Saudi Arabian oil giant Aramco posted a first-quarter net profit of $31.88 billion, a fall of about 19% from the previous year
first quarter net profit dropped 19% from a year earlier to 119.54 billion riyals , it said on Tuesday, due to lower crude prices.
Aramco's shares closed the day up 3.2% at 33.6 riyals a share after rising as much as 7.2% earlier in the session. The additional payouts would target 50%-70% of annual free cash flow, net of the base dividend and other amounts including external investments, the company said. Last month, Saudi Arabia and other OPEC+ producers announced surprise oil production cuts from May, initially driving up prices, but global economic uncertainty and an unclear demand outlook continue to weigh on prices.
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