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Saudi Aramco to cut capital spending over coronavirus; 2019 profits plunge

The 21% decline in net profit for last year means it fell short of analysts' forecasts for the period that culminated in the share sale, months before the coronavirus pandemic became a factor for oil

Saudi Aramco | Aramco IPO | Crude Oil Price


Saudi Aramco on Sunday said it plans to cut capital spending in the wake of the coronavirus outbreak, and also posted a plunge in profit for last year, missing forecasts in its first earnings announcement as a listed company. Saudi Arabia's decision last year to float shares in its state oil company - the most profitable company in the world - was one of the central elements in Crown Prince Mohammed bin Salman's program for economic and political reform. The record-setting IPO was touted as making the world's biggest energy exporter more professional and transparent. The 21% ...

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First Published: Mon, March 16 2020. 00:56 IST