The Saudi Arabian state-controlled company kept its dividend — the world’s largest — unchanged at US$18.8 billion for the third quarter, despite generating record free cash flow of US$45 billion. Its gearing ratio, a measure of net debt to equity, turned negative for the first time since early 2020, underscoring the sharp improvement in business conditions for Saudi Aramco since the start of the coronavirus pandemic.
The upstream arm of the world’s biggest oil company continued its robust performance, making income before taxes of US$78 billion. The downstream unit, responsible for refining, chemicals and fuel distribution, made a pre-tax loss of US$1.1 billion, compared with a profit of almost US$4 billion a year earlier.
Nasser said Saudi Aramco would be an exception to the “global underinvestment in our sector” and that it would continue to boost oil and natural gas output. The Saudi government and others in the Persian Gulf have criticized Western companies and investors for trying to transition to clean energy too quickly.
Guilbeault wants that money too. LOL...we are represented by a hobit.
Could be Canada, but Trudeau's in charge.
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