Saudi Arabia’s vast oil resources, located close to the surface of its desert expanse, make it one of the world’s least expensive places to produce crude.
“We continue to generate strong earnings and cash flows further, demonstrating our ability to deliver through oil price cycles.”īenchmark Brent crude traded Tuesday around $76 a barrel, down from a high of $125 in the last year. Nasser said on a conference call with analysts. “We continue to deliver high reliability and low cost of production financially,” Aramco President and CEO Amin H. Aramco made a $30.73 billion profit in the fourth quarter of last year. blamed the drop - compared to $39.47 billion in the same quarter last year - on the lower crude oil prices. The firm known formally as the Saudi Arabian Oil Co. Business & Finance Click to expand menu.ĭUBAI, United Arab Emirates (AP) - Oil giant Saudi Aramco reported a first-quarter profit on Tuesday of $31.88 billion, down nearly 20% from the same period last year as energy prices have sunk over global recession concerns.
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