“It will be a combination of both,” Amin Nasser, the company’s chief executive, told reporters. “We would like to use our free cash as much as possible, but we can also use debt instruments from banks or bonds,” he said and pointed out that Saudi Aramco has a strong capital position.
Saudi Aramco announced its first quarter profit was worth $16,6 billion, which is double the total profit of five largest Western oil producing companies. Even though the company earned cash in the amount of $15 billion, it’s still not enough to pay almost $19 billion in dividends.
According to Nasser, there are some signs that oil markets are recovering, and full recovery could take place in second half of this year. Oil price could begin to grow, yet it won’t reach pre-pandemic levels any time soon. However, Saudi Aramco does not worry about that. At least for now.