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After Oil’s Surge, Saudi Aramco Hikes Spending to Boost Output

  • Energy company’s profit soared in late 2021; leverage fell
  • Aramco kept its cash dividend for last year at $75 billion
Updated on

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.