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Saudi Aramco reported a 30% increase in first-quarter profits as oil prices were higher and stronger refining and chemical margins offset lower production.
Saudi Arabia’s state energy group said net income for the three months to March 31 was $ 21.7 billion, up from $ 16.7 billion in the same quarter last year when it consolidated. the coronavirus pandemic worldwide. This exceeded analysts ’forecasts of $ 19.4 billion.
“Given the positive signs of energy demand in 2021, there are more reasons to be optimistic that better days are coming,” said Amin Nasser, chief executive. “And while there are still some headwinds left, we are well positioned to meet the world’s growing energy needs as economies begin to recover.”
Free cash flow for the quarter stood at $ 18.3 billion, which was not enough to cover the dividend the company will pay over the three-month period (largely to the government) of $ 18.8 billion.
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