Saudi Aramco unexpectedly increased its dividend and said it would boost spending as it looks to deploy an avalanche of cash generated by last year’s surge in oil and gas prices.
The world’s biggest energy company made net income of $161 billion, the most since it listed and up 46% from 2021. Its performance was bolstered by Russia’s invasion of Ukraine roiling oil markets.
Aramco raised its dividend — a crucial source of funding for the Saudi Arabian government — to $19.5 billion for the final quarter, up 4% from the previous three-month period.
US and European peers such as Chevron Corp. and Shell Plc also reported blowout earnings and are returning billions of dollars to shareholders through larger dividends and buybacks. Aramco, until now, has instead focused on using its extra cash to increase output.
No comments:
Post a Comment