Saudi Aramco posts record Q2 net profit on higher oil prices

Nurluqman Suratman

15-Aug-2022

SINGAPORE (ICIS)–Saudi Aramco’s second-quarter net profit surged to a record riyal (SR) 181.6bn ($48bn), on the back of higher crude oil prices and sales volumes.

Saudi Riyal (SR) billion Q2 2022 Q2 2021 % change H1 2022 H1 2021 % change
Net sales 562.07 312.35 79.9% 1,029.07 584.43 76.1%
Operational profit 324.49 179.12 81.2% 602.19 331 81.9%
Net profit 181.64 95.47 90.3% 329.67 176.91 86.3%

The quarterly earnings were the biggest since the energy giant’s initial public offering (IPO) in 2019.

Aramco’s overall hydrocarbon production totalled 13.6m barrels of oil equivalent per day in the second quarter, it said in a statement on 14 August.

The integration of petrochemicals major SABIC into Aramco is “progressing ahead of schedule and the company continues to capture synergies in multiple areas”, the company said.

Aramco’s refining and petrochemical joint ventures with PETRONAS in Malaysia, namely, Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Sdn Bhd (collectively known as PRefChem), started operations in May and will reach full capacity of 300,000 barrels per day by the end of the year, it said.

“We expect oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts,” Aramco president and CEO Amin Nasser said.

“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,” he added.

($1 = SR3.75)

Thumbnail image: Aramco, Khurais, Saudi Arabia – 28 June 2021. (By Amr Nabil/AP/Shutterstock)

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