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Aramco Announces First Quarter 2021 Results
Net income: $21.7B
Free cash flow : $18.3B
Q4 2020 dividend of $18.8B paid in the first quarter; Q1 2021 dividend of $18.8B to be paid in the second quarter
The Saudi Arabian Oil Company (“Aramco” or “the Company”) today announced its first quarter financial results, posting a 30% year-on-year increase in net income to $21.7B and declaring a dividend of $18.8B to be paid in Q2. The results were underpinned by higher oil prices and an improved economic environment in the first three months of 2021.
Commenting on the results, Aramco President & CEO Amin H. Nasser, said:
“The momentum provided by the global economic recovery has strengthened energy markets, and Aramco’s operational flexibility, financial agility and the resilience of our employees have contributed to a strong first quarter performance. For our customers we remain a supplier of choice, and for our shareholders we continue to deliver an exceptional quarterly di
S&P says sizable investments by RIL are a risk to its underlying view on the company.
Reliance Industries deleveraging set to continue: S&P ANI | Updated: May 06, 2021 11:19 IST
RIL s deleveraging over the past 12 months was driven by sizable asset monetisation and equity raising. The conglomerate recognised a cash inflow of Rs 2.2 lakh crore during fiscal 2021 (year ended March 31) which lowered S&P s computation of reported net debt by about 70 pr cent to Rs 54,000 crore.
The reduction in debt was despite RIL having negative free cash flows of about Rs 86,000 crore during the year.
S&P said it cannot rule out further asset monetisation by RIL over the next 12 to 24 months. The company is in the process of spinning off its oil-to-chemicals segment into a wholly-owned subsidiary.
Aramco bounces back on high oil; net income surges to $22bn
DHAHRAN (Saudi Arabia), 29 days ago State oil giant Saudi Arabian Oil Company (Aramco) has registered a 30 per cent jump in its net income which soared to $21.7 billion for the first quarter from $16.7 billion, primarily driven by a stronger oil market and higher refining and chemicals margins, partly offset by lower production. Announcing the results for the first three months ended March 31, Aramco said this growth was underpinned by higher oil prices and an improved economic environment in the first three months of 2021. During this period, Aramco demonstrated reliable upstream performance with an average total hydrocarbon production of 11.5 million barrels per day of oil equivalent in the first quarter of 2021, including 8.6 million barrels per day of crude oil.