The Saudi Arabian Oil Company (Aramco) posted an 82% year-on-year increase in net income to $39.5bn in its Q1 2022 financial results, a quarterly earnings record for the company since its IPO in 2019.
The results come as the price of oil increases worldwide following a Covid-era slump, with the Russian invasion of Ukraine also leading Western nations to pledge reducing their energy dependence on the state and looking to nations such as Saudi Arabia to fill the gap. However, first-quarter capital expenditure rose to $7.6bn and Aramco continues to expect capital expenditure to grow until around the middle of the decade, according to a statement from the firm, in order "to support the company's long-term strategy realisation". ShareAction claims banking groups still backing new oil an...
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