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Saudi Aramco's 2016 calculations show that the state oil company is more resilient to the drop in oil prices than its major competitors, giving a rare insight into the energy giant's financial situation potential offer.
The company's net income dropped 21% to $ 13.3 billion in 2016, when oil prices dropped to their lowest level in 12 years at $ 27.10 a barrel because of Global supply of crude. 19659002] By comparison, the net profit of ExxonMobil, the largest company 51% in 2016, while the profits of the shareholders of Royal Dutch Shell, the second largest oil company in the world, fell by 37% without the cost of special items.
Aramco responded to a request for comment "Saudi Aramco On speculation about their financial performance and their financial system."
Oil industry experts indicate that Aramco's ability to better adapting to price shocks is due to low production costs, its core activities concentrated in one country and fewer staff. Although he is the largest oil producer in the world.
Analysts estimate the cost of oil The Saudi giant's output is less than $ 1 a barrel, compared with $ 10 a barrel in regions like Russia and $ 20 to $ 30 a barrel in areas like the North Sea.
Calculations show that the number of employees of Aramco was 67,718 employees in 2016, with 71,000 and 100 employees at Exxon and 89,000 at Shell
Aramco produces about 10 million barrels per day, compared with Exxon and Shell, respectively, of 4 million and 3.7 million barrels per day.
In April, global reports indicated that Aramco's net profit was $ 33.8 billion in the first six months of 2017, compared to $ 7.2 million
Annual results for 2016 and 2015 have not been disclosed before.
Aramco's results and other key information about the company, which was not disclosed in the first half of 2016,
The calculations provide a window on the financial position of the company. company before the listing proposal on the stock market, if it goes from the front.
Although Aramco may be bigger and bigger Stronger than its counterparts, analysts have repeatedly expressed doubts about the company's ability to reach its $ Z trillion worth of Riyadh, if you decide to register their shares. The value of Exxon Mobil, the closest competitor of Aramco, is $ 350 billion
The inclusion of a 5% stake in Aramco is the cornerstone of the plan of the government to diversify the kingdom's economy.
A source close to Aramco's initial public offering plans said: "Local supply is most likely, but everything is ambiguous."
Saudi Minister of Energy, Khalid al-Faleh On June 21, the launch of Aramco in 2019 would be "a good thing", adding that the moment was not critical for the government.
Net Profit of $ 13 Billion
Documents seen by Reuters that Aramco has made more money than any other oil company in 2016.
The company's net profit was $ 13.3 billion in 201 Compared to $ 7.8 billion for Exxon, Shell posted a dividend yield of $ 3.5 billion in 2016.
BP, which is still suffering the financial impact of the Deepwater Horizon disaster, recorded a loss of $ 999 million. The year 2016 has improved compared to a loss of $ 5.162 billion in 2015.
On the basis of cash flow from operations, another important indicator for investors, Aramco also recorded good results. At $ 29 billion in 2016.
The largest number of listed competitors was recorded by Exxon at $ 22.1 billion, down 27% Shell's cash flow from operations fell by 31%, while 44% fell to BP
Calculations showed that Aramco averaged its crude oil export price in 2016 to $ 40.68 per barrel, compared to $ 49.68 in 2015. Billions of dollars, down from $ 146 billion in 2015.
The 2016 Aramco accounts, which were viewed by Reuters in accordance with global accounting standards, were calculated on the basis of basis of 85% tax at the time.
The Saudi government has reduced the tax rate to 50% starting in 2017, making the company more attractive to potential investors.
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