The oil company Aramco achieved record oil prices in the first quarter

The Saudi Aramco logo was photographed on October 12, 2019 at an oil plant in Abkhazia, Saudi Arabia.

Maksym Szemedow | Reuters

Aramco oil company recorded over 80% improvement in net profit on Sunday, exceeding analysts’ expectations and setting its first new record of quarterly results on the stock exchange.

Net income rose 82% to $ 39.5 billion in the first three months of this year, from $ 21.7 billion in the same period last year. Reuters analysts estimate net income at $ 38.5 billion.

Aramco’s quarterly quarter saw a boom in Big Oil that benefited from soaring oil and gas prices. Aramco said its profits were fueled by higher oil prices, increased sales volumes, and improved downline margins.

“Our strategic expansion in the downstream segment continued in the first quarter in both Asia and Europe, and we continue to build opportunities to meet our growth goals,” said Aramco president and CEO Amin Nasser in Sunday’s revenue announcement.

“In the face of increasing volatility in global markets, our focus is on meeting the global demand for reliable, affordable and sustainable energy.”

With a market capitalization of around $ 2.43 trillion on Wednesday, Aramco outperformed last week’s Apple Most Valuable Company in the World. Similarly, the Sunday market peak of companies was observed.

Aramco’s shares have increased by 15% in 2022 so far. In March, the oil company Reported Its full-year profit more than doubled last year. Rising oil prices, Russia’s invasion of Ukraine was caused by EU sanctions on Russian oil and the possibility of limited supplies.

Aramco’s results reflect the current pace of the oil and gas sector, which has benefited from more than 45% price increases since the start of the year. Revenues of Aramco’s global counterparts such as PP I Shell Despite the writings, over the years reached a very high level. Exit from activities in Russia After the invasion of Ukraine.

As a result, Aramco rewards investors. The company said it would use $ 4 billion in proceeds to distribute shareholder bonus shares – one share for every 10 shares. It maintained a massive $ 18.8 billion dividend, with $ 30.6 billion in free cash flow rising 68% year-on-year.

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