Saudi Aramco's CFO said the company is ready for an initial public offering, but the timing will be up to its owner, the Kingdom of Saudi Arabia.
Saudi Aramco said it is ready to go public, but the Saudi government will decide when market conditions are optimal for what would be the largest IPO ever.
An employee walks past crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018.Saudi Aramco's CFO, in the company's first-ever conference call, on Monday told investors that the company is ready to go public, but that the timing will be up to its owner, the Kingdom of Saudi Arabia.
The company faces tough markets, where oil prices are volatile and near the 2019 low. Brent crude futures were trading below $60 a barrel Monday, and are down 18% over the past year. At the same time, energy stocks have underperformed, with the S&P energy sector up just 1.7% year to date, the worst-performing sector and well behind the S&P 500's 2019 gain of about 16%.
Aramco announced a special dividend of $20 billion, noting it reflects its exceptionally strong 2018 performance. Dividends are based on free cash flow.
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