Saudi Aramco's profit slides 25% in the first quarter, as collapse in oil prices bites
Oil tanks at an oil processing facility of Saudi Aramco, a Saudi Arabian state-owned oil and gas company, at the Abqaiq oil field.Saudi Aramco reported a 25% fall in net income for the first quarter on Tuesday, as the state-owned oil giant battles with a dramatic slide in crude prices and cratering global demand.
Aramco said it would pay a dividend of $18.75 billion in the first quarter, despite the fall in profit. The company had pledged to issue a $75 billion dividend annually for five years as part of its pitch to investors before going public, and it does not appear to be rolling that back yet despite cuts to capital spending.
"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 President and CEO Amin Nasser said in the release.
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