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Saudi Aramco profit boosted by higher crude prices

Saudi Aramco said Tuesday that profit rose in the first quarter of the year, driven by higher oil prices and an improved economic environment.

The Saudi Arabian Oil Co., as the company is formally known, said net profit came in at $21.72 billion, up from $16.66 billion a year earlier. The 30% increase was supported by a stronger oil market as well as higher refining and chemicals margins.

The Saudi oil giant said total hydrocarbon production in the quarter averaged 11.5 million barrels of oil equivalent a day, including 8.6 million barrels a day of crude oil.

Quarterly revenue was up 20.6% on year to 272.07 billion riyals ($72.55 billion), from 225.57 billion riyals ($60.15 billion).

Free cash flow came in at $18.3 billion in the quarter, while capital expenditure stood at $8.2 billion.

The company declared a dividend of $18.76 billion for the first quarter.

Write to Giulia Petroni at [email protected]

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