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, and said it expected capital expenditure for 2020 to be at the lower end of a US$25 billion to US$30 billion range.[DUBAI] Saudi state oil group Aramco on Sunday reported a 73.
The world's biggest oil exporter said the rapid spread of Covid-19 globally had significantly reduced demand for crude oil, natural gas and petroleum products. "We are seeing a partial recovery in the energy market as countries around the world take steps to ease restrictions and reboot their economies," chief executive Amin Nasser said in a statement.
Net profit fell to 24.6 billion riyals for the quarter to June 30 from 92.6 billion riyals a year earlier. Analysts had expected a net profit of 31.3 billion riyals in the second quarter, according to the mean estimate from three analysts, provided by Refinitiv.
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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 ...
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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 ...
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