Saudi Aramco reported a 5% year-over-year drop in first-quarter net income, posting $26 billion as lower oil prices and production weighed on results, according to CNBC. The figure beat analyst expectations of $25.3 billion but declined from $27.3 billion in Q1 2024. Aramco cut its bonus dividend to $200 million for the second quarter, shrinking total payouts to $21.36 billion from $31 billion a year earlier. CEO Amin Nasser cited global economic uncertainty and shifting trade dynamics as ongoing challenges. Brent forecasts are now as low as $60 per barrel, well below the $90 needed for Saudi Arabia to balance its budget.
Category
🗞
NewsTranscript
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Stunning Armco reported a 5% year-over-year drop in first quarter net income,
00:06posting $26 billion as lower oil prices and production weighed on results, according to CNBC.
00:13The figure beat analysts' expectations at $25.3 billion, but marked a decline from $27.3 billion
00:19in Q1 2024. Armco cut its bonus dividend to $200 million for the second quarter,
00:24shrinking total payouts to $21.36 billion from the $31 billion a year earlier.
00:30CEO Ahmed Nasser cited global economic uncertainty and shifting trade dynamics as the ongoing
00:35challenges. Brent forecasts are now low as $60 per barrel, well below the $90 level needed for
00:42Saudi Arabia to balance its budget. For all things money, visit Benzinga.com slash GSTV.