Aramco more resilient to oil slump than listed rivals: accounts | Reuters

Aramco more resilient to oil slump than listed rivals: accounts | Reuters:

Saudi Aramco is more resilient to oil price slumps than its biggest listed rivals, its 2016 accounts indicate, giving a rare insight into the state energy giant’s finances ahead of a proposed flotation.

The full-year accounts, not publicly available but seen by Reuters, show Aramco’s net income fell by about 21 percent to $13.3 billion in 2016 - when oil prices collapsed to a 12-year low of $27.10 a barrel due to a global glut of crude.

By comparison, the net income of Exxon Mobil Corp, the world’s largest listed oil company, dropped 51 percent in 2016, while the earnings attributable to shareholders of Royal Dutch Shell, the No.2 listed oil firm, fell 37 percent, excluding items.