Global Oil and Saudi Aramco: Latest News and Jobs as Prices Hit Revenue - Bloomberg:
Saudi Aramco reshuffled its senior management, putting a top executive in charge of “portfolio optimization,” as the world’s biggest oil producer adjusts to low crude prices.
Aramco appointed senior vice president Abdulaziz Al Gudaimi to head up the new department that will “assess existing assets” and boost access to growth markets, it said in a statement. He previously ran Aramco’s downstream business.
It also named Nasir Al Naimi as acting head of the upstream business -- the exploration and production arm -- while Mohammed Al Qahtani will take over the downstream business, according to people familiar with the situation.
The moves come as Aramco adjusts to the reality of oil at $40 a barrel. It’s slashing spending and investment to try to preserve a $75-billion dividend even as its debt surges past targets set just last year. Most of the dividend goes to the Saudi state, which needs the funds as it faces a major revenue squeeze.
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