Aramco hits fresh financial highs
The Saudi oil behemoth is funnelling record earnings into domestic upstream
Saudi Aramco regained its crown as the world’s most-valuable company in mid-May, knocking US tech giant Apple off its perch. Four days later, the NOC heavyweight unveiled the fundamentals validating shareholder confidence—reporting an 82pc year-on-year surge in first-quarter profits, to $39.5bn, the highest since its listing in 2019, on the back of a surge in prices triggered by Russia’s invasion of Ukraine combined with incremental unwinding of Opec+ production cuts. Saudi energy minister Abdulaziz bin Salman has pledged to focus capex from ever-larger cash riches on domestic upstream expansion, reiterating Riyadh’s defiant and unwavering insistence on the continued need for investment in o
Also in this section
10 May 2024
The US’ contentious LNG permitting pause has prompted criticism from CEOs and wildly differing interpretations from politicians
9 May 2024
Pipeline boosts Canada’s oil industry by widening its export options, making it less reliant on US market and bringing Asia into the mix
8 May 2024
Despite Australia’s first import terminal nearing completion, the prospect of additional regasification projects is far from certain