YGRN - Energy industry outlook: Aramco optimistic about crude oil in 2021

Describing the last twelve months as one of the most "challenging years" in recent history, Saudi Aramco (ARMCO) reported net income of 183.76B riyals ($49B) in 2020, down 44% from 330.69B riyals ($88.2BB) the previous year. The result was slightly below analysts expectations of 186.1B riyals, but still represents the highest annual profit of any public company globally. Revenues were impacted by lower crude oil prices and volumes sold, as well as weakened refining and chemicals margins.Bigger picture: Aramco maintained its $75B dividend payout for 2020, despite concern that it would take on additional debt to maintain it. Free cash flow slumped almost 40% to $49B last year, well below the level of its anticipated dividend. The behemoth state oil firm also cut capital expenditure for the year ahead, lowering its guidance for spending to around $35B from a prior range of $40B-$45B (capex was $27B in 2020)."With more deployment

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Energy industry outlook: Aramco optimistic about crude oil in 2021