Kitchen Priestess on Nostr: Saudi Aramco's profits dropped by 25% last year...but it's all relative - today's ...
Saudi Aramco's profits dropped by 25% last year...but it's all relative - today's ChartR newsletter.
"Saudi Aramco reported a 25% drop in profits yesterday, as lower oil prices filtered through to a shrunken bottom line for the state-controlled oil giant, which is 95% owned by Saudi Arabia. However, after Aramco's record-breaking $161bn profit last year — the largest ever for a public company — even a 25% decline leaves an eye-watering sum of $122bn, more than triple what US oil giant ExxonMobil managed.
Aramco is set to distribute some $98bn of that profit as dividends this year, enriching the Saudi state’s already overflowing coffers. In addition to high profile investments in soccer, golf, tennis, and other global sports, the country is also investing in wildly ambitious development projects as part of the Vision 2030 plan, which seeks to diversify the country's economy away from fossil fuels."
Read today's newsletter here: https://www.chartr.co/newsletters/2024-03-11
#BigOil #Economics #FossilFuels
"Saudi Aramco reported a 25% drop in profits yesterday, as lower oil prices filtered through to a shrunken bottom line for the state-controlled oil giant, which is 95% owned by Saudi Arabia. However, after Aramco's record-breaking $161bn profit last year — the largest ever for a public company — even a 25% decline leaves an eye-watering sum of $122bn, more than triple what US oil giant ExxonMobil managed.
Aramco is set to distribute some $98bn of that profit as dividends this year, enriching the Saudi state’s already overflowing coffers. In addition to high profile investments in soccer, golf, tennis, and other global sports, the country is also investing in wildly ambitious development projects as part of the Vision 2030 plan, which seeks to diversify the country's economy away from fossil fuels."
Read today's newsletter here: https://www.chartr.co/newsletters/2024-03-11
#BigOil #Economics #FossilFuels