Saudi Aramco reports first quarter net income of $16.7 billion

Saudi Aramco reported net income of $16.7 billion for the first quarter of 2020. Cash flow from operating activities was $22.4 billion in the quarter compared to $24.5 billion in the same period of 2019. The impact of declining crude oil prices and refining and chemicals margins was partially offset by favorable movements in working capital.

First quarter capital expenditures were $7.4 billion compared to $7.2 billion for the same period in 2019. Due to market conditions and recent commodity price volatility, the company expect capital spending for 2020 to be $25-30 billion. Capital expenditures for 2021 and beyond remain under review.

Crude oil production for the quarter was 9.8 million b/d compared to 10.1 million b/d in the same period in 2019.

Gross refining capacity for the quarter was 6.4 million b/d compared to 4.9 million b/d in first-quarter 2019.