• 3 minutes Shale Oil Fiasco
  • 7 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 12 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 16 minutes Global Debt Worries. How Will This End?
  • 8 hours DUMB IT DOWN-IMPEACHMENT
  • 11 hours Greta named Time Magazine "Person of the Year"
  • 56 mins POTUS Trump signs the HK Bill
  • 6 hours Everything you think you know about economics is WRONG!
  • 15 mins Tories on course to win majority
  • 1 hour americavchina.com
  • 24 mins Winter Storms Hitting Continental US
  • 16 hours Forget The Hype, Aramco Shares May be Valued At Zero Next Year
  • 3 hours WTO is effectively neutered. Trump *already* won the trade war against China and WTO is helpless to intervene
  • 1 day Can Renewable Natural Gas Compete With Diesel?
  • 16 hours Aramco Raises $25.6B in World's Biggest IPO
Alt Text

Oil Soars On Crude Inventory Draw

Oil prices rose on Wednesday…

Alt Text

Is This The Most Important Oil Price Driver In 2020?

If India’s economic growth picks…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Saudi Aramco’s First Ever Disclosure Shows $47 Billion Profit

Saudi Aramco announced for the first time financial results on Monday, reporting a net income of US$46.9 billion for the first half of 2019, down by 12 percent from US$53 billion in H1 2018 on the back of lower oil prices.  

Earlier this year, the world’s largest oil company which pumps all the oil in the world’s largest oil exporter Saudi Arabia, said that it would reveal first-half figures and hold its first-ever earnings call as part of its debut international bond and as the Kingdom continues to work on listing 5 percent in its oil giant company, amid multiple delays and various issues, including a US$2-trillion valuation that the Saudis are hoping for, the estimate of Saudi Arabia’s oil reserves that has been shrouded in secrecy, and the international venue for the IPO.

Saudi Aramco lifted some of the veil today by announcing H1 results for the first time ever, marking “a significant milestone in Saudi Aramco’s history,” as Saudi Aramco president and chief executive officer Amin Nasser said in the results release.

Aramco’s revenues dropped in the first half of 2019 to US$146.8 billion from US$148.8 billion in the first half of last year, while operating costs grew to US$71.1 billion from US$66.5 billion.

Aramco paid dividends worth US$46.39 billion to its shareholder—the Kingdom of Saudi Arabia, in H1 2019, up from US$32 billion dividends paid in H1 2018. Related: China’s Iranian Oil Weapon

“Despite lower oil prices during the first half of 2019, we continued to deliver solid earnings and strong free cash flow underpinned by our consistent operational performance, cost management and fiscal discipline,” CEO Nasser said in the statement.

Despite a rise in free cash flow, Aramco was hit by the lower oil prices in the back end of the first half of the year, as were the major international oil companies, many of whom reported underwhelming Q2 profits impacted by low oil and natural gas prices, despite boosting oil and gas production.

Aramco’s results release comes days after reports intensified (again) that Saudi Arabia could accelerate the timing of the much-hyped IPO to early next year.  

By Tsvetana Parasova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play