Logo of Saudi Aramco
The rally in oil prices expunged any likelihood that Saudi Aramco will fail to meet its $75 billion dividend payout next year, according to Bank of America Corp (BofA).
The company might even boost it in 2022 as it increases production and benchmark crude prices head back towards $70 per barrel, the bank said.
“Aramco would be well-placed to implement its higher dividend distribution guidance given during the IPO and even increase dividends beyond its minimum $75 billion pledge,” Bank of America said.
“Aramco is one of the few companies globally that can substantially boost output without committing additional capex,” it added.
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