Aramco Q1 Net Income Rises

The Saudi Arabian Oil Company reported first quarter net income of $21.7 billion, a 30% increase from $16.7 billion, prior year, primarily driven by a stronger oil market and higher refining and chemicals margins, partly offset by lower production.

For the first quarter, cash flow from operating activities and free cash flow was $26.5 billion and $18.3 billion respectively. Capital expenditure was at $8.2 billion, for the quarter.

Aramco declared a dividend of $18.8 billion for the first quarter, to be paid in second quarter of 2021.

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