Aramco's Q1 net profit tumbles 25%

"The COVID-19 crisis is not like something the world has skilled in recent history and we are adapting to a highly complex and rapidly converting business environment," Aramco (ARMCO) CEO Amin Nasser said as the state-owned oil giant mentioned earnings.

First-quarter internet income slumped 25% Y/Y to 62.5B riyals ($16.6B) for the duration of the first three months of the yr amid a collapse in oil prices.

It's also reducing spending: Aramco expects capex between $25B-$30B this 12 months, down from $32.8B in 2019.