Aramco plans huge spending cut for 2021
Saudi Arabia’s state oil company plans to cut capital expenditure to $25 billion or less next year, about half the amount it was originally planning, according to people familiar with the matter.
Saudi Aramco
Aramco feels the squeeze
No company has been immune from the headwinds facing the global oil industry, even Saudi Aramco.
Politics muddy Indonesia’s $48 billion refinery expansion plan after Aramco walks
Saudi Aramco’s experience may offer a cautionary tale to other investors considering multi-billion-dollar refining partnerships with Indonesian NOC Pertamina
Aramco plans downstream shake up
Saudi Aramco has launched a reorganisation of its downstream business with the aim of maximising value.
Aramco closes $69bn Sabic deal
Saudi Aramco has completed its purchase of a 70% stake in Saudi Basic Industries Corp. (Sabic) for $69.1 billion.
Aramco pauses Shelf contract
Saudi Aramco has paused its contract for the High Island IV jack-up rig, owned by Shelf Drilling.
Oil CEOs write open letter saying pandemic ‘sharpens focus’ on climate goals
The chief executives of 12 major oil and gas firms have written an open letter saying the Covid-19 pandemic won't delay climate action but has instead "sharpened" the focus on it.
Oil edges higher on signs of recovery as Saudis pledge deeper cuts
Oil edged higher as signs of a recovery in demand continued to surface following the easing of virus-led lockdowns in some regions, while Saudi Arabia pledged to cut production further.
Saudi oil continues to flood market despite output deal set to begin
Saudi Arabia and other Gulf suppliers may have agreed to cut oil production again starting next month, but by all indications the taps are set to remain wide open until then -- swelling stockpiles for at least a few more weeks.
End to oil price war sees ‘historic’ OPEC deal to cut output
The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to the devastating price war that brought the energy industry to its knees.
Oil traders are ‘big winners’ from Saudi-Russia price war
Saudi Arabia and Russia’s price war is handing over a multi-billion dollar profit opportunity to the world’s largest oil traders.
Oil rally falters after Saudis vow to further boost production to 13 million barrels
Oil’s rebound from its biggest crash in a generation faltered after Saudi Arabia said it would boost its production capacity, while there were also doubts whether the U.S. could deliver sufficient stimulus to support prices.
Saudi Aramco begins preparations for international listing
Saudi Aramco is starting early preparations for an international listing, just months after the oil giant turned its record initial public offering into a domestic affair and sidelined global banks, people with knowledge of the matter said.
Saudi Arabia to invest $110bn in Jafurah gas field
Saudi Arabia plans to invest 412 billion riyals ($110 billion) to develop unconventional natural gas reserves in the eastern Jafurah field, according to the kingdom’s official Saudi Press Agency.
Yemeni rebels target Saudi Aramco in Jazan
Yemen’s Houthi rebels launched a missile attack on Saudi Aramco, but an oil official in the kingdom said the projectiles were intercepted before they could hit their target in the southern Jazan region.
European oil firms leaving US counterparts behind in energy transition race, CMS report says
European and Chinese oil and gas firms are well ahead of US rivals in the energy transition race, new research has found.
Drones, delays and disputes: Aramco’s rocky road to $2 trillion
Saudi Arabia and investors have long been at odds about the value of the kingdom’s crown jewel. After a four-year journey that’s been marked with delays, disagreements over valuation and devastating attacks on Aramco’s oil facilities, the kingdom’s de-facto ruler hit his target on Monday: a $2 trillion company.
Aramco hits £2bn valuation after second day of trading
Shares in Saudi Aramco have gained on the second day of trading, pushing the oil and gas company to a more than 2 trillion US dollar (£1.51 trillion) valuation.
Saudi Aramco now ‘worth more than top five oil companies’ combined
Saudi Arabia's oil company Aramco has begun trading for the first time, gaining 10% in its first moments on the market in a dramatic debut that pushed its value to 1.88 trillion dollars, higher than any other listed company in the world.
Saudi Aramco raises $25.6 billion in world’s biggest IPO
Saudi Aramco raised $25.6 billion from the world’s biggest initial public offering, closing a deal that became synonymous with the kingdom’s controversial crown prince and his plans to reshape the nation.
Aramco IPO retail offering ‘fully covered’ with one day to go
The retail tranche of Saudi Aramco’s initial public offering is fully covered with one day to go.
Abu Dhabi understood to be planning up to $1.5bn Aramco IPO investment
Abu Dhabi is planning to put as much as $1.5 billion into Saudi Aramco’s initial public offering, as the oil giant taps friendly neighbors to prop up a deal that’s so far failed to draw foreign investors, people with knowledge of the matter said.
Saudi Arabia’s oil heartland is calm – that’s bad news for Iran
At a cultural gathering in the region of Qatif in Saudi Arabia’s oil-rich east, a poet recited some of his work before taking questions. The audience of 80 or so people was engaged and smiling, while a man quietly served coffee and tea in espresso-sized paper cups.
Aramco failure to win foreign cash makes IPO local event
Two years ago, when the initial public offering of Saudi oil giant Aramco held the imagination of foreign investors, President Donald Trump felt compelled to publicly lobby for the share sale to happen in America.
Saudi Arabia cuts $2trillion Aramco valuation
Saudi Arabia set a valuation target for Aramco’s initial public offering well below Crown Prince Mohammed bin Salman’s goal of $2 trillion and pared back the size of the sale to ensure the world’s largest oil producer successfully lists on the Riyadh stock exchange next month.