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The company said on Sunday that its net profit fell 44.4% to $ 49 billion in 2020. Delivering the blow, Saudi Aramco pledged to spend less this year than expected: Aramco said it was planning to spend around $ 35 billion in 2021 in capital. spending, down sharply from its previous estimate of $ 40 billion to $ 45 billion.
Nonetheless, the oil company was optimistic about the future: it maintained its dividend of $ 75 billion for the year and the company believes it will return to pre-pandemic oil production levels by the end of this year. 2021.
The decline in profits reflects the effect of the coronavirus pandemic on global energy markets.
“As the enormous impact of Covid-19 rippled across the global economy, we stepped up our focus on capital and operational efficiency,” said Amin Nasser, CEO of Aramco.
The report of the findings comes at a time when Saudi Aramco refineries have faced drone attacks from Iran-backed Houthi rebels in Yemen.
This story is developing and will be updated.
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