Saudi Aramco revealed $111bn in net income last year, more than the other five oil majors achieved combined
investors dreamed of peering into the books of Saudi Aramco, the oil colossus wholly owned by Saudi Arabia. On April 1st they got their wish. A 469-page bond prospectus revealed $111bn in net income last year, more than the five oil majors—Royal Dutch Shell, ExxonMobil, Chevron, Total andLike rivals, it faces swinging oil prices and uncertain long-term demand. The bond will help finance the acquisition of 70% of, a petrochemical company, from the kingdom’s sovereign wealth fund, for $69bn.
Aramco looks better prepared than rivals for a less fossil-hungry future. It is less indebted and produces roughly four times as much oil, at about one-third the cost per barrel . Yet Aramco also bears an unusual burden. In 2018 it paid Saudi income tax of $102bn, more than the combined profits of Apple and Samsung, the world’s most profitable listed firms. That is on top of royalties of $56bn and a dividend of $58bn.
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