“Despite COVID-19 bringing the world to a standstill, Aramco kept going,” said CEO Amin Nasser
’s results confirmed a drop off in demand during the second quarter of 2020 amidst the coronavirus (COVID-19) pandemic, nonetheless, the financials of Saudi Arabia’s national oil company reflected its unique position in the oil market.
Aramco reported US$6.6bn of net income for the quarter, marking US$23.2bn of income for the first half. It generated US$12.3bn of cashflow in the quarter and US$34.8bn for the half year. Free cash flow amounted to US$6.1bn in the three months and US$21.1bn in the half.
Aramco’s first-quarter dividend of US$18.75bn was paid in the second quarter. The second-quarter dividend declared on Monday was similarly confirmed at US$18.75bn.
“Despite COVID-19 bringing the world to a standstill, Aramco kept going,” Amin H. Nasser, Aramco chief executive said in a statement.
“Strong headwinds from reduced demand and lower oil prices are reflected in our second-quarter results. Yet we delivered solid earnings because of our low production costs, unique scale, agile workforce, and unrivalled financial and operational strength.”
Nasser added: “We are seeing a partial recovery in the energy market as countries around the world take steps to ease restrictions and reboot their economies. We are determined to emerge from the pandemic stronger and will continue making progress on our long-term strategic journey, through ongoing investments in our business – which has one of the lowest upstream carbon footprints in the world.”