Aramco announces record second quarter and half-year 2022 results

Aramco announces record second quarter and half-year 2022 results

- Strong market conditions during second quarter drive up net income 22.7% from Q1 2022

- Net income: $48.4 billion (Q2) / $87.9 billion (H1)

- Cash flow from operating activities: $44.0 billion (Q2) / $82.2 billion (H1)

- Free cash flow*: $34.6 billion (Q2) / $65.2 billion (H1)

- Gearing ratio*: 7.9% (June 30) compared to 14.2% at end of 2021

- Q1 dividend of $18.8 billion paid in the second quarter; Q2 dividend of $18.8 billion to be paid in the third quarter

- Progress continues on oil and gas expansion, as well as development of lower-carbon energy solutions

- Inaugural sustainability report outlines plans to achieve operational net-zero emissions ambition

Dhahran, Saudi Arabia – The Saudi Arabian Oil Company (“Aramco” or “the Company”) today announced its financial results for the second quarter of 2022, posting a 90% year-on-year (YoY) increase in net income and declaring a dividend of $18.8 billion to be paid in the third quarter.

The results set a new quarterly earnings record for the Company since its Initial Public Offering in 2019, and were primarily driven by higher crude oil prices and volumes sold, and higher refining margins.

Commenting on the results, Aramco President & CEO Amin H. Nasser, said:

“Our record second-quarter results reflect