Saudi Aramco debuts in an earnings call

THE EARNINGS call lasted about half an hour and was, by conventional measures, underwhelming. Saudi Aramco, the world’s most profitable company, gave no guidance on capital spending. Its finance chief, Khalid al-Dabbagh, said (cryptically) that dividends must be “affordable”. He did not disclose where or when it might list its shares. The oil giant’s first such interaction with public investors on August 12th was still revealing. It showcased the firm’s evolution—and the forces that may impede it.

National oil companies face a hazy future. American shale output is booming and long-term demand for fossil fuels looks less certain as concerns about climate change mount. Still, Aramco enjoys a privileged position, as its results for the first half of the year demonstrate. It produced an average of 10m barrels of crude a day, plus another 3m or so barrels of oil equivalent from natural gas. Its $46.9bn in net income eclipsed that of its five biggest listed rivals—ExxonMobil, Shell, Chevron, BP and Total—combined (see chart).


via Business Feeds

0 nhận xét:

Post a Comment