View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
May 5, 2021

Saudi Aramco Q1 profits surge 30% on back of higher crude oil prices

Oil giant Saudi Aramco has reported a net income of $21.7bn for the first quarter of 2021, a surge of 30% from $16.6bn a year ago.

By Archana Rani

Oil giant Saudi Aramco has reported a net income of $21.7bn for the first quarter of 2021, a surge of 30% from $16.6bn a year ago.

The jump in profit was primarily driven by a rebound in global oil prices and higher refining and chemicals margins.

Brent crude slumped to almost $20 a barrel at its lowest point in 2020, which has averaged approximately $60 a barrel in recent months.

However, the quarterly profit was partially offset by lower production. On average, the company produced 8.6 million barrels per day in the first quarter of 2021 compared to 9.2 million barrels a day in 2020.

The company’s free cash flow in the first three months of 2021 was $18.3bn, against $15bn in the corresponding period last year.

The oil giant’s capital expenditure in the first quarter stood at $8.2bn.

Aramco announced a dividend of $18.8bn for the first quarter, which is in line with the company’s forecast of $75bn in dividends this year.

Saudi Aramco president and CEO Amin Nasser said: “The momentum provided by the global economic recovery has strengthened energy markets.

“Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming. And while some headwinds still remain, we are well-positioned to meet the world’s growing energy needs as economies start to recover.”

The company reported an average total hydrocarbon production of 11.5 million barrels per day of oil equivalent in the first quarter of 2021, including 8.6 million barrels per day of crude oil.

Related Companies

Free Report

Identify the trends of tomorrow using filings sentiment analysis

Business sentiment continues to improve, showing a clear recovery since the onset of COVID-19. Sentiment in 2021 was up by 8% compared to 2020. Industrials had the highest sequential filings sentiment growth in Q3 2021. Optimism around digital themes and general outlook drove the positive trend in overall business sentiment. GlobalData’s Filing Analytics Annual Report 2021 on Industrials provides insights into sentiment and mention trends for companies, geographies, and themes. Get real-time analysis of:
  • Quarterly & annual reports
  • Earnings call transcripts
  • IPO filings
  • Events presentations
  • ESG filing trends
Understand the overall outlook for ADS, Construction, Mining, Oil & Gas, Power and Automotive, and spot the topics and themes that will be most impactful in the next few years. Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy