Saudi oil giant Aramco announces first-quarter profits of $26 billion, down 4.6% from a year earlier

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Saudi oil giant Aramco announces first-quarter profits of $26 billion, down 4.6% from a year earlier

2025-05-12 00:23 Last Updated At：00:30

DUBAI, United Arab Emirates (AP) — Saudi Arabia’s state-owned oil giant Aramco posted first-quarter profits of $26 billion on Sunday, down 4.6% from the prior year as falling global oil prices undermine the kingdom’s multi-trillion-dollar development plans.

Aramco, formally known as the Saudi Arabian Oil Co., had revenues of $108.1 billion over the quarter, the company reported in a filing on Riyadh’s Tadawul stock exchange. The company saw $107.2 billion in revenues and profits of $27.2 billion the same quarter last year.

Saudi Arabia has promised to invest $600 billion in the U.S. over the course of President Donald Trump’s term.

Trump, who is set to touch down in Riyadh on Tuesday on his first official foreign trip since he retook the Oval Office, said in January that he wants that number to be even higher, at around $1 trillion.

Meanwhile, the Saudi de facto ruler, Crown Prince Mohammed bin Salman, has his sights set on a $500 billion project to build Neom, a vast, futuristic city in the desert along the Red Sea. The kingdom will also need new stadiums and infrastructure costing tens of billions of dollars by 2034, when Saudi Arabia will host the World Cup.

The announcement of Aramco’s first-quarter results comes as the OPEC+ alliance has ramped up oil production. The oil cartel has agreed to boost output by 411,000 barrels per day next month, as uncertainty driven by U.S. tariffs has rippled through Middle Eastern markets. That means Saudi Arabia will likely need to borrow or spend reserve funds to finance the crown prince’s expensive goals.

Aramco’s stock traded at over $6 a share Sunday, down from a high of around $8 last year. It has dropped over the past year as oil prices have dipped, and in recent months.

“Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices,” Aramco President and CEO Amin H. Nasser said in a statement.

Benchmark Brent crude traded Friday at over $63 a barrel, down from highs of over $80 in the last year.

Aramco has a market value of over $1.6 trillion, making it the sixth richest company behind Microsoft, Apple, NVIDIA, Amazon and Alphabet, the owner of Google. Analysts see the company as a trend leader for global oil markets.

A fraction of Aramco trades on the Tadawul while the lion’s share of the company is owned by Saudi Arabia’s government, helping pay for expenditures and adding to the wealth of the country’s Al Saud royal family.

Thousands of nurses go on strike at several major New York City hospitals

NEW YORK (AP) — Thousands of nurses in three hospital systems in New York City went on strike Monday after negotiations through the weekend failed to yield breakthroughs in their contract disputes.

The strike was taking place at The Mount Sinai Hospital and two of its satellite campuses, with picket lines forming. The other affected hospitals are NewYork-Presbyterian and Montefiore Medical Center in the Bronx.

About 15,000 nurses are involved in the strike, according to New York State Nurses Association.

“After months of bargaining, management refused to make meaningful progress on core issues that nurses have been fighting for: safe staffing for patients, healthcare benefits for nurses, and workplace violence protections,” the union said in a statement issued Monday. “Management at the richest hospitals in New York City are threatening to discontinue or radically cut nurses’ health benefits.”

The strike, which comes during a severe flu season, could potentially force the hospitals to transfer patients, cancel procedures or divert ambulances. It could also put a strain on city hospitals not involved in the contract dispute, as patients avoid the medical centers hit by the strike.

The hospitals involved have been hiring temporary nurses to try and fill the labor gap during the walkout, and said in a statement during negotiations that they would “do whatever is necessary to minimize disruptions.” Montefiore posted a message assuring patients that appointments would be kept.

“NYSNA’s leaders continue to double down on their $3.6 billion in reckless demands, including nearly 40% wage increases, and their troubling proposals like demanding that a nurse not be terminated if found to be compromised by drugs or alcohol while on the job," Montefiore spokesperson Joe Solmonese said Monday after the strike had started. "We remain resolute in our commitment to providing safe and seamless care, regardless of how long the strike may last.”

New York-Presbyterian accused the union of staging a strike to “create disruption,” but said in a statement that it has taken steps to ensure patients receive the care they need.

"We’re ready to keep negotiating a fair and reasonable contract that reflects our respect for our nurses and the critical role they play, and also recognizes the challenging realities of today’s healthcare environment,” the statement said.

The work stoppage is occurring at multiple hospitals simultaneously, but each medical center is negotiating with the union independently. Several other hospitals across the city and in its suburbs reached deals in recent days to avert a possible strike.

The nurses’ demands vary by hospital, but the major issues include staffing levels and workplace safety. The union says hospitals have given nurses unmanageable workloads.

Nurses also want better security measures in the workplace, citing incidents like a an incident last week, when a man with a sharp object barricaded himself in a Brooklyn hospital room and was then killed by police.

The union also wants limitations on hospitals’ use of artificial intelligence.

The nonprofit hospitals involved in the negotiations say they’ve been working to improve staffing levels, but say the union’s demands overall are too costly.

Nurses voted to authorize the strike last month.

Both New York Gov. Kathy Hochul and Mayor Zohran Mamdani had expressed concern about the possibility of the strike. As the strike deadline neared, Mamdani urged both sides to keep negotiating and reach a deal that “both honors our nurses and keeps our hospitals open.”

“Our nurses kept this city alive through its hardest moments. Their value is not negotiable,” Mamdani said.

State Attorney General Letitia James voiced similar support, saying "nurses put their lives on the line every day to keep New Yorkers healthy. They should never be forced to choose between their own safety, their patients’ well-being, and a fair contract.”

The last major nursing strike in the city was only three years ago, in 2023. That work stoppage, at Mount Sinai and Montefiore, was short, lasting three days. It resulted in a deal raising pay 19% over three years at those hospitals.

It also led to promised staffing improvements, though the union and hospitals now disagree about how much progress has been made, or whether the hospitals are retreating from staffing guarantees.