Saudi Aramco conserves capex as profits crash

S&P Global Platts | Aug 9, 2020 at 12:15 PM
  • Saudi Aramco, the world’s biggest oil company, is reducing its capital expenditure spend for 2020 due to the market conditions brought about by the COVID-19 pandemic, yet the company expects global oil demand to recover to 95 million b/d by the end of the year, Aramco President and CEO Amin H Nasser said in the company’s second-quarter results call.
  • The oil giant saw its profits crash by 73% in Q2 to Riyal 24.62 billion ($6.6 billion), compared with Riyal 92.59 billion ($24.7 billion) for the same quarter of 2019.
  • During the quarter, Aramco’s hydrocarbons production averaged 12.7 million b/d of oil equivalent.