Deals
Aramco Pumps Oil at Fraction of Rivals' Costs and Way More of It
- Cost of extracting crude is $2.80 a barrel: bond prospectus
- Production is more than 5 international oil companies combined
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Saudi Aramco can pump oil at a fraction of the cost of rivals and extracts more from beneath the Arabian Peninsula’s deserts and seas than the output of the five biggest international producers combined, helping clinch its spot as the world’s most profitable company.
The government-owned producer in Saudi Arabia extracts crude for $2.80 a barrel, less than half the costs of nearest rival Equinor ASA of Norway and a fifth of Exxon Mobil Corp.’s. The information comes from the prospectus for Saudi Aramco’s debut dollar bond and a person with knowledge of a presentation to investors.