Saudi Aramco Increases First Quarter Net Profit 30%

The world’s largest oil company, Saudi Aramco, in the first quarter of 2021, received a net profit of $ 21.7 billion, which is 30% more than in the same period last year. As Trend reports with reference to Prime, this is stated in the message of the company.

The obtained result is explained by the improved economic situation in the world, as well as the state of the oil market, higher margins in oil refining and petrochemicals, which partially offset the decline in production, according to the release.

Operating cash flow and free cash flow in the reporting period amounted to $ 26.5 billion and $ 18.3 billion, respectively. Capital expenditures were at a loss of $ 8.2 billion. In addition, for the first quarter, Aramco announced a $ 18.8 billion dividend payout in the second quarter.

In terms of operating results, Aramco produced 11.5 million barrels per day of oil equivalent in the first quarter, including 8.6 million barrels per day of oil alone.

The article from the source


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