Saudi Aramco posted its strongest ever post-IPO financial results in Q1, driven by surging oil prices, increased sales volumes and record refinery margins. Not just was net income up 82% year-on-year to a record $39.5bn, but gearing fell by a massive 15 percentage points over the same period to 8% as the energy giant reduced its debt.
“Against the backdrop of increased volatility in global markets, we remain focused on helping meet the world’s demand for energy that is reliable, affordable and increasingly sustainable,” said CEO Amin Nasser following the results. “Energy security is vital and we are investing for the long term, expanding our oil and gas production capacity to meet anticipated demand growth and creating long-term shareholder value by capitalizing on our low lifting cost, low upstream carbon intensity, and integrated downstream business.” (CONTINUED - 787 WORDS)
