Saudi Aramco generated earning of $224bn last year, according to Fitch, well above ExxonMobil’s $40bn or the $82bn generated by Apple. This came as Fitch rated the company A+ ahead of the company’s issuance of a $10bn bond to help pay for its acquisition of a 70% stake in Sabic from the Saudi Public Investment Fund for $69.1bn.
However, it does not match up to international oil companies in terms of cash generated per barrel, according to data from Fitch Ratings. Saudi Aramco is also rated below Shell and Total’s AA- rating. Aramco makes $26, compared to Shell’s $38 per boe and Total’s $31.
The company was originally due to list a 5% stake, which Crown Prince Mohammed bin Salman hoped would fetch $100bn for PIF, giving it far more room to pursue his diversification strategy. However, his $2tn valuation of the company raised skepticism from investors, and the IPO was delayed.
