Aramco proves financial resilience and operational reliability: Nasser

ADIA and KIA to invest in Aramco's IPO

Saudi Aramco announced on Sunday the results for the second quarter and first half of 2020, highlighting the company’s financial and operational resilience, and commitment to shareholders; despite challenging market conditions caused by the COVID-19 pandemic.

Commenting on the results, Aramco President & CEO Amin H. Nasser, said: “Despite COVID-19 bringing the world to a standstill, Aramco kept going. We have proven our financial resilience and operational reliability; setting a record in our business operations, while at the same time taking steps to ensure the health and safety of our people.

“Strong headwinds from less demand and lower oil prices are reflected in our second quarter results. Yet we delivered solid earnings because of our low production costs, unique scale, agile workforce, and unrivalled financial and operational strength. This helped us also to deliver on our plan to maintain a second quarter dividend of $18.75 billion for the third quarter.

“We will continue to pursue our long-term growth and diversification strategy to capture unrealized; and additional value from every hydrocarbon molecule we produce — driving global commerce and enhancing people’s lives. The completion of our historic acquisition of a 70% stake in SABIC is yet more evidence of that forward momentum; and a testament to our healthy financial position similarly.

“We are seeing a partial recovery in the energy market as countries around the world take steps to ease restrictions and reboot their economies. Meanwhile; we continue to place people’s safety first and have adapted to the new normal; implementing wide-ranging precautions to limit the spread of COVID-19; wherever we operate.

“We look forward to emerge from the pandemic stronger and will continue making progress on our long-term strategic journey; through ongoing investments in our business — which has one of the lowest upstream carbon footprints in the world.”