Saudi oil giant Aramco reported a whopping 90% surge in second quarter net income and record half year results on Sunday, as high oil prices continue to drive historic revenues for Big Oil.
“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,” Amin Nasser, CEO and President of Saudi Aramco, said in a statement.
The 90% year-on-year increase marks the biggest earnings for the world’s largest energy exporter since its public listing three years ago.
Nasser also noted that while global market volatility and economic uncertainty remain, events during the first half of this year have reaffirmed the state-owned company’s view that ongoing energy investment is essential both to “help ensure markets remain well supplied and to facilitate an orderly energy transition.”
Aramco said it expects the post-pandemic recovery in oil demand to continue for the rest of the decade, despite what it called “downward economic pressures on short-term global forecasts.”
According to Bloomberg, the Saudi oil giant’s figure represents “the biggest quarterly adjusted profit of any listed company”.
The state-owned energy giant also announced it would keep its dividend unchanged at $18.8 billion for the third quarter.
The world’s biggest oil majors including Exxon Mobil, Chevron, TotalEnergies and BP, have all reported bumper earnings this year — leading to growing calls from governments to impose a windfall tax amid an alarming rise in living costs.
