Saudi Aramco’s profits decline—but not the dividend

BIG OIL EQUALS big payouts. The covid-induced collapse in the price of crude, which wiped billions from supermajors’ profits, tested this regularity—but not to breaking point. ExxonMobil booked an annual net loss of $22bn but still paid $15bn to shareholders. On March 21st Saudi Aramco said it, too, would maintain its $75bn dividend, on which its kingdom’s budget depends. Never mind the 44% fall in earnings.