Saudi Aramco announced for the first time its half-year financial results. The Saudi oil giant reported that its net income was $46.9 billion for the first half 2019, compared to $53 billion for the same period last year.
Commenting on the results, Saudi Aramco president & CEO Amin H. Nasser, said: “Despite lower oil prices during the first half of 2019, we continued to deliver solid earnings and strong free cash flow underpinned by our consistent operational performance, cost management and fiscal discipline.”
Saudi Aramco reported earnings before interest and tax was $92.5 billion, compared with $101.3 billion a year earlier. Free cash flow was $38.0 billion, compared to $35.6 billion for the same period last year. Capital expenditure was $14.5 billion, compared to $16.5 billion for the same period in 2018.
Nasser added: “We demonstrated our reliability with near 100 per cent delivery on our customers’ requirements for oil and refined products, maintaining our total hydrocarbon production of 13.2 million barrels of oil equivalent per day and an average daily crude production of 10 million barrels per day.”
Aramco CEO went on to say: “Leveraging our strength in Upstream, we continued to deliver on our Downstream growth strategy, including acquisitions in both Saudi Arabia and key international markets.These acquisitions are expected to enhance dedicated crude placement, increase refining and chemicals capacity, capture value from integration and diversify our operations.
We also grew our trading business and scaled up innovation efforts through pioneering initiatives such as crude-to-chemicals, non-metallic materials manufacturing, and hydrogen fuels.”