Survival of fittest’ as Aramco overshadows peers in tough year

Survival of fittest’ as Aramco overshadows peers in tough year

Aramco revealed on Sunday that it had a net income of $49 billion for last year, but a detailed breakdown of its figures released on Monday showed it made $14.3 billion in the final quarter of the year, when industry giants such as Exxon Mobil and Royal Dutch Shell lost nearly $25 billion between them.Other big oil majors including Chevron, Total, BP, and Equinor clocked up a meagre $1.5 billion in aggregate profits in the final quarter.Nasser said the company "displayed strong financial resilience in one of the most challenging periods for the industry, during which revenues were impacted by lower crude oil prices and volumes sold and weakened refining and chemicals margins.“Revenues dropped by $100 billion to $230 billion in 2020, as oil prices collapsed in the course of the coronavirus disease (COVID-19) pandemic lockdowns and resulting fall in demand. Saudi Arabia led the way in reducing supply via a series of voluntary cuts in output, in addition to its reduction commitments under the OPEC+ alliance of producers' agreements.The huge importance of Saudi Aramco as an economic wealth generator for the Kingdom was underlined in the financial statements.Royalties and other taxes paid to the government amounted to $23.99 billion