On Wednesday, a media outlet reported that Saudi Aramco would further slash its capital spending to pay dividends it pledged to investors during its initial public offering in 2019.
Aramco is said to cut the spending to a range of USD20-25 billion to pay for USD75 billion. The cut would mainly be dedicated to the company’s exploration and production business and will stay for the next three years.
On Sunday, Aramco said that the capital expenditure (CAPEX) this year to be at the lower end of the planned USD20-30 billion range. In the second quarter, the company posted a 73% plunge in profits.
