Saudi Aramco unveils record $48.39B profit in Q2, beats expectations
Net income leapt 90 percent year-on-year for the world’s biggest oil producer, which clocked its second straight quarterly record after announcing $39.5 billion for Q1.
(AA)
State oil giant Saudi Aramco has reported a soaring 90 percent rise in second-quarter profit, beating analyst expectations and propelled by higher
oil prices, volumes sold and refining margins.
The company expects “oil demand to continue to grow for the
rest of the decade, despite downward economic pressures on
short-term global forecasts”, Aramco chief executive Amin Nasser
said in the earnings report on Sunday.
Aramco’s net profit rose to 181.64 billion riyals ($48.39 billion) for the quarter to June 30 from 95.47 billion riyals a year earlier.
Analysts had expected a net profit of $46.2 billion,
according to the mean estimate from 15 analysts.
It declared a dividend of $18.8 billion in the second
quarter, in line with its own target, which will be paid in the
third quarter.
Aramco shares have risen over 25 percent this year as oil and
natural gas prices have scaled multi-year highs after Western
sanctions against major exporter Russia squeezed an already
under-supplied global market.
READ MORE: Saudi Aramco’s profit soars as oil prices surge
‘Multiple energy sources’
Aramco said its average total hydrocarbon production was 13.6 million barrels of oil equivalent per day in the second quarter.
“But while there is a very real and present need to safeguard the security of energy supplies, climate goals remain critical, which is why Aramco is working to increase production from multiple energy sources — including oil and gas, as well as renewables, and blue hydrogen.” said Nasser.
Capital expenditure increased by 25 percent to $9.4 billion in the second quarter compared to the same period in 2021.
Aramco said it continued to invest in growth, expanding its chemicals business and developing prospects in low-carbon businesses.
Aramco joins other oil majors that have reported strong
results in recent weeks.
On July 29, Exxon Mobil posted its biggest
quarterly profit ever, a net income of $17.9 billion, an almost
four-fold increase over the year earlier period.
Margins for making fuels like gasoline and diesel surged
worldwide, boosting the profits of oil giants, including
European majors Shell and TotalEnergies, both
of which reported results on July 27.
READ MORE: Oil giant Saudi Aramco overtakes Apple as world’s most valuable company
Source: Reuters
Net income leapt 90 percent year-on-year for the world’s biggest oil producer, which clocked its second straight quarterly record after announcing $39.5 billion for Q1.
(AA)
State oil giant Saudi Aramco has reported a soaring 90 percent rise in second-quarter profit, beating analyst expectations and propelled by higher
oil prices, volumes sold and refining margins.
The company expects “oil demand to continue to grow for the
rest of the decade, despite downward economic pressures on
short-term global forecasts”, Aramco chief executive Amin Nasser
said in the earnings report on Sunday.
Aramco’s net profit rose to 181.64 billion riyals ($48.39 billion) for the quarter to June 30 from 95.47 billion riyals a year earlier.
Analysts had expected a net profit of $46.2 billion,
according to the mean estimate from 15 analysts.
It declared a dividend of $18.8 billion in the second
quarter, in line with its own target, which will be paid in the
third quarter.
Aramco shares have risen over 25 percent this year as oil and
natural gas prices have scaled multi-year highs after Western
sanctions against major exporter Russia squeezed an already
under-supplied global market.
READ MORE: Saudi Aramco’s profit soars as oil prices surge
‘Multiple energy sources’
Aramco said its average total hydrocarbon production was 13.6 million barrels of oil equivalent per day in the second quarter.
“But while there is a very real and present need to safeguard the security of energy supplies, climate goals remain critical, which is why Aramco is working to increase production from multiple energy sources — including oil and gas, as well as renewables, and blue hydrogen.” said Nasser.
Capital expenditure increased by 25 percent to $9.4 billion in the second quarter compared to the same period in 2021.
Aramco said it continued to invest in growth, expanding its chemicals business and developing prospects in low-carbon businesses.
Aramco joins other oil majors that have reported strong
results in recent weeks.
On July 29, Exxon Mobil posted its biggest
quarterly profit ever, a net income of $17.9 billion, an almost
four-fold increase over the year earlier period.
Margins for making fuels like gasoline and diesel surged
worldwide, boosting the profits of oil giants, including
European majors Shell and TotalEnergies, both
of which reported results on July 27.
READ MORE: Oil giant Saudi Aramco overtakes Apple as world’s most valuable company
Source: Reuters
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