Latest news with #oilgiant
Arab News
28-05-2025
- Business
- Arab News
Saudi Aramco prices three-part bond sale at $5bn
RIYADH: Saudi Aramco has priced its dollar-denominated 3-part bonds at $5 billion and set spread for them, fixed income news service IFR reported on Tuesday. Aramco priced its five-year debt sale at $1.5 billion with spread set at 80 basis points over US Treasuries, tighter than 115 bps over the same benchmark released earlier in the day. Meanwhile, the 10-year portion spread was set at 95 bps with a price of $1.25 billion and its 30-year portion spread was set at 155 bps with a price of $2.25 billion, IFR said. The spread was over the same benchmark tightened from 130 and 185 bps. The proceeds from each issue of bonds will be used by Saudi Aramco for general corporate purposes, the company said in a bourse filing. Before the pricing was announced, the debt deal was expected to be benchmark-sized, which is usually considered to be at least $500 million. Earlier this month, Aramco reported a 4.6 percent drop in first-quarter profits, citing lower sales and higher operating costs as economic uncertainty hit crude markets. Reuters reported last week that the oil giant is exploring potential asset sales to release funds as it pursues international expansion and weathers the impact of lower crude prices. The company last turned to global debt markets in July when it raised $6 billion from a three-tranche bond sale. Saudi Arabia, which is seeking funds to invest in new industries and wean its economy away from oil under its Vision 2030 plan, has long relied on Saudi Aramco to support economic growth. Other Gulf issuers have tapped debt markets in recent months, braving a market turmoil caused by US President Donald Trump's tariff policies. They include Saudi Arabia's $925 billion sovereign wealth fund and Abu Dhabi's renewable energy firm Masdar, which last week raised $1 billion with a green bond. (Reporting by Hadeel Al Sayegh and Federico Maccioni in Dubai, Mohammad Edrees in Bangalore; Additional reporting by Pushkala Aripaka; Editing by Kirsten Donovan, Barbara Lewis, David Evans and Mark Porter)
Bloomberg
21-05-2025
- Business
- Bloomberg
ConocoPhillips CEO Says US Shale Oil Can Grow, But Not Near $50
US shale oil output hasn't peaked and can expand, but not if prices are near $50 a barrel, according to the chief executive officer of oil giant ConocoPhillips. Shale executives are keeping a close eye on crude prices as they trade near levels that make drilling unprofitable. Before prices started plunging last month, most banks and research firms had forecast US shale production would grow this year and next before plateauing later in the decade.
Arabian Business
12-05-2025
- Business
- Arabian Business
Lower crude price drags Aramco profits down to $26.01bn
An 8 per cent drop in average realised crude oil price – from US$83 per barrel in Q1 2024 to US$76.3 in Q1 2025 – led to Saudi Aramco reporting a 4.6 per cent drop in its first-quarter profit for 2025. The Saudi oil giant reported net profit of US$26.01 billion, which beat a company-provided median estimate from 16 analysts of US$25.36 billion. Net profit in Q1 2024 stood at US$27.27 billion. Aramco profit down Capital expenditures increased to $12.55 billion, up nearly 16 per cent from $10.83 billion in the corresponding quarter last year. The company has outlined capex and external investments of between US$52 billion and US$58 billion this year, up from US$50.4 billion in 2024. Aramco confirmed total dividends of US$21.36 billion for the first quarter, $219 million of which was performance-linked dividends, a mechanism introduced after a windfall from oil prices in 2022 following Russia's invasion of Ukraine. The dividend was up 4.2 per cent year-on-year, but the performance-linked dividend, which was at US$43.1 billion last year, was lower as announced by the Aramco board earlier this year. The board said in March it expected these to total US$900 million for the full year, a 98 per cent decline from 2024. Cash flow from operating activities was at US$31.7 billion, down from US$33.6 billion, while free cash flow was US$19.2 billion, from US$22.8 billion. Global crude benchmark Brent closed at US$63.91 on Friday. Amin H Nasser, Aramco President & CEO, commented: 'Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices. In this context, Aramco's robust financial performance once again demonstrated the company's unique scale, its reliability and flexibility, the value of its low-cost operations, and its emphasis on efficiency and advanced technology. 'Such periods also highlight the importance of disciplined capital planning and execution while we continue to take a long-term view. In volatile times, Aramco's resilience underpins both our financial performance and our sustainable and progressive base dividend. 'With all forms of energy key to meeting energy demand, we continue to advance our growth strategy across Upstream, Downstream and New Energies, while working to reduce emissions. Our ambition is reflected in milestones already announced in 2025, including progress towards our gas production growth target, our global retail expansion, the advancement of our petrochemicals strategy, headway in blue hydrogen business development, and further innovation in carbon capture.' The Saudi government directly owns approximately 81.5 per cent of Aramco, while the Public Investment Fund (PIF) controls an additional 16 per cent stake.
Globe and Mail
11-05-2025
- Business
- Globe and Mail
Saudi oil giant Aramco announces first-quarter profits of $26 billion, down 4.6% from a year earlier
DUBAI, United Arab Emirates (AP) — Saudi Arabia's state-owned oil giant Aramco posted first-quarter profits of $26 billion on Sunday, down 4.6% from the prior year. Aramco, formally known as the Saudi Arabian Oil Co., had revenues of $108.1 billion over the quarter, the company reported in a filing on Riyadh's Tadawul stock exchange. The company saw $107.2 billion in revenues and profits of $27.2 billion the same quarter last year. Aramco's stock traded over $6 a share Thursday, down from a high of around $8 last year. It has dropped over the past year as oil prices have dipped, and in recent months, as the OPEC+ oil cartel announced restoring production more rapidly and as uncertainty driven by U.S. tariffs has rippled through Middle Eastern markets. Benchmark Brent crude traded Friday at over $63 a barrel, down from highs of over $80 in the last year.
Yahoo
11-05-2025
- Business
- Yahoo
Saudi oil giant Aramco announces first-quarter profits of $26 billion, down 4% from a year earlier
DUBAI, United Arab Emirates (AP) — Saudi Arabia's state-owned oil giant Aramco posted first-quarter profits of $26 billion on Sunday, down 4% from the prior year. Aramco, formally known as the Saudi Arabian Oil Co., had revenues of $108.1 billion over the quarter, the company reported in a filing on Riyadh's Tadawul stock exchange. The company saw $107.2 billion in revenues and profits of $27.2 billion the same quarter last year. Aramco's stock traded over $6 a share Thursday, down from a high of around $8 last year. It has dropped over the past year as oil prices have dipped, and in recent months, as the OPEC+ oil cartel announced restoring production more rapidly and as uncertainty driven by U.S. tariffs has rippled through Middle Eastern markets. Benchmark Brent crude traded Friday at over $63 a barrel, down from highs of over $80 in the last year. Sign in to access your portfolio
