Saudi oil company Aramco's half-year profits went up just shy of $88 billion in the first half of the year, as oil prices remain high globally, the company said yesterday.
The oil and gas company, which is almost entirely owned by Saudi Arabia, saw a 90 percent increase in net profits for the second quarter of 2022, compared to the same time last year.
Aramco said that the results set a new quarterly earnings record for the company since it floated around 5% of the company on the Saudi stock market in late 2019. The company has promised to pay a dividend of $18.8 billion for the second quarter, as it promised to do since its IPO.
Aramco said the profits were primarily driven by higher crude oil prices and volumes sold, and higher refining margins.
The Saudi government, despite years of efforts to diversify the economy, continues to be heavily dependent on oil and gas sales for revenue, which bodes well for its higher profits.
He believes that oil demand will continue to grow over the rest of the decade despite downward economic pressures on short-term global forecasts.
Aramco is one of several oil majors that have reported strong results in the past few weeks.
On July 29, Exxon Mobil Corp posted its biggest quarterly profit of all time, a net income of $17.9 billion, an almost four-fold increase over the year earlier in the year.
Increasing the profits of oil giants, including European majors Shell and TotalEnergies, saw results on July 27 as a result of the surge in gasoline and diesel fuels.
Aramco is working to increase production from multiple energy sources - including oil and gas, renewables, and blue hydrogen, because climate goals remain critical, and there is a real need to safeguard the security of energy supplies. Nasser said something.