Aramco dethrones Apple as the world’s most valuable company

Anti-fossil fuel types should ask themselves who’s doing all the buying and why. Whoever it may be, i.e. most countries, they don’t want to sit around waiting for renewables — which themselves need renewing every 20 years or so — to take over in some imaginary far distant future.
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Saudi Aramco reported a net profit of $39.5 billion for the first quarter of the year on the back of increasingly strong crude oil prices, reports OilPrice.com.

The figure represented an 82-percent annual improvement and a record quarterly profit for Aramco since it went public three years ago.

Free cash flow rose to $30.6 billion, the company also said, from $18.3 billion a year earlier, and cash flow from operating activities went up to $38.2 billion from $26.5 billion a year ago. First-quarter capex stood at $7.6 billion.

“Energy security is vital and we are investing for the long term, expanding our oil and gas production capacity to meet anticipated demand growth and creating long-term shareholder value by capitalizing on our low lifting cost, low upstream carbon intensity, and integrated downstream business,” said chief executive and president Amin Nasser.

Thanks to its strong financial performance, Aramco last week dethroned Apple as the world’s most valuable company, as rising oil prices pushed its stock higher for a total market cap of $2.426 trillion.

Full report here.