Saudi Aramco will increase spending and issue bonus shares as oil’s surge to more than $100 a barrel bolsters the company’s plan to boost production.
The Saudi Arabian firm, like rivals such as BP Plc and Chevron Corp., has experienced a sharp turnaround from 2020, when the coronavirus pandemic hammered energy demand and forced it to shelve several projects.
Net income rose to $110 billion in 2021, more than double the figure of $49 billion from a year earlier, Aramco said on Sunday. The state-controlled company will probably increase capital expenditure to between $40 billion and $50 billion this year, compared with $32 billion in 2021.
