Saudi Aramco is doubling down on its investment strategy after posting its strongest quarterly earnings since it began publishing financial statements in 2019. Rather than emulate IOCs in increasing dividend payouts, the state-led energy giant is instead reducing its leverage and reaffirming its planned investment boost as it seeks to capitalize on investment cuts from rival producers.

“Demand is returning,” CFO Ziad al-Murshed told the firm’s 9 August earnings call “and we’re in a strong position to capture the upside as the recovery gathers pace. We will supply the affordable and reliable energy that the world needs to support the global economic recovery, and we’ll do so at a low carbon intensity.” (CONTINUED - 649 WORDS)