Saudi Aramco, the Saudi oil company, broke its quarterly profit record by earning 48.4 billion dollars (47.5 billion euros) in the second quarter. This is a 90% jump over profits for the same period last year and reproduces the extraordinary profits recorded by oil companies, fueled by the rise in oil and gas prices, greatly accentuated by the war in Ukraine and the sanctions imposed on Russia, one of the world’s largest energy exporters.
According to Bloomberg, Saudi Aramco’s quarterly profit is not only a record since the company’s public debut three years ago, but also the highest ever reported by a company that traded shares on the market for a quarter.
Despite having a small part of the capital open to investors, the bulk of Saudi Aramco is in the hands of the Saudi state, which will also bear most of the dividends scheduled for the next quarter: 18.8 billion dollars. Saudi Arabia is the world’s largest oil exporter. The second largest supplier was Russia.
Saudi Aramco follows in the footsteps of other major oil companies that also reported record results in the second quarter. The five largest Western oil companies: Exxon Mobil, BP; Shell, Chevron and Total, in total, posted profits of more than 55 billion dollars in the second quarter, a figure that is almost equaled by the result of the Saudi company. This is the value that results from the sum of the results adjusted for extraordinary effects that could be losses such as the one recognized by BP for its participation in the Russian oil company Rosneft.
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Source: Observadora
