Saudi Aramco, the world’s largest oil-producing company, has released its financial results for Q3 2020 with the company pledging to maintain its dividend payment of $18.75 billion, according to a press release.
The company showed signs of economic recovery despite market volatility and the impact of COVID-19 on the global economy.
Amin Nasser, Aramco’s President and CEO, said, “We saw early signs of a recovery in Q3 due to improved economic activity, despite the headwinds facing global energy markets. Meanwhile, we maintained our commitment to shareholder value by declaring a dividend of $18.75 billion for the third quarter.”
The financial highlights are as follows: net income of $11.8 billion, cash flow from operating activities standing at $18.8 billion, and a free cash flow of $12.4 billion.
Some operational highlights include hydrocarbon production reaching in the first nine months of 2020 to 12.4 million barrels of oil equivalent per day (mmboe/d), of which 9.2 mmbbl/d was crude. Furthermore, Aramco achieved a record historic single-day natural gas production of 10.7 billion standard cubic feet per day (bscf/d). Furthermore, exploration activities resulted in two successful unconventional field discoveries in Q3.