Aramco’s Dividend Discipline Isn’t Enough

Oil industry investors have been rocked by two jarring dividend cuts this year, but the biggest oil company of them all has stayed the course. That discipline will do little to attract foreigners to Saudi Aramco, though. It was a brutal second quarter for the entire oil sector: Profits were hit hard by Covid-19 lockdowns exacerbating an ill-timed price war. Saudi Arabian Oil Company had it worse than most because it also was a major contributor to massive output cuts that helped to stabilize the price of crude in the past…


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