Saudi Aramco reported first-quarter earnings as a 30 percent increase in oil prices, and both strong refining and chemical margins surpassed low production.
Saudi Arabia’s state power group says net income from March 31 to March 31 was ১ 1.7 billion in the same quarter a year ago because the coronavirus epidemic was worldwide. This beat analysts’ forecast of $ 19.4bn.
“Given the positive signals for energy demand in 2021, there is more reason to be optimistic that better days are coming,” said Chief Executive Amin Nasser. “And while some headaches still remain, we are in a pretty good position to meet the world’s growing energy needs as the economy begins to recover.”
The free cash flow for the quarter stood at 18 18.3 billion, which was not enough for the company to pay 18 18.8 billion in dividends for three months – basically to the government.