Aramco’s Q2 net income rises 90% YoY to $48.4 billion

Aramco’s Q2 net income rises 90% YoY to $48.4 billion

DHAHRAN, Saudi Arabia, 14th August, 2022 (WAM) -- 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.

Aramco achieved a record quarterly and half-year net income of $48.4 billion in the second quarter and $87.9 billion in the first half of 2022, compared to $25.5 billion and $47.2 billion, respectively, for the same periods in 2021. The increase in both periods was primarily driven by higher crude oil prices and volumes sold, as well as strong refining margins during the second quarter and higher downstream margins in the first half of 2022.

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

"While global market volatility and economic