Aramco Posts $6.6 Billion Profit Amidst Dismal Oil & Gas Earnings But Dividend Promise Weighs Heavy

Aramco Posts $6.6 Billion Profit Amidst Dismal Oil & Gas Earnings But Dividend Promise Weighs Heavy

Saudi Aramco, the oil company of the Saudi Arabian kingdom, is the world's most profitable company in a good year. However, this is not a good year for oil. We now know that in the second quarter of 2020, the company's net income was $6.6 billion, which seems fine given the poor showing of the oil market amidst the coronavirus issues, but it is actually a sign of the imposing burden the Saudi government has become on the company. The second quarter numbers highlight that Aramco itself is a great company that is in a great position with great assets, but that the current iteration of the Saudi government is like a weight around the company's neck. 

CHINA - 2020/04/21: In this photo illustration the Saudi Arabian Oil Company Saudi Aramco,