Saudi Arabia's state oil giant, Aramco, said in a statement on Tuesday that its net income slid by 25 percent to $16,661 billion in Q1 2020 amid the collapse of oil prices due to the COVID-19 pandemic, however, the forecast for this year's capital expenditure remains at $25-30 billion
MOSCOW (Pakistan Point News / Sputnik - 12th May, 2020) Saudi Arabia's state oil giant, Aramco, said in a statement on Tuesday that its net income slid by 25 percent to $16,661 billion in Q1 2020 amid the collapse of oil prices due to the COVID-19 pandemic, however, the forecast for this year's capital expenditure remains at $25-30 billion.
"Not surprisingly, our financial performance in the first three months of 2020 was impacted by the ongoing effects of the COVID-19 global pandemic as well as lower oil prices," Saudi Aramco President and CEO Amin Nasser said in a statement.
The company added that diluted earnings per share for the quarter totaled $0.08 against $0.11 in 2019.
At the same time, Saudi Aramco's revenue amounted to $60.151 billion, a decrease of 16.2 percent in annual terms. Earnings before interest and taxes reached $36.9 billion, which is 22.7 percent lower than the same period in 2019.
According to the statement, the company also reduced in Q1 2020 its oil production by 3 percent in annual terms, to 9.8 million barrels per day.
Aramco's average daily production in Q1 2019 was at 10.1 million barrels per day.
The oil market hit negative values for the first time in history in mid-April due to numerous restrictive measures and lockdowns that halted many industries across the world, significantly lowering demand for fuel.
