Saudi nat’l oil coy, Aramco announces $87.9bn profit in 6 months

~ To push oil production from 12m to 13m barrels per day

Saudi Arabian national oil company,
Aramco, has announced a 90 per cent rise in its net income to $48.4 billion for the second quarter of this year and recorded $87.9bn in the first six months.

According to a statement by the company on Sunday, with the Q2 record, the total net income for the half year 2022 is $87.9bn, higher than $25.5bn (Q2, 2021) and $47.2bn (H1) for the same periods in 2021. Strong market conditions during the second quarter drove up net income 22.7% from Q1 2022 gains, it noted.

The company has paid $18.8bn as dividend for the first quarter and plans to pay another $18.8bn dividend for Q2 in the third quarter.

The results set a new quarterly earnings record for the company since its Initial Public Offering in 2019 and were primarily driven by higher crude oil prices and volumes sold, and higher refining margins.

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.”

The company also demonstrated its reliable upstream performance, with average total hydrocarbon production of 13.6 million barrels of oil equivalent per day in the second quarter of 2022. The company continues to work on increasing its crude oil maximum sustainable capacity from 12 million barrels of oil per day to 13 million barrels of oil per day by 2027.

In Nigeria, NNPC Ltd has just been capitalised to become a liability company and hopes to break even in its first year of operation.


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