Oil large Saudi Aramco beats estimates with 30% hike in first-quarter revenue

Oil tanks at an oil processing facility of Saudi Aramco, a Saudi Arabian state-owned oil and fuel firm, on the Abqaiq oil area.

Stanislav Krasilnikov | TASS by way of Getty Pictures

Oil large Saudi Aramco reported a 30% leap in web earnings Tuesday, in an indication of a continued restoration from the earlier yr’s oil market crash that noticed full-year earnings for the state agency slashed in half.

In a launch printed Tuesday, the corporate stated web earnings rose to $21.7 billion within the first three months of the yr. The determine nears the agency’s web earnings degree within the first quarter of 2019, which was $22.2 billion.

Saudi Arabia’s behemoth oil producer additionally maintained its dividend, with $18.8 billion as a consequence of be paid out within the second quarter.

The earnings replicate a dramatically improved local weather for oil markets because the first quarter of final yr, when Aramco reported a 25% fall in web earnings for the interval because it grappled with the preliminary fallout of the coronavirus pandemic and cratering world demand.

It is a breaking information story and might be up to date shortly.

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