Saudi Aramco, the biggest oil company in the world, largely owned by the Saudi state, slashed its dividend by 30%. The company divides its dividend into a base dividend and a variable dividend, which depends on business metrics. So why be surprised by the drop? Well, in the past five years during which Aramco has been a public company, it jiggled the dividend, but not by much. This cut is something else again. Presumably, the company is telling its investors (including the Saudi government) something. But first,a quick look at Aramco as a publicly…
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