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Saudi Arabia’s energy giant Aramco has just released its latest financial results, and like BP they show a drop in earnings in the last quarter.
Here’s the details:
Net income: $27.3bn (Q1 2023: $31.9bn)
Cash flow from operating activities: $33.6bn (Q1 2023: $39.6bn)
Free cash flow: $22.8bn (Q1 2023: $30.9bn)
The decrease was primarily a result of lower crude oil volumes sold, weakening refining and chemicals margins, and lower finance and other income.
This was partially offset by lower production royalties and an increase in crude oil prices compared to the same period last year.
“These past two years have inflicted untold misery and pain on the people of Ukraine, while big energy firms that spent years doing business with Putin’s Russia have seen the cash roll in.”
It’s obscene that anyone would profit from the Ukraine war, the energy crisis, or the climate crisis, but that’s what’s happening. With the biggest spoils going to one of the richest, most destructive industries in the world – the fossil fuel industry.”
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