Aramco Debt Nears 3-Year High as Oil Plunge Strains Earnings (2)

Saudi Aramco’s net debt rose to the highest in almost three years, piling pressure on the finances of the world’s biggest oil exporter even as it cut its massive dividend.

Net debt climbed 18% to 92.4 billion riyals ($24.6 billion) in the first quarter from the end of last year, according to a statement Monday. The increase comes as the company again failed to fully cover the total payout with free cash flow. Still, its borrowing levels are below many other major oil firms, leaving it with significant headroom to take on more.

Dividends from the world’s biggest oil ...