As reported by Reuters, Saudi Aramco, Saudi Arabia’s state oil company, commenced its initial public offering (IPO) on Sunday by announcing its intention to float on the Riyadh stock exchange.
The world’s largest oil firm said in a statement that the price at which all subscribers in the offering will purchase shares, the number of shares to be sold and the percentage of the shares to be sold would be determined at the end of the book-building period.
Aramco said it intends to declare aggregate ordinary cash dividends of at least US$75 billion with respect to the 2020 calendar year.
Read the article online at: https://www.oilfieldtechnology.com/special-reports/04112019/saudi-aramco-confirms-intention-to-proceed-with-initial-public-offering/
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Part of the company's 10-year plan includes a free cash flow of approximately US$50 billion based on a real WTI price of US$50/bbl and annual capital expenditures averaging less than US$7 billion over the decade.