Saudi Aramco said Tuesday that profit rose in the first quarter of the year, driven by higher oil prices and an improved economic environment.
Saudi Arabian Oil Co., as the company is officially known, said it had net income of $ 21.72 billion, up from $ 16.66 billion a year earlier. The 30% growth was supported by a stronger oil market, as well as higher margins in the refining and chemical industries.
The Saudi oil giant said total hydrocarbon production this quarter averaged 11.5 million barrels of oil equivalent per day, including 8.6 million barrels of crude oil per day.
Quarterly revenues rose 20.6% to 272.07 billion riyals ($ 72.55 billion) from 225.57 billion riyals ($ 60.15 billion).
Free cash flow for the quarter was $ 18.3 billion and capital expenditures were $ 8.2 billion.
The company announced a dividend of $ 18.76 billion for the first quarter.
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