Saudi Aramco sets a new record with $48.4 billion quarterly profit

Saudi oil giant Aramco reported a whopping 90% surge in the second-quarter net income and record half-year results on Sunday, as high oil prices continue to drive historic revenues for Big Oil.

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.

Aramco achieved a record quarterly and half-year net income of $48.4 billion in the second quarter and $87.9 billion in the first half of 2022, compared to $25.5 billion and $47.2 billion, respectively, for the same periods in 2021.

The increase in both periods was primarily driven by higher crude oil prices and volumes sold, as well as strong refining margins during the second quarter and higher downstream margins in the first half of 2022.

Aramco also declared a dividend of $18.8 billion for the second quarter, to be paid in Q3 2022. In addition, and as previously disclosed in its 2021 annual report, the company distributed bonus shares to shareholders in Q2 2022, at a rate of one share for every 10 shares held. Commenting on 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.”

He added: “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.