Aramco Books $40 Billion Q1 Profit On Oil Rally

Saudi Aramco reported a net profit of $39.5 billion for the first quarter of the year on the back of increasingly strong crude oil prices. The figure represented an 82-percent annual improvement and a record quarterly profit for Aramco since it went public three years ago. Free cash flow rose to $30.6 billion, the company also said, from $18.3 billion a year earlier, and cash flow from operating activities went up to $38.2 billion from $26.5 billion a year ago. First-quarter capex stood at $7.6 billion. “Energy security is vital and we are…