President and CEO of Saudi Aramco, Amin H. Nasser (R) delivers a speech during 2nd day opening session of 23rd World Energy Congress. Photo: Isa Terli/Anadolu Agency/Getty Images

Oil giant Saudi Aramco made nearly $34 billion in net income during the first half of 2017, making it the world's most profitable company, according to data viewed by Bloomberg News. Profits are also likely to be much higher this year thanks to increased oil prices.

Why it matters: The story reveals extremely closely held financial data as the state-owned Aramco readies what's likely to be the largest IPO ever, although the listing appears delayed until at least 2019 and is soaked with uncertainties.

One level deeper: According to Bloomberg, Aramco is nearly debt-free and "enjoys production costs running at a fraction of the industry standard." The company's per-barrel production costs are roughly $4, compared to around $20 for Exxon and Shell, according to Bloomberg, which notes the metric refers to oil, condensate and gas.

Yes, but: The story also explores data and various factors that may give investors pause.

  • They note that the government relies heavily on the revenues for social and military spending, which alongside cash flow and the kingdom's tax structure is "likely to limit the scope for dividend payments after a share sale."

Note: Aramco, in a statement to Bloomberg, called the information "inaccurate."

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Trump tightens screws on ByteDance to sell Tiktok

Illustration: Aïda Amer/Axios

President Trump added more pressure Friday night on China-based TikTok parent ByteDance to exit the U.S., ordering it to divest all assets related to the U.S. operation of TikTok within 90 days.

Between the lines: The order means ByteDance must be wholly disentangled from TikTok in the U.S. by November. Trump had previously ordered TikTok banned if ByteDance hadn't struck a deal within 45 days. The new order likely means ByteDance has just another 45 days after that to fully close the deal, one White House source told Axios.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 21,056,850 — Total deaths: 762,293— Total recoveries: 13,100,902Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m ET: 5,306,215 — Total deaths: 168,334 — Total recoveries: 1,796,309 — Total tests: 65,676,624Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health — FDA releases first-ever list of medical supplies in shortage.
  4. States: California passes 600,000 confirmed coronavirus cases.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  7. Politics: Biden signals fall strategy with new ads.

Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.