Saudi oil company Aramco’s half-year profits peaked just shy of $88 billion as oil prices remain high globally.
Saudi Arabia is currently producing around 10 million barrels per day, with much of that exported to Asia and its largest customer, China.Saudi energy company Aramco said Sunday its profits jumped 90% in the second quarter compared to the same time last year, helping its half-year earnings reach nearly $88 billion. The increase is a boon for the kingdom and the crown prince's spending power as people around the world pay higher oil prices at the pump.
Aramco's net profits for the first half of the year were helped by strong second-quarter earnings that hit $48.4 billion — a figure higher than the first full half year of 2021, when profits reached just $47 billion. The oil and gas company, which is nearly entirely state-owned by Saudi Arabia, said this sets a new quarterly earnings record for Aramco since it first floated around 5% of the company on the Saudi stock market in late 2019.
Aramco said profits were helped by higher crude oil prices and volumes sold, as well as higher refining margins. The vast oil reserves belonging to Saudi Arabia are among the cheapest to pump and produce in the world.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Aramco Reports Record Profit, Injecting Saudi Kingdom With CashSaudi Arabia’s national oil company reported record quarterly profit on high oil prices, feeding a vault of cash the kingdom’s young ruler is using to build new momentum for reforms and strengthen his geopolitical position
Read more »
Saudi Aramco's Amin Nasser: a homegrown engineer who reached the topAt an industry event this year in Riyadh, the Saudi energy minister paused at about 9 p.m. in front of some 1,000 people and told them it was bedtime for Amin Nasser, the chief executive of state-owned oil producer Saudi Aramco.
Read more »
Saudi Aramco's profits already $88B as oil prices stay highBREAKING: Saudi oil company Aramco’s half-year profits peaked just shy of $88 billion for the first half of the year as oil prices remain high globally. The oil and gas company says it also saw a surge in the second quarter of 2022 compared to last year.
Read more »
Saudi Aramco profit soars on higher prices and refining margins By Reuters*SAUDI ARAMCO PROFIT SOARS ON HIGHER OIL PRICES AND REFINING MARGINS - 🇸🇦🇸🇦
Read more »
How Twitter employees ratted out user identities to Saudi ArabiaA former Twitter employee was found guilty of spying for the Saudi government in 2015 — ferrying private user information to a contact with close ties to its controversial crown prince, Mohammad bi…
Read more »