Oil giant Saudi Aramco on Sunday announced record profits of $48.4 billion for the second quarter of 2022 after Russia’s war in Ukraine and a surge in demand in the wake of the pandemic pushed crude prices higher.
Net income rose 90 percent year over year for the world’s largest oil producer, which set its second straight quarterly record after announcing $39.5 billion for the first quarter.
“As global market volatility and economic uncertainty persist, events in the first half of this year support our view that continued investment in our industry is imperative – both to ensure markets remain well-supplied and to facilitate an orderly energy transition said Aramco President and CEO Amin H. Nasser.
“Indeed, we expect oil demand to continue growing for the remainder of the decade, despite downward pressure on near-term global forecasts.”
Net income increased 22.7 percent from the first quarter amid “strong market conditions,” Aramco said. Half-year earnings were $87.91 billion, compared to $47.18 billion for the same period in 2021. Aramco paid a dividend of $18.8 billion in the second quarter and will pay the same amount in the third quarter.
Quarterly earnings, the highest since Aramco went public in late 2019, beat analysts’ forecasts of $46.2 billion.
Aramco was valued at 40.8 riyals ($10.86) before the Saudi stock exchange opened on Sunday.
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