Saudi Aramco has reported $39.5bn in earnings in the first quarter of 2022, up 82 per cent year on year due to the surge in global energy prices as a consequence of Russia’s war in Ukraine.

Aramco — which last week overtook Apple as the world’s most valuable company — declared that it would pay shareholders an $18.8bn dividend, citing increased oil prices and improved downstream margins.

“Energy security is vital and we are investing for the long term, expanding our oil and gas production capacity to meet anticipated demand growth,” said Aramco chief executive Amin Nasser.

The results were the energy company’s strongest since it floated in 2019.

More to come . . .