The company announced Sunday that its net profit fell 44.4% to $ 49 billion in 2020. In response to that significant blow, Saudi Aramco promised to spend less this year than expected : Aramco said it planned to spend around $ 35 billion in 2021 on capital expenditures, down sharply from its previous estimate of $ 40 billion to $ 45 billion.
Nonetheless, the oil company was optimistic about the future: They maintained the $ 75 billion share for the year and the company expects it to return to pre-pandemic oil production levels by the end of 2021.
The declining profit reflects the pandemic impact of coronavirus on global energy markets.
“As the significant impact of Covid-19 has been felt across the global economy, we have strengthened our strong emphasis on capital and operational efficiency,” said Aramco president and CEO Amin Nasser.
The employment report comes at a time when Saudi Aramco financiers have faced drone attacks from Iranian-backed Houthi rebels.
This story is evolving and will be updated.