Saudi state oil giant Aramco on Tuesday reported a 19% drop in its first-quarter earnings.
DUBAI, United Arab Emirates — Saudi state oil giant Aramco on Tuesday reported a 19% drop in its first-quarter earnings, recording net income of $31.9 billion down from $39.5 billion the previous year amid falling oil prices.
Aramco's first-quarter dividend, which was increased in the fourth quarter to $19.5 billion, will be paid in the second quarter, the company said. It reported its quarterly cash flow from operating activities at $39.6 billion and free cash flow at $30.9 billion, both of which were slightly up on the previous year.
An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia, on Wednesday, Oct. 3, 2018.Aramco CEO Amin Nasser emphasized the value of its downstream strategy, which has seen it invest heavily in petrochemical and other operations.
Nasser stressed the continued importance of hydrocarbons for the world's energy needs, adding that "we believe oil and gas will remain critical components of the global energy mix for the foreseeable future."
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