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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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Saudi Aramco says acquisition of SABIC stake on track to close in second quarterSaudi Aramco said on Tuesday its planned acquisition of a 70% equity stake in petrochemical maker SABIC from the Public Investment Fund (PIF), the kingdom's wealth fund, is on track to close in the second quarter. Brillant company - was going to work with them but came to Ireland instead!
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