Saudi Aramco outperformed top US peers in H1 2017 earnings: report

Saudi Aramco said in a statement that it does not comment on speculations regarding its financial performance, as new data emerged showing that the state-oil giant’s earnings are outstripping US big players, Bloomberg reported.

Saudi Aramco’s $33.8 billion in net income for the first half of 2017 compared to Apple’s earnings of $28.9 billion, JP Morgan’s $12.5 billion and Exxon Mobil’s 7.4 billion for the same period, data shows.

Other notable findings in Aramco’s fiscal data include that the company is almost debt-free and enjoys production costs running at a fraction of the industry standard, Bloomberg reported.

When asked to comment on the figures, Saudi Aramco said: "This is inaccurate, Saudi Aramco does not comment on speculation regarding its financial performance and fiscal regime.”

Saudi Arabia plans to sell up to 5 percent of Aramco in what could be the world’s largest initial public offering (IPO), raising a record $100 billion, which would value the company at $2 trillion.