Saudi Aramco, the world's largest company by market capitalization, recorded a fall in net income down to $88.2 billion in 2019, according to the firm's full-year financial results statement announced late on Sunday.
This level, however, represents a 20.6% year-over-year decline as Aramco's net income amounted to $111.1 billion in 2018.
"The decrease was primarily due to lower crude oil prices and production volumes," the Saudi national oil company said in the statement.
The price of international benchmark Brent crude was down 9.6% year-over-year, averaging $64.37 per barrel in 2019, from $71.19 a barrel on average in 2018, according to official data.
While Saudi Aramco's total hydrocarbon production averaged 13.2 million barrels of oil equivalent (boe) per day in 2019, this level remained unchanged from the first half of last year.
"Following the attacks on two facilities in September, the company restored production levels within 11 days, due to its emergency response training and procedures," the statement said.
Drone attacks on two of Saudi Aramco facilities on Sept. 14, 2019 caused a production cut of 5.7 million barrels per day (bpd), equal to around 6% of global oil output, and raised concerns over the security of the company's infrastructure.
The company's results show its hydrocarbon reserves rose slightly by 0.66% to 258.6 billion boe, compared to 256.9 billion boe in 2018.
The firm, however, reduced its capital expenditure by 6.5% to $32.8 billion in 2019, down from $35.1 billion in 2018.
The company said it expects that capital spending in 2020 will range between $25 and $30 billion "in light of current market conditions and recent commodity price volatility."
The recent sudden oil price decline due to coronavirus caused Saudi Aramco shares to fall to 29 Saudi riyals ($7.73) last week, from 33 Saudi riyals ($8.80).
Saudi Aramco's initial public offering (IPO) was completed on Dec. 5 with a final offer share price of 32 Saudi riyals ($8.53), securing the company’s market value at $1.7 trillion.
Aramco saw its market value surpass the $2 trillion mark on its second day of public trading on the Saudi stock exchange Tadawul on Dec. 12.
By Ovunc Kutlu