By Hadeel Al Sayegh, Saeed Azhar and Alexander Cornwell
DUBAI (Reuters) – Saudi Arabian state oil producer Aramco on Tuesday beat analysts’ forecasts with a 30% rise in first-quarter internet revenue and maintained its dividend payout, helped by sturdy oil prices.
Earnings by international vitality companies akin to Exxon Mobil have elevated on the again of crude oil costs, which have risen by a few third this 12 months, as a world oil surplus brought on by the pandemic dwindles and gas demand recovers.
“Given the optimistic indicators for vitality demand in 2021, there are extra causes to be optimistic that higher days are coming,” Aramco CEO Amin Nasser stated in a press release.
“And whereas some headwinds nonetheless stay, we’re well-positioned to satisfy the world’s rising vitality wants as economies begin to get well.”
Web earnings rose to $21.7 billion for the quarter to March 31 from $16.7 billion a 12 months earlier.
Analysts had anticipated a internet revenue of $19.48 billion, in line with the imply estimate from 5 analysts.
Aramco stated the revenue was primarily pushed by a stronger oil market and better refining and chemical substances margins, partly offset by decrease manufacturing.
The OPEC+ group, the alliance of the Group of the Petroleum Exporting International locations and different main oil producers together with Russia, determined final month to stay to its beforehand accepted motion plan to ease output curbs farther from Might.
Aramco declared a dividend of $18.8 billion for the primary quarter, to be paid within the second quarter, consistent with firm steering of a $75 billion dividend for this 12 months.
Aramco common whole hydrocarbon manufacturing got here in at 11.5 million barrels per day of oil equal within the first quarter of 2021, together with 8.6 million barrels per day of crude oil.
(Reporting by Hadeel Al Sayegh, Alexander Cornwell, Saeed Azhar; modifying by Jason Neely and Richard Pullin)
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