Aramco forecasts capital expenditure to reach SAR 131 bln in 2021

Saudi Arabian Oil Co. (Saudi Aramco) continues to follow a disciplined methodology for allocating capital, expecting capital expenditure to reach nearly SAR 131 billion in 2021, compared to its previous estimates of between SAR 150 and 169 billion, the company said in a statement today, May 4, 2021.

The oil giant managed to record strong profit and cash dividend during the first quarter of 2021, while maintaining lower production cost in the exploration and production segments.

Aramco posted a 24% growth in net profit attributable to shareholders to SAR 78.59 billion for the first quarter of 2021, compared to a net profit of SAR 63.53 billion in the year-earlier period. Capital expenditures amounted to SAR 30.8 billion in the three-month period, according to data compiled by Argaam.