Saudi Arabia News: Aramco Keeps $75 Billion Dividend Promise - Bloomberg:
Even with oil prices having slumped, Saudi Aramco said it still intends to give at least $75 billion to shareholders this year.
The world’s biggest company by market value, which listed in the Saudi Arabian capital of Riyadh in December, will pay the dividends on a quarterly basis, it said in its 2019 financial results released on Sunday.
Capital expenditure will be cut to between $25 billion and $30 billion this year, from $32.8 billion in 2019. Even so, the firm would still need at least $100 billion to meet its dividend and capex commitments alone, almost matching its 2019 payments.
The spread of the coronavirus and the oil-price war instigated by Saudi Arabia after Russia rejected coordinated production curbs has sent Brent crude prices spiraling. They have fallen more than 50% since the end of December to around $32 a barrel, and some analysts predict they’ll drop further to below $10 a barrel.
No comments:
Post a Comment