier, despite an agreement by OPEC+ producers to cut oil supply by a record 9.7 million barrel per day from May to help to shore up prices and curb oversupply.
BP earlier this month cut its dividend for the first time in a decade after a record US$6.7 billion second-quarter loss, while Royal Dutch Shell in April cut its dividend for the first time since World War Two.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Aramco's second-quarter net profit plunges 73.4per cent on lower oil pricesSaudi Arabian state oil group Aramco on Sunday reported a 73.4per cent fall in second-quarter net profit, a steeper drop than analysts had ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Saudi Aramco's Q2 net profit plunges 73.4% on lower oil pricesDUBAI: Saudi Arabian state oil group Aramco on Sunday (Aug 9) reported a 73.4 per cent fall in second-quarter net profit, a steeper drop than ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Saudi Aramco's Q2 net profit plunges 73.4% on lower oil pricesDUBAI: Saudi Arabian state oil group Aramco on Sunday (Aug 9) reported a 73.4 per cent fall in second-quarter net profit, a steeper drop than ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Saudi Aramco's second-quarter net profit plunges 73.4per cent on lower oil pricesSaudi Arabian state oil group Aramco on Sunday reported a 73.4per cent fall in second-quarter net profit, a steeper drop than analysts had ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Philippines needs 1.56t pesos recovery stimulus, lawmaker says[MANILA] The Philippines needs 1.56 trillion pesos (S$43.64 billion) to help it recover from a record economic contraction, according to a lawmaker. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
US job growth decelerates in July, casts shadow on recovery's strengthUS employment growth slowed considerably in July amid a resurgence in new COVID-19 infections, offering the clearest evidence yet that the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »