Saudi Aramco cuts its dividend by $10bn

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Financial Times 1d ago

Saudi Aramco cuts its dividend by $10bn - Financial Times

Quick Summary:

Its average realised oil price was $76.30 a barrel, compared with $83 a barrel in the same quarter last year.

Aramco gave no guidance about whether it would have to adjust its dividend further, or cut its spending, but noted that “disciplined capital planning and execution” were vital during periods of oil price volatility.

The economic diversification programme launched by Crown Prince Mohammed bin Salman features several ambitious so-called gigaprojects, including a futuristic zone in the country’s north-west coast called Neom.