Saudi Arabia’s Aramco announces USD 18.75 billion dividend distribution despite COVID-19 fallout

In an official statement released on August 9, the Saudi Arabian Oil Company (Aramco), announced the dividend distribution of 18.75 billion U.S. dollars to shareholders, for the second quarter of 2020, despite the ongoing economic fallout pertaining to the COVID-19 crisis.

The statement added that the dividend, up from 13.4 billion dollars for the same period of 2019, is paid, despite global economic disruption and challenges facing the energy sector.

Amin H. Nasser, President and CEO of the Saudi company, said, Aramco will continue to pursue long-term growth and diversification strategy, to capture un-achieved and additional value from “every produced hydrocarbon molecule.” The statement definitely highlights Aramco’s financial and operational resilience amid the COVID-19 pandemic.

Per the statistics made available by the company, Aramco has hit a record net income of 6.6 billion dollars for the second quarter and 23.2 billion dollars for the first half of 2020, compared to 24.7 billion dollars and 46.9 billion dollars in the corresponding periods of 2019.

The company also added that Aramco has achieved its highest single-day crude oil production of 12.1 million barrels on April 2.

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