Saudi Aramco: Oil Giant Makes Record $48.4B Quarterly Profit
The Saudi Arabian Oil Co. posted the biggest quarterly adjusted profit of any globally listed company, recording on Sun. a net income increase of $48.4B in Q2, up from $25.5B a year earlier.
- The Saudi Arabian Oil Co. posted the biggest quarterly adjusted profit of any globally listed company, recording on Sun. a net income increase of $48.4B in Q2, up from $25.5B a year earlier.
- Besides large increases in oil prices since the beginning of the year, earnings jumped with help from volume sold and refining margins.
- Saudi Aramco chief executive Amin Nasser stated that the company expects "oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts."
- On top of record profits, the Saudi energy giant announced that it would keep its dividend unchanged at $18.8B for Q3.
- Global oil prices have skyrocketed in the wake of the war in Ukraine, with many Western nations pledging to curb their dependence on Russian oil and gas for their energy needs.
- Saudi Aramco's announcement comes as a number of large oil companies record increased profits. Shell last month revealed that it made almost £10B [$12.1B] in profit between April and June, while BP's profits tripled to almost £7B [$8.5B] in Q2.
Sources: Al Jazeera, Independent, FOX News, BBC News, and Guardian.
- Narrative A, as provided by Independent. As countries across the world suffer from inflation and high gas prices, oil companies, such as Saudi Aramco, are making an outrageous windfall. Russia's war in Ukraine was a blessing in disguise for Saudi Arabia, which has failed to diversify its economy and continues to rely on profits from the oil and gas sector worldwide for its income.
- Narrative B, as provided by National News. Though some said that the world would no longer rely on oil and gas, the last six months have proven otherwise. The world isn't ready for a complete transition to renewable energy yet. Oil-producing nations must continue to address the world's crucial thirst for energy and be fairly compensated for their efforts.