ENERGY: ARAMCO trounces its own profits record

ENERGY: ARAMCO trounces its own profits record

Posted By: Iain Fraser - Consultant Geopolitical Journalist

GEOPoliticalMatters.com

Saudi-Aramco the the world's largest integrated energy company has announced record second quarter profits and half-year 2022 results

In a press release to Global media outlets and their representatives Saudi-Aramco announced that it had broken its own record with a $48.4bn (€47.5bn) profit for the second quarter of 2022 leading to a 90% year-on-year (y-o-y) increase in net income, declaring a dividend of $18.8 billion (€18.4bn) to be paid in the third quarter.

The year-on-year figures mark the biggest earnings for Aramco since its public listing three years ago and according to Bloomberg, the energy behemoth latest figures are "the biggest quarterly adjusted profit of any listed company".

Of course Russia´s illegal invasion of Ukraine propelled oil and gas prices into the mesosphere. Russia is one of the world's biggest exporters but Western nations have pledged to curb their dependence on the country for their energy needs and actively seeking new long-term resources and partnerships.

Commenting on the results, Aramco President & CEO Amin H. Nasser, said:

“Our record second-quarter results reflect increasing demand for our products — particularly as a low-cost producer with one of the lowest upstream carbon intensities in the industry.

“While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential — both to help ensure markets remain well supplied and to facilitate an orderly energy transition.

“In fact, we expect oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts.

“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.

“We are progressing the largest capital program in our history, and our approach is to invest in the reliable energy and petrochemicals that the world needs, while developing lower-carbon solutions that can contribute to the broader energy transition.” Learn More /... Financial Highlights

About Saudi-Aramco

SAUDI-ARAMCO are one of the world's largest integrated energy and chemicals companies, creating value across the hydrocarbon chain, and delivering societal and economic benefits to people and communities around the globe who rely on the vital energy they supply. Learn More /...

Image Credit: Saudi-Aramco