Saudi Arabia’s majority state-owned oil giant Aramco, formally known as the Saudi Arabian Oil Co., said its net income more than doubled from $11.8 billion during the same three-month period a year earlier. Last year’s figure came after profits plunged dramatically as global lockdowns slammed oil prices. Net income refers to the amount left after taxes and preferred dividends have been paid.
The 158% spike in earnings follows the global loosening of virus-induced restrictions, tightening of gas supplies and acceleration of vaccination campaigns that have pushed prices of crude sharply higher. The price of international benchmark Brent crude was trading at over $83.50 a barrel on Sunday. As consumption picks up, the group has gradually started adding barrels back to the market, with plans to pump 400,000 more barrels a day each month through December and raise Saudi Arabia’s limit of 11 million barrels to 11.5 million next year.
Shares of Aramco jumped some 1% on the announcement, with a share costing 37.95 riyals, or $10.12 on Riyadh’s Tadawul stock market. Its market capitalization of $2 trillion makes it one of the world’s most valuable companies.
Incredible!!!!! While they stick it to everyone...
We need some of that money 💰 for the Build Back Better program.
Wealth inequity. Smh. Good on capitalists. When will you graduate to legacy thinking? Why wouldn't you want to be the hero who ended child hunger? Your lawyer can find ways to benefit you regardless. Idc motive just do it already.
Gas mafia at work... They could Increase production, but they wont. We have to transition to electric faster...
They contributed 1.6mil to GOPLeader RepStefanik Jim_Jordan SenTedCruz and many other republicans and yet they give the horse and pony show on how high gas prices r wake up it’s all $$$ in their pockets RT VoteBlueToSaveAmerica
So, are canceling the bake sale? What the fuck and I'm gong to do will all of these 7 layer bars?
Let's Go Brandon
Their last hurrah
Yep Foreign Countries are loving Biden's Build Back Better . Just ask the Taliban or all the countries that are dumping their undesirables at our Southern Border, Let's Go Brandon
12 months ago the United States was energy independent and didn’t need foreign oil. Now our pReSiDeNt puts us last.
See? There's always a silver lining. You thought having your gas and energy bills skyrocket this year was a bad thing, but now you can see what a blessing it actually was for the worlds largest oil company and its shareholders.
Those electric cars going well over there then 😂😂😂
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Source: CNBC - 🏆 12. / 72 Read more »