Financial results from Saudi Aramco, the world’s largest oil company, expectedly showed the impact of the weak oil price in 2020, but the state-backed group is sticking to a US$75bn dividend promise.
Profit slumped 44% to US$49bn from US$88.19bn in 2019, which was a shade beneath market projections.
Cash flow was down 40% to US$49bn, nonetheless, the proposed dividend for 2020 will still be US$75bn it said.
Aramco said it would cut capital spending in the current year to around US$35bn, from prior guidance of US$40-45bn.
“In one of the most challenging years in recent history, Aramco demonstrated its unique value proposition through its considerable financial and operational agility,” chief executive Amin Nasser said in a statement.
A portion of shares in the Saudi state oiler were floated in Riyadh, on the Saudi Stock Exchange, in 2019.