That has boosted net debt to the highest in almost three years and driven up leverage ratios, but they still remain way below some of the other major oil companies.
Saudi Aramco is targeting more borrowings to finance growth and better leverage its balance sheet, CEO Amin Nasser said, as the world’s biggest oil exporter raised US$5 billion in bonds this week.
The Saudi state oil producer needs funds to plug a gap in finances as declining free cash flow amid weaker crude prices fails to cover a massive dividend payment, even after it was reduced.
