Liam Denning, Columnist

Saudi Aramco Hosts an Unreal Earnings Call

Flooding the market with oil in the face of what may turn out to be an unprecedented drop in demand is a weird move on strictly commercial grounds.

March 16, 2020 at 4:00 PM UTC

By Liam Denning

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

Saudi Aramco is just different. The clue’s in the name
Photographer: Matthew Martin/Bloomberg

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Congratulations Saudi Aramco investors: You bought a country.

Saudi Arabian Oil Co. hosted its first ever earnings call as a public company on an even tougher-than-usual Monday morning (New York time). The results themselves weren’t bad; with $88 billion of net income, it is perhaps no wonder the great-quarter-guys statements from some analysts were more elaborate than usual.