São Paulo – Saudi oil giant Saudi Aramco surpassed forecasts with record-breaking profit in the second quarter of 2022, earning USD 48.4 billion, a 22.7% increase over the year’s first quarter. Net income in the first half reached USD 87.9 billion.
The Saudi Arabian Oil Company (Aramco) released its balance for the second quarter this Sunday (14), reporting a 90% year-over-year increase in net income and USD 18.8 billion in dividends for the third quarter.
The results set a new quarterly earnings record for the company since its 2019 Initial Public Offering (IPO), mainly driven by higher crude oil prices, volumes, and refining margins.
“Our record second-quarter results reflect increasing demand for our products (…) 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,” said Aramco president & CEO Amin H. Nasser.
Nasser stated he expects oil demand to continue growing for the rest of the decade, despite waning economic pressures in short-term global forecasts. He also mentioned while there is a real and present need to safeguard the security of energy supply, climate targets remain critical, and Aramco is working to increase production from different 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,” he said.
Translated by Elúsio Brasileiro
