Saudi Aramco Keeps Record $18.75 Billion Dividend Payment Intact Despite Profits Slump

Saudi Aramco Keeps Record $18.75 Billion Dividend Payment Intact Despite Profits Slump

Oil giant Saudi Aramco (TADAWUL:2222) has posted a 25% plunge in first quarter profits in the wake of global crude demand declines caused by the coronavirus or Covid-19 pandemic and a short-lived price war with Russia.. The figure came in well below average analyst expectations of $18 billion as oil prices plunged nearly 66% during the quarter , with much of the declines coming in March following the collapse of OPEC+ and a short-lived price war with Russia .. Aramco's CEO Amin Nasser said the results reflected "lower crude oil prices, as well as declining refining and chemicals margins.". "Looking ahead to the remainder of 2020, we expect the impact of the Covid-19 pandemic on global energy demand and oil prices to weigh on our earnings.. It paid total dividends of $13.4 billion in the first quarter for payouts announced in the fourth quarter of 2019, and has lined up dividends of $18.75 billion to be paid in the second quarter, for it first quarter pledges.. I am a UK-based oil & gas sector analyst and business news editor/writer with over 20 years of experience in the financial and trade press..