Saudi Aramco announced its full-year 2019 financial results, delivering “strong profits and dividends despite a lower price environment and challenging margins in refining and chemicals,” the company said in a press release.
Net profit for the company was $88.2 billion for the full-year 2019, with total dividend payments in 2019 of $73.2 billion.
The company’s release, dated Sunday March 15, comes amid global concern over the Coronavirus pandemic and a new oil price war between Saudi Arabia and Russia. Aramco will cut its spending this year due to the pandemic, while it increases its dividend.
Aramco said it expects capital spending for 2020 to be between $25 billion and $30 billion, down from $32.8 billion a year earlier, due to market conditions and recent price volatility.
Saudi Aramco’s total 2019 hydrocarbon reserves were 258.6 billion barrels of oil equivalent, compared to 256.9 billion boe in 2018.
Aramco also said that following the attacks on two facilities in September, the Company was able to restore production levels within 11 days, due to its emergency response training and procedures. “As a result, the Company demonstrated its long-standing reputation for reliability,” it said.
