In: Accounting
Q1. Choose a Saudi corporation and find its statement of financial position for 2019 and the related notes. Discuss and analyze the statement
Answer should be no less than 300 words
Saudi Aramco is the world’s largest integrated oil and gas company; its upstream operations manages the Kingdom’s unique hydrocarbon reserve base, optimizing production and maximizing long-term value. It also operates a strategically integrated global downstream business. Headquartered in the city of Dhahran, the company operates within the Kingdom and worldwide, and employs around 79,800 people.
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Saudi Aramco
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Saudi Aramco is the world’s largest integrated oil and gas company; its upstream operations manages the Kingdom’s unique hydrocarbon reserve base, optimizing production and maximizing long-term value. It also operates a strategically integrated global downstream business. Headquartered in the city of Dhahran, the company operates within the Kingdom and worldwide, and employs around 79,800 people.
Third-quarter 2020 results
Saudi Aramco's Q3 2020 results
NOVEMBER 3, 2020
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CEO video remarks: Half-year 2020 results
Despite COVID-19 bringing the world to a standstill, Aramco has kept going. We have proven our financial resilience and operational reliability, setting a record in our business operations, while at the same time taking steps to ensure the health and safety of our people. We are determined to emerge from the pandemic stronger and will keep making progress on our long-term journey through continued investments in our business.
Amin H. Nasser, President and Chief Executive Officer of Aramco
Half-year 2020 highlights
Financial
Net income: SAR 87.1bn ($23.2bn)
Free cash flow: SAR 79.2bn ($21.1bn)*
Dividends declared for Q1 & Q2 2020: SAR 140.6bn ($37.5bn)
Operational
Hydrocarbon production: 12.7 mmboed
Crude oil production: 9.5 mmbpd
Reliability: 99.8%
Overview
Key figures
Statistics
Published by Amna Puri-Mirza, Apr 3, 2020
Saudi Aramco, founded in 1933 as California-Arabian Standard Oil Company, started its first oil drilling on Saudi soil in 1938, in order to quench European and North American demand for oil during the second World War. Later, the company was re-named Arabian-American Oil Company in 1944 and extended its oil exploration ventures onto the wider Arabian Peninsula. After a dispute with the then Saudi King Abdulaziz, the company started to share half of its profits with the Saudi Arabian States. As a result of the Yom Kippur war of 1973, Arab oil producing states imposed an oil embargo towards countries supporting Israel during the conflict. In the aftermath, the Saudi Arabian government gradually started to nationalize Saudi Aramco and as of 1981 it became 100 percent state-owned. Saudi Arabia is today a rentier state, as 23 percent of its GDP is generated from oil rent. Saudi Arabia has