Saudi Aramco Follows Big Oil Rivals with Bumper Earnings
Posted 05/05/2021 12:10
Saudi Aramco’s profit soared in the first quarter following a recovery in global oil and gas markets, though free cash flow remained too low to fully cover dividend payments.
The world’s biggest energy company kept its quarterly payout, almost all of which goes to the Saudi government, at $18.75 billion. The money is vital for the kingdom as it tries to narrow a budget deficit that ballooned last year, with the coronavirus pandemic sinking oil prices and shutting down local businesses.
The bumper results follow those last week of Big Oil rivals such as Royal Dutch Shell Plc and BP Plc, whose earnings are back to pre-pandemic levels as major economies reopen and more people are vaccinated. Brent crude has gained more than 30% this year to top $68 a barrel.
Saudi Aramco understated carbon footprint by up to 50pc
24th January, 2021 12:26:27
RIYADH: Before it launched the world’s biggest public listing, Saudi Arabian Oil Co. promised potential investors a small piece of a trillion-dollar company with access to unrivalled oil reserves. Not just in sheer volume but in climate friendliness, too.
Aramco executives emphasised in the run-up to an IPO in 2019 that drilling Saudi oil generates fewer planet-warming emissions than other producers. “Not because our crude is cleaner than other crudes globally. It’s because of our standards,” Chief Executive Officer Amin Nasser said at a roadshow, pledging to do even more to deliver lower-carbon oil. “Even though our numbers are great, climate change is critical for the world.”
Aramco s Carbon Emissions Could Be Nearly Double What The Company Discloses zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.
Before it launched the world’s biggest public listing, Saudi Arabian Oil Co. promised potential investors a small piece of a trillion-dollar company with access to unrivaled oil reserves. Not just in sheer volume but in climate friendliness, too.
Aramco executives emphasized in the run-up to an IPO in 2019 that drilling Saudi oil generates fewer planet-warming emissions than other producers. “Not because our crude is cleaner than other crudes globally. It’s because of our standards,” Chief Executive Officer Amin Nasser said at a roadshow, pledging to do even more to deliver lower-carbon oil. “Even though our numbers are great, climate change is critical for the world.”
Aramco Omits Carbon Data for Up to Half Its Real Climate Toll
Bloomberg 1/21/2021 Akshat Rathi, Matthew Martin and Anthony Di Paola
(Bloomberg) Before it launched the world’s biggest public listing, Saudi Arabian Oil Co. promised potential investors a small piece of a trillion-dollar company with access to unrivaled oil reserves. Not just in sheer volume but in climate friendliness, too.
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Aramco executives emphasized in the run-up to an IPO in 2019 that drilling Saudi oil generates fewer planet-warming emissions than other producers. “Not because our crude is cleaner than other crudes globally. It’s because of our standards,” Chief Executive Officer Amin Nasser said at a roadshow, pledging to do even more to deliver lower-carbon oil. “Even though our numbers are great, climate change is critical for the world.”