Aramco earned $47 billion in first half

In its first disclosure of financial results, Saudi Aramco on Aug. 12 said it earned net income of $46.9 billion on revenue of $163.9 billion in the first half of 2019, compared with net income of $53 billion on revenue of $167.7 billion in the same period a year earlier.

Free cash flow was $38 billion in the first half vs. $35.6 billion in first-half 2018.

First-half capital expenditure fell to $14.5 billion from $16.5 billion in last year’s first half.

The company reported average production of 10 million b/d of crude oil and 13.2 million b/d of oil-equivalent hydrocarbons in the current-year period. Refining gross throughput was 4.6 million b/d.

Aramco Pres. and Chief Executive Officer Amin H. Nasser said the unprecedented financial disclosure was “part of our $12-billion debut international bond issuance” that “marked a significant milestone in Saudi Aramco’s history.”