Saudi Aramco’s dividend defences are triple-locked

Saudi Aramco’s dividend defences are triple-locked

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)LONDON  - Saudi Aramco has deployed its triple-bottomed dividend defences sooner than expected. The Saudi state energy giant is handing $18.75 billion to investors this quarter even though earnings plunged to little more than a third of that amount. It's a contrast with rivals BP and Royal Dutch Shell, which both trimmed their payouts. But even if crude demand plunges again, the $1.8 trillion firm has multiple ways of ensuring rewards for shareholders.Given that the price of West Texas Intermediate crude briefly turned negative in April, Aramco's net income of $6.6 billion in the three months to June is a testament to its efficiency. On average, each barrel of oil cost it just $7.5 to produce, including $4.7