Aramco’s 2020 Profits Fell By 44%

Saudi Aramco reported a net profit of $49 billion for 2020, down 44 percent on the year but still a positive figure despite the pandemic that plunged some major oil companies into the red. The company kept its annual dividend at $75 billion and said its capital expenditure for this year would be around $35 billion. Earlier, the company had planned capex in the range of $40-45 billion for 2021. “Looking ahead, our long-term strategy to optimize our oil and gas portfolio is on track and, as the macro environment improves, we are seeing a pick-up…