Aramco posts fourfold rise in profit as oil prices bubble up August 9, 2021 Oil behemoth Saudi Aramco saw its second quarter profit jump fourfold on the back of rising crude prices and increased demand for fuel. The world’s biggest oil producer said that its net income rose 288 per cent in the last quarter to $25.5bn (£18.4bn). Analysts had expected the firm to make a net profit of [...]
Saudi Aramco ‘faces $50m ransom’ after data leak July 22, 2021 Saudi Aramco is reportedly facing a $50m (£36.3m) ransom demand after a data leak from one of its contractors. The world’s largest oil firm confirmed in a statement that it “recently became aware of the indirect release of a limited amount of company data which was held by third-party contractors.” Aramco added: “We confirm that [...]
Saudi Aramco beats forecasts as profit jumps 30 per cent on higher oil prices May 4, 2021 State-run oil giant Saudi Aramco beat analysts’ forecasts today as first-quarter net profit rose 30 per cent amid the rise in oil prices. Crude prices have climbed about a third this year due to recovering fuel demand, helping a host of oil firms post improved results. “Given the positive signs for energy demand in 2021, there are [...]
Aramco sells minority stake in pipeline network for $12bn April 10, 2021 Oil giant Saudi Aramco has agreed a $12.4bn (£9bn) deal to sell nearly half of its pipelines business to a consortium led by private equity firm EIG Global Energy Partners. Under the deal, which was announced late last night, EIG will take a 49 per cent stake in the newly formed Aramco Oil Pipelines Company. [...]
Saudi Aramco’s profits plunge 44 per cent as oil demand slides March 22, 2021 Oil group Saudi Aramco will keep its $75bn dividend promise to shareholders despite profits almost halving in 2020 as Covid rocked economies. The world’s biggest oil firm said net income had dropped to £35.4bn, down 44 per cent compared to the previous year. Aramco has taken on more debt in the past 12 months to [...]
Oil slip: Aramco profit halves as Covid batters oil demand November 3, 2020 Oil behemoth Saudi Aramco’s profit shrank 44.6 per cent in the third quarter due to the collapse in oil demand caused by the coronavirus pandemic. The state-owned firm said profit fell from 79.8 billion riyals (£16.5bn) last year to 44.21 billion riyals this year. The pandemic has devastated the global oil market, with lower prices [...]
Saudi Aramco completes $69bn deal for petrochemicals giant Sabic June 17, 2020 Oil behemoth Saudi Aramco has bought a 70 per cent stake in petrochemicals giant Sabic from Saudi Arabia’s state investment fund for a whopping $69bn (£55bn). The deal, which will create a petrochemicals entity with combined production volumes of 90m tonnes, valued Sabid at 123.39 riyals per share, a 27.5 per cent premium on its [...]
Saudi Aramco profit falls 25 per cent on oil price implosion May 12, 2020 State-owned oil giant Saudi Aramco saw its first quarter profit fall 25 per cent as the coronavirus crisis decimated the price of crude oil. Over the course of the quarter, the price of worldwide standard Brent crude fell roughly two-thirds, sending the firm to a 62.5bn riyals (£13.5bn) profit, down from 83.3bn riyals a year [...]
Saudi Aramco cuts spending as profit drops 21 per cent following record float March 15, 2020 Saudi Aramco today said it will cut capital spending this year as the oil giant braces for a slump in oil prices caused by the coronavirus outbreak and a price war with Russia. The state-run company broke the record for the largest ever initial public offering (IPO) in December after it raised $25.6bn (£21bn), securing [...]
Saudi Aramco international listing still ‘on the cards’ January 22, 2020 Saudi Arabia’s finance minister has said that the kingdom is still mulling listing state oil giant Saudi Aramco on an international bourse. Speaking to Bloomberg at Davos, Mohammed Al-Jadaan said that a float is “still on the cards”. However, he added that he “didn’t think it’s going to be anytime soon.” In December Aramco listed [...]