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    New WHO guidelines for clinical management of arboviral diseases: dengue, chikungunya, Zika and yellow fever

    Air Canada Celebrates Canada Day with Limited-time Fare Discounts for Customers Flying from India

    Shah Rukh Khan to Grace the Grand Opening of City of Dreams Sri Lanka

    Shah Rukh Khan to Grace the Grand Opening of City of Dreams Sri Lanka

    Left to Right- Ishfaaq Uvaim, Manager Telangana and Andhra Pradesh;  Mr. Dheera Hettiarachchi, Chairman, Sri Lanka Convention Bureau;  Mrs. Harsha Ruparathne, Actg. Deputy High Commissioner, Sri Lanka Deputy High Commission in Chennai, India;  Mrs. Malkanthi Welikala, Manager – Marketing, SLCB

    Sri Lanka Tourism boosts Indian MICE Engagement with Dynamic and Exclusive Networking Evening in TAJ Krishna, Hyderabad

    European Leaders Join Forces to Drive Growth and Innovation  

    Boeing Names Stephen Parker as CEO of Defense, Space & Security

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    20,000 sq. ft. Skill Development Centre to be set up at AURIC in partnership with CII; MoU expected next week: Secretary, DPIIT

    Railways to Install CCTV Cameras in Coaches to Enhance Passenger Safety

    Union Agriculture Minister Shivraj Singh Chouhan directs immediate strict action against substandard fertilizers

    President of India to visit Odisha from July 14 to 15

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    Asia Jewels Show 2025 – South India’s Most Glamorous Jewellery Exhibition Opens in Bengaluru

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    New WHO guidelines for clinical management of arboviral diseases: dengue, chikungunya, Zika and yellow fever

    “This will connect home and medical care, enabling early detection of deteriorating condition and appropriate intervention”-Ayumu Okada, Representative Director, President & CEO, OMRON Healthcare Co. Ltd.

    Michelin-Starred Chef Shane Osborn

    Michelin-Starred Chef Shane Osborn Makes India Debut at Le Cirque Signature, The Leela Palace Bengaluru on July 11th & 12th, 2025.

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    “SEZs can be a bridge between Indian and global aerospace and defence industries via Startup India.”-Piyush Goyal ,Union Minister for Commerce and Industry 

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    The new Volvo ES90: a big electric car with a small carbon footprint

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    Rescheduling of India’s white-ball Tour of Bangladesh

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    A New Era in Luxury Weddings – Vogue Wedding Atelier Debuts in India

    GenS Life and Dowith Lit Present ‘Senior Spotlight’: Bengaluru’s Open Mic Celebration for the 55+

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    Lulu Mall Hosts Bangalore’s Biggest Non-Alcoholic Holi Celebration

  • Lifestyle
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    Asia Jewels Show 2025 – South India’s Most Glamorous Jewellery Exhibition Opens in Bengaluru

    Abbott Launches Digene Insta on the Go – Instant Relief from Acidity, Anytime, Anywhere

    Ichnos Glenmark Innovation (IGI) Announces Global Commercialization Strategy for ISB 2001 Following Licensing Deal with AbbVie

    New WHO guidelines for clinical management of arboviral diseases: dengue, chikungunya, Zika and yellow fever

    “This will connect home and medical care, enabling early detection of deteriorating condition and appropriate intervention”-Ayumu Okada, Representative Director, President & CEO, OMRON Healthcare Co. Ltd.

    Myntra Glamstream Kicks Off with a Sneak Peek of “Jordan” by Badshah — India’s First Shoppable Fashion Music Video

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Aramco announces first quarter 2020 results

FWM by FWM
May 12, 2020
in Business
0

DHAHRAN, May 12, 2020

  • First quarter net income: $16.7 billion
  • First quarter free cash flow*: $15.0 billion
  • Gearing* ratio of -4.9% reflects further strengthening of balance sheet
  • Dividends of $13.4 billion paid in the first quarter, in respect of Q4 2019
  • Dividends of $18.75 billion to be paid in the second quarter, for Q1 2020
  • Low upstream costs and sustaining capital provide significant flexibility

The Saudi Arabian Oil Company (“Aramco” or “the Company”) today announced its financial results for the first quarter of 2020, demonstrating financial and operational strength despite a challenging macro environment and lower energy demand caused by the COVID-19 pandemic.

Commenting on the results, Aramco President & CEO Amin H. Nasser, said:

“The COVID-19 crisis is unlike anything the world has experienced in recent history and we are adapting to a highly complex and rapidly changing business environment. Aramco has demonstrated resilience during economic cycles and has an unparalleled position due to a strong balance sheet and low-cost structure.

“We have delivered solid earnings with robust free cash flow, despite weak energy demand and low oil prices. We remain committed to the safety of our people while delivering on our long-term value creation strategy for all of our shareholders.

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“During the first quarter, we took steps to further optimize our planned 2020 capital spending and identified opportunities to improve operational productivity.

“We retain significant flexibility to adjust expenditures and have considerable experience in managing the business through times of adversity. This resilience will enable us to continue delivering on our commitments to our shareholders.

“Looking ahead to the remainder of 2020, we expect the impact of the COVID-19 pandemic on global energy demand and oil prices to weigh on our earnings. We continue to reinforce the business during this period by reducing our capex and driving operational excellence. Longer term we remain confident that demand for energy will rebound as global economies recover.”

 

Tags: • FINANCIAL PERFORMANCE
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