Saudi Aramco reports first half 2019 net income of $46.9 billion

Saudi Aramco on Monday announced for the first time its half-year financial results. The company’s net income was $46.9 billion for the first half 2019, compared to $53.0 billion for the same period last year. Earnings before interest and tax was $92.5 billion, compared with $101.3 billion a year earlier. Free cash flow was $38.0 billion, compared to $35.6 billion for the same period last year. Capital expenditure was $14.5 billion, compared to $16.5 billion for the same period in 2018.

Commenting on the results, Saudi Aramco President & CEO Amin H. Nasser, said: "Despite lower oil prices during the first half of 2019, we continued to deliver solid earnings and strong free cash flow underpinned by our consistent operational performance, cost management and fiscal discipline.

Disclosing our financial results for the first time, as part of our $12 billion debut international bond issuance, marked a significant milestone in Saudi Aramco’s history.

''We demonstrated our reliability with near 100 percent delivery on our customers’ requirements for oil and refined products, maintaining our total hydrocarbon production of 13.2 million barrels of oil equivalent per day and an average daily crude production of 10 million barrels per day,'' he added.

''Leveraging our strength in Upstream, we continued to deliver on our Downstream growth strategy, including acquisitions in both Saudi Arabia and key international markets. These acquisitions are expected to enhance dedicated crude placement, increase refining and chemicals capacity, capture value from integration and diversify our operations.'' ''Looking ahead, we will maintain a prudent and flexible balance sheet. Our financials are strong and we will continue to invest for future growth," Nasser concluded.

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Source: WAM