Saudi Aramco's net income at $6.6B in Q2

Sunday, 09. August 2020 10:07

Saudi Arabian Oil Company's net income for the second quarter of fiscal 2020 plunged 73.4% to land at $6.6 billion, the firm revealed in its earnings results published on Sunday. Saudi Aramco's net income in the first half of the fiscal year plummeted 50.5% to stand at $23.2 billion in the six-month period ended on June 30.

The company's capital expenditure for the second quarter and the first half of fiscal 2020 were $6.2 billion and $13.6 billion, respectively, as the oil group revealed its plan to keep its capital expenditure in a $25 billion to $30 billion range for 2020.

“Strong headwinds from reduced demand and lower oil prices are reflected in our second quarter results. Yet we delivered solid earnings because of our low production costs, unique scale, agile workforce, and unrivalled financial and operational strength," the company's CEO Amin Nasser wrote.

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Breaking the News / BU