{"id":406112,"date":"2021-03-22T08:45:22","date_gmt":"2021-03-22T03:15:22","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=406112"},"modified":"2021-03-22T09:12:22","modified_gmt":"2021-03-22T03:42:22","slug":"saudi-aramco-to-cut-capex-after-2020-profit-drops-44-4-over-low-oil-prices","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/saudi-aramco-to-cut-capex-after-2020-profit-drops-44-4-over-low-oil-prices\/","title":{"rendered":"Saudi Aramco to cut capex after 2020 profit drops 44.4% over low oil prices"},"content":{"rendered":"<p>DUBAI (Reuters) &#8211; Saudi Arabian state oil giant Aramco said on Sunday it expects to cut capital expenditure after it reported a 44.4% slump in 2020 net profit, hit by lower crude oil prices and sales as the coronavirus pandemic depressed demand. <\/p>\n<p>The company lowered its guidance for spending to around $35 billion from a range of $40 billion to $45 billion previously, according to a disclosure to the Tadawul bourse.<\/p>\n<p>Aramco declared a dividend of $75 billion for 2020 and signalled it was seeing pickup in oil demand.<\/p>\n<p>&#8220;The dividend is in line with expectations, which is what holders of Aramco will care about most, but lower capex implies the company does not expect high oil prices to last for the long-term,&#8221; said Hasnain Malik, head of equity research at Tellimer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DUBAI (Reuters) &#8211; Saudi Arabian state oil giant Aramco said on Sunday it expects to cut capital expenditure after it reported a 44.4% slump in 2020 net profit, hit by lower crude oil prices and sales as the coronavirus pandemic depressed demand. The company lowered its guidance for spending to around $35 billion from a range of $40 billion to $45 billion previously, according to a disclosure to the Tadawul bourse. Aramco declared a dividend of $75 billion for 2020 and signalled it was seeing pickup in oil demand. &#8220;The dividend is in line with expectations, which is what holders [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-406112","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/406112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=406112"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/406112\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=406112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=406112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=406112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}