The first official glimpse of Saudi Aramco’s financial performance confirms the state-run oil giant can generate profit like no other company on Earth: net income last year was $111.1 billion, easily outstripping US behemoths, including Apple Inc. and Exxon Mobil Corp.
But accounts published before the firm’s debut in the international bond market also show Aramco — an organisation that produces about 10 per cent of the world’s crude — doesn’t generate as much cash per barrel as other leading oil companies like Royal Dutch Shell Plc because of a heavy tax burden.
The bond sale, being pitched to investors this week in a global road show, has forced Aramco to reveal secrets held close since the company’s nationalisation in the late 1970s, casting a light on the relationship between the kingdom and its most important asset.
