$48.4 billion! Saudi Aramco posts record second-quarter profit

On August 14, local time, the world’s largest oil company, Saudi Aramco, released a briefing showing that its net profit in the second quarter of 2022 was $48.4 billion, setting a new quarterly earnings record after its listing in 2019.

Saudi Aramco said the profit increase in the second quarter was mainly due to higher crude oil prices and sales volumes and higher profit margins in the refining, processing and marketing divisions.

Compared with the same period in 2021, Saudi Aramco's capital expenditure rose 25% to $9.4 billion in the second quarter and 8% to $16.9 billion in the first half of 2022. Aramco continues to invest to seize growth opportunities, advance its strategy to integrate upstream and downstream segments, expand its chemical business, and develop low-carbon business prospects.

Saudi Aramco President and CEO Amin H. Despite short-term downward pressure on the global economy, the company still expects oil demand to continue to grow over the next decade, Nasser said.

Nasser said Aramco would have no problem raising production capacity to 12 million barrels per day if the Saudi government asks for an increase, while working to increase the maximum sustainable crude oil production capacity from 12 million barrels per day to 13 million barrels per day by 2027.