Bollywood Actor Arjun Rampal Meets and Greets Fans at Thumbay Hospital Dubai 

Riyadh, Mar 15: Saudi Aramco on Sunday reported a 20.6 percent drop in its net profit for 2019 due to low oil prices and production levels, the company said in a statement.

These are the first annual results to be announced by the energy giant after its historical $29.4 billion initial public offering and listing on the Saudi Tadawul market last December.

Aramco posted net profits of $88.2 billion last year compared to $111.1 billion in 2018, Monday's statement said.

"The decrease was primarily due to lower crude oil prices and production volumes, coupled with declining refining and chemical margins," it said.

The company also made $1.6 billion of impairment provisions for losses associated with Sadara Chemical Company, an Aramco subsidiary.

"2019 was an exceptional year for Saudi Aramco. Through a variety of circumstances -- some planned and some not -- the world was offered unprecedented insight into Saudi Aramco's agility and resilience," CEO Amin Nasser said.

"Our unique scale, low costs, and resilience came together to deliver both growth and world-leading returns, while also maintaining our position as one of the world's most reliable energy companies," Nasser said.

The earnings for last year are not affected by the coronavirus outbreak or the ongoing price war between Saudi Arabia and Russia that has sent oil prices crashing.

Aramco said it will distribute dividends worth $73.2 billion for 2019 but based on its commitments under the IPO, its dividends for the next five years starting this year will be at least $75 billion.

It said its capital spending last year dropped to $32.8 billion from $35.1 billion in 2018.

The company expects capital spending, which is expenditure on projects, to be between $25 billion and $30 billion this year "in light of current market conditions and recent commodity price volatility."

But it said that capital expenditure for 2021 and beyond is currently under review.

The results were announced amid a price war between Saudi Arabia and Russia after they failed to agree on additional output cuts to support prices dented by the outbreak of the coronavirus pandemic.

"The recent COVID-19 outbreak and its rapid spread illustrate the importance of agility and adaptability in an ever-changing global landscape," Nasser said.

The kingdom said last week Aramco will pump 12.3 million barrels of oil per day, boosting output by at least 2.5 million bpd.

It also announced plans to raise production capacity from 12 million bpd to 13 million bpd.

Forecasts for future crude prices and demand are also bleak.

In its latest monthly report, the Organization of Petroleum Exporting Countries lowered its forecast for global average daily demand by 0.92 million barrels to 99.73 million barrels.

Saudi Arabia is also in the midst of a royal purge that saw King Salman's brother and nephew detained after sources said they were accused of plotting a palace coup to unseat the crown prince, heir to the Saudi throne.

Aramco shares rallied immediately after the listing on December 11, rising by 19 percent to 38 riyals ($10.1) and temporarily lifting the company's valuation above the $2 trillion mark, which was sought by Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler.

But as oil prices tumble, Aramco shares have lost 29 percent from its highest point, slipping below the listing price.

On Thursday, Aramco's market value dropped to around $1.55 trillion, but it still remains the world's largest publicly listed company.

Hollywood star Joaquin Phoenix finally ended his dry run at the Oscars as he picked up the best actor trophy for his performance in and as "Joker" at the 92nd Academy Awards.

The 45-year-old actor had earlier bagged a BAFTA, a Golden Globe and a Screen Actors Guild Award for his turn as a failed, unhinged stand-up comedian who descends into chaos.

In a lengthy and rambling speech, Phoenix touched upon racism, climate change and gender inequality. He also remembered his brother River Phoenix, who died of a drug overdose at the age of 23 in 1993.

"When he was 17, my brother wrote this lyric. He said, 'run to the rescue with love and peace will follow'," Phoenix said. At the Academy Awards and the entire Hollywood award season, Phoenix had emerged as an undisputed frontrunner even though he was up against the likes of Leonardo DiCaprio ("Once Upon a Time in Hollywood"), Adam Driver ("Marriage Story"), "Antonio Banderas ("Pain & Glory") and Jonathan Pryce ("The Two Popes").

An Oscar had eluded Phoenix for the most part of his career, despite his successful collaborations with Ridley Scott ("Gladiator"), James Mangold ("Walk The Line") and Paul Thomas Anderson ("The Master"), all of which had earned him nominations.

But as Arthur Fleck aka The Joker, Phoenix finally managed to break that jinx and became the second actor to win an Oscar for playing the DC comic book villain after the posthumous best supporting actor win to Heath Ledger in 2008.

As Joker, Phoenix took a deep dive into character, capturing its essence as well as maniacal spirit in both body and soul.

He lost 52 pounds to get into the physicality of Fleck and turned to a pathological disorder to get his distinct laughter right.

Phillips wrote the part keeping Phoenix in mind though the actor took some convincing to play the role.

Phoenix started the film's festival circuit tour on a positive note at Cannes last year that followed by stops at Venice and Toronto.

The film had also courted controversies, owing to its theme of gun violence in the movie as well as Phoenix's temperamental press tour that saw him walking out of an interview midway.

But critics and the fans loved the actor's riveting turn in the movie and his pointed speeches.

At the Golden Globes, he called out the industry for its insensitivity towards climate change and pulled up his peers for using private jets for travel, while at the SAGs, he joked how he would always lose a role to DiCaprio and asked Christian Bale to deliver a bad performance for once in his career.

In his acceptance speech at the BAFTAs, Phoenix acknowledged the lack of diversity in the nominations, calling himself a part of the problem. Phoenix's career most praised performances include "Signs ", "We Own the Night", "Two Lovers", "The Immigrant", "Her", "You Were Never Really Here" and "Inherent Vice".