A glimpse into the finances of the world’s most profitable company
FOR YEARS investors dreamed of peering into the books(账目) of Saudi Aramco(沙特阿美), the oil colossus wholly owned by Saudi Arabia. On April 1st they got their wish. A 469-page bond prospectus revealed $111bn in net income last year, more than the five oil majors—Royal Dutch Shell, ExxonMobil, Chevron, Total and BP—managed combined. The document also highlighted Aramco’s constraints.
超过荷兰皇家壳牌、埃克森美孚、雪佛龙、道达尔和英国石油（BP）五大石油公司的总和。
peering into..... 仔细查看.....
oil colossus 石油巨头
bond prospectus 债券招股说明书
net income 净利润
Like rivals, it faces swinging oil prices and uncertain long-term demand. The bond will help finance the acquisition of 70% of SABIC, a petrochemical company, from the kingdom’s sovereign wealth fund, for $69bn. This will diversify Aramco’s revenues—and give the state cash to invest in sectors beyond oil (especially now that a planned listing of 5% of Aramco’s shares has been postponed).
此举将使沙特阿美的收入多元化，并为沙特政府投资石油以外的行业提供资金（尤其是因为沙特阿美5%的股份上市的计划延期了）。
swinging oil prices and uncertain long-term demand 油价波动和长期需求的不确定性
petrochemical company 石化公司sovereign wealth fund 主权基金（由政府投资）
Aramco looks better prepared than rivals for a less fossil-hungry future. It is less indebted and produces roughly four times as much oil, at about one-third the cost per barrel (see chart).
面对全球对化石燃料依赖降低的前景，沙特阿美看起来比竞争对手准备得更加充分。
less indebted 负债较少
Yet Aramco also bears an unusual burden. In 2018 it paid Saudi income tax of $102bn, more than the combined profits of Apple and Samsung, the world’s most profitable listed firms.
超过了全球盈利最高的上市公司苹果和三星的利润总和。
bear an unusual burden 承受着非同寻常的负担
income tax 所得税
That is on top of royalties of $56bn and a dividend of $58bn. Credit raters at Fitch note that taxes limit Aramco’s funds flow from operations, a measure of profitability, to $26 a barrel, less than Shell’s $38 or Total’s $31. Ghawar, a giant field, was believed by some to pump 5m barrels a day, but only manages 3.8m. Fitch and Moody’s, another agency, rated Aramco A+ and A1, respectively—below ExxonMobil, Shell or Total
on top of..... 另外.....
royalty tax 开采使用费
dividend tax 股息税
Credit raters 评级人员
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