Saudi oil giant Aramco reported a first-quarter net profit of $31.88 billion, plummeting by 19% compared to the same period last year. Aramco said the drop was mainly driven by lower crude prices, although partially offset by lower taxes and Zakat and a rise in finance and other income.
Commenting on the results, Aramco President and CEO Amin Nasser said the oil giant’s growth strategy remains on track and is moving forward with capacity expansion.
“We are also moving forward with our capacity expansion, and our long-term outlook remains unchanged as we believe oil and gas will remain critical components of the global energy mix for the foreseeable future,” Nasser said.
He added that the company’s compression projects at Haradh and Hawiyah fields are expected to begin initial production and achieve full capacity during 2023.
In the first quarter, Aramco signed agreements to broaden its downstream business operations internationally. These agreements included investments in China and the $2.76 billion acquisition of the products division of Valvoline Inc.
“Our global downstream strategy is gaining momentum, and we are leveraging cutting-edge technologies to increase our liquids-to-chemicals capacity and meet anticipated demand for petrochemical products,” Nasser noted.
