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Saudi Aramco 1Q earnings: Oil price crash tanks profits by $6 billion - Business Insider

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$1.7 trillion giant Saudi Aramco's profits drop almost $6 billion after oil prices crash below $0

giant, reported a 25% drop in profits in the first quarter of 2020 compared to the same period last year as the impact of historically low oil prices and lack of demand weighed down on profitability. in the first quarter of 2020, down 25% from $22.2 billion in the same period of 2019.

Saudi Aramco has implemented additional measures to optimize spending which resulted in reducing expected 2020 capital expenditures, it said.A fund manager who's quadrupled his competitors' returns for 15 years breaks down his 3 favorite stocks — and his top 3 contrarian ideas

 

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