Saudi Aramco reveals record profit of $48.4 billion in Q2

RIYADH: The Oil Giant Saudi Aramco Sunday posted a record $48.4 billion profit for the second quarter of 2022, after Russia’s war in Ukraine and post-pandemic surge in demand sent crude prices soaring.
Net income rose 90% year-on-year for the world’s largest oil producer, hitting a record for a second straight quarter after posting $39.5 billion for Q1.
Aramco is just the latest oil and gas group to make significant money after ExxonMobil, Chevron, Shell, TotalEnergies and Eni also revealed multi-billion dollar profits for the second quarter.
Aramco President and CEO Amin H. Nasser said: “While volatile global markets and economic uncertainty remain, events in the first half of this year support our view that investing Continuity into our industry is essential,” said Aramco President and CEO, Amin H. Nasser.
“In fact, we expect oil demand to continue to grow for the rest of the decade,” he added.
Aramco said net income increased 22.7% qoq in “strong market conditions”. Half-year profit was $87.9 billion, up from $47.2 billion in the same period in 2021.
Aramco will pay $18.8 billion in dividends in Q3, the same as it paid in Q2. It “continues to work to increase its maximum sustained capacity of crude oil from 12 million barrels per day to 13 million next year.” 2027,” its earnings announcement said.
Quarterly profit, the highest since Aramco’s record IPO, beat analyst forecasts of $46.2 billion compiled by the company.
Aramco shares fell about 1.0% at 40.4 riyals ($10.8) in early trading on the Saudi stock exchange. They are up 25 percent this year.
State-owned Aramco sold 1.7% of its shares on the Saudi stock exchange in December 2019, generating $29.4 billion in its largest initial public offering. world.
The conservative kingdom’s “jewel” and top source of income temporarily supplanted Apple as the world’s most valuable company in March. It currently ranks second on the list with a market valuation of $2.4 trillion.
Saudi Arabia has sought to open up and diversify its oil-dependent economy, especially since Mohammed bin Salman was appointed crown prince and de facto ruler in 2017.
Despite raising production, Aramco has committed to “net zero (carbon) emissions in operations” by 2050. Carbon pollution is recorded in the country where the fuel is used, not where it is produced.
Nasser said Aramco had recovered quickly from a series of attacks by Huthi rebels in Yemen on their facilities earlier this year, including a dramatic attack in Jeddah that sent smoke into the air. a Formula 1 training session in March.
“We were able to resume our production in all of these facilities immediately. Within a few weeks, all of the facilities were up and running at full capacity,” he said at a meeting. newspaper.
Earlier this month, the International Energy Agency said global oil demand would grow more than previously forecast this year as heat waves and soaring gas prices spur countries to switch fuels for power generation.
Oil prices have fallen by $30 a barrel from their peak in June due to growing supply, but are still near $100.
The group of oil producing countries OPEC is gradually increasing production, despite pressure from Western leaders including the US President. Joe Biden – who visited Saudi Arabia last month – to pump more.
Biden’s trip is seen as an escalation after he previously promised to make Saudi Arabia an “enemy” over killing Washington Post columnist Jamal Khashoggi by Saudi agents in Turkey in 2018.
British Prime Minister Boris Johnson has also visited Saudi Arabia since the Russian invasion in February.

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