Saudi Aramco has posted its strongest quarterly results since going public, with net income of $39.5 billion and free cash flow of $30.6bn.
Saudi Aramco will increase spending and issue bonus shares as oil’s surge to more than $100 a barrel bolsters the company’s plan to boost production.
Saudi Aramco has taken a final investment decision (FID) on a major refinery and petrochemical project in China.
The world is on course for a “deeply flawed” and “ever more chaotic energy transition”, Saudi Aramco CEO Amin Nasser has said, in comments at the World Petroleum Congress.
French President Emmanuel Macron has overseen a number of commercial deals during his visit to the Middle East.
Saudi Aramco has handed out contracts to a number of service companies to develop Jafurah, the largest non-associated gas field in Saudi Arabia.
Saudi Arabia will push ahead with plans to increase oil production capacity to 13 million barrels per day by 2027.
Saudi Aramco followed its Big Oil competitors with bumper earnings, boosted by a recovery in oil and chemical prices.
Saudi Aramco sees a recovery for oil demand in the second half of 2021 and, in the longer term, hydrocarbons will continue to compete with energy transition options.
Saudi Aramco’s pre-tax income fell 44% in the third quarter, to $24.7 billion from $44.07bn.
Saudi Aramco is shelving multi-billion-dollar petrochemical and gas projects as the state oil giant’s determination to preserve its dividend despite a crash in energy prices forces it to cut back on major investments.
Oil price predictions always end in disaster but complacency in the market poses a number of risks, given global uncertainty.