The first official glimpse of Saudi Aramco's financial performance confirms the state-run oil giant can generate profit like no other company on Earth: net income last year was USD 111.1 billion, easily outstripping US behemoths including Apple Inc. and Exxon Mobil Corp.
But accounts published before the firm's debut in the international bond market also show Aramco – an organization that produces about 10 percent of the world's crude – does not generate as much cash per barrel as other leading oil companies like Royal Dutch Shell Plc because of a heavy tax burden.
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