Saudi Aramco’s profit fell 73% year-on-year in second quarter

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TrueTexan
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Saudi Aramco’s profit fell 73% year-on-year in second quarter

Post by TrueTexan »

The royal family might have to sell their gold toilet seats.
Saudi Arabia’s state-controlled oil giant pressed ahead with a plan to pay $75 billion in dividends this year despite crashing profit and a surge in debt, as the kingdom battles a widening budget deficit.

Saudi Aramco said net income for the three months ending in June fell to 24.6 billion riyals ($6.6 billion), down 73% from a year earlier, after crude prices collapsed. Aramco will pay a dividend of $18.75 billion for the quarter, most of it to the government, which owns around 98% of the company’s stock.

Aramco’s performance and demand for energy will probably improve over the rest of the year as nations ease coronavirus lockdowns, according to Chief Executive Officer Amin Nasser.

“We are seeing a partial recovery in the energy market as countries around the world take steps to ease restrictions and reboot their economies,” he said.
https://www.bloomberg.com/news/articles ... -oil-sales

The energy markets are in for a big change.
Facts do not cease to exist because they are ignored.-Huxley
The illegal we do immediately; the unconstitutional takes a little longer-Kissinger
Reasoning will never make a Man correct an ill Opinion, which by Reasoning he never acquired.-Swift

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Re: Saudi Aramco’s profit fell 73% year-on-year in second quarter

Post by wings »

Yeah, that. The smarter ones are planning for it.
https://arstechnica.com/science/2020/08 ... t-by-2030/
In February, BP announced a pledge to (mostly) reach net-zero CO­2­ emissions by 2050, a noteworthy change of course steered by new CEO Bernard Looney. BP had long dabbled in promoting an interest in greener pursuits, but these promises pointed toward a more serious shift.

On Monday, the company released some specifics for the coming decade, describing “a new strategy that will reshape [BP’s] business as it pivots from being an international oil company focused on producing resources to an integrated energy company focused on delivering solutions for customers.” The new details are focused on investors, as the plan involves about a 50-percent reduction in dividends for shareholders. That money will instead go to paying down debts—partly a response to the economic consequences of COVID-19—as well as funding some of the planned investments.

BP says it will increase investment in “low carbon energy” from $500 million to around $5 billion per year by 2030. That includes building renewable electricity generation reaching 50 gigawatts in capacity, as well as pushing into the nascent hydrogen, biofuel, and carbon capture industries. It also includes betting on the electric vehicle charging business, with a goal of expanding from the current 7,500 charging points to over 70,000.

On the oil and gas side, the announcement actually promises a 40-percent decline in production by 2030, going from 2.6 million barrels per day to 1.5 million. BP also said it expects its refining operations to drop from 1.7 million barrels per day to 1.2 million.

BP’s pledge to hit net-zero CO2 emissions by 2050 is a bit complicated. An oil company’s emissions can be broken down into “scope 1” (energy used by the company itself), “scope 2” (emissions from other suppliers the company relies on), and “scope 3” (emissions from the burning of the oil and gas the company sells). Scope 3 emissions tend to account for the vast majority of total emissions for companies in this sector, but these companies would prefer to consider those emissions to be someone else’s responsibility.

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Re: Saudi Aramco’s profit fell 73% year-on-year in second quarter

Post by TrueTexan »

wings wrote:
Sun Aug 09, 2020 1:43 pm
Yeah, that. The smarter ones are planning for it.
And the dumber ones are just praying for oil to hit $90. a barrel so they can go back to fracking and polluting. Until then it is bankruptcy and government bailouts from the GOP.
Facts do not cease to exist because they are ignored.-Huxley
The illegal we do immediately; the unconstitutional takes a little longer-Kissinger
Reasoning will never make a Man correct an ill Opinion, which by Reasoning he never acquired.-Swift

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Re: Saudi Aramco’s profit fell 73% year-on-year in second quarter

Post by wings »

There's an unfortunate level of partisanship in the industry. I know folks in it who are :crazy: at their extreme right-wing colleagues about taking positions that are completely insane. Monitoring and reducing methane leaks costs more up front, but it pays off and then some. Contaminated streams and groundwater aren't in anyone's interest, especially outdoorsmen - and they're all hunters, they all fish. Lifelong Republicans, but they still look askance at their party's policy portfolio.

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