Abdulaziz bin Salman, Saudi energy minister
Aramco hits fresh financial highs
The Saudi oil behemoth is funnelling record earnings into domestic upstream
Saudi Aramco regained its crown as the world’s most-valuable company in mid-May, knocking US tech giant Apple off its perch. Four days later, the NOC heavyweight unveiled the fundamentals validating shareholder confidence—reporting an 82pc year-on-year surge in first-quarter profits, to $39.5bn, the highest since its listing in 2019, on the back of a surge in prices triggered by Russia’s invasion of Ukraine combined with incremental unwinding of Opec+ production cuts. Saudi energy minister Abdulaziz bin Salman has pledged to focus capex from ever-larger cash riches on domestic upstream expansion, reiterating Riyadh’s defiant and unwavering insistence on the continued need for investment in o
Also in this section
24 January 2025
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
