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Rising oil prices have led to huge profits for Saudi Aramco.
The Saudi state oil company on Sunday announced a 90% rise in second-quarter profit, beating analysts’ expectations.
In addition to higher oil prices, profits increased due to volumes sold and refining margins.
The company expects “oil demand to continue growing for the remainder of the decade, despite downward economic pressures on near-term global forecasts,” Aramco Chief Executive Amin Nasser said in the report of earnings
An oil tank is seen at the headquarters of Saudi Aramco during a media tour in the city of Dammam. (REUTERS/Ali Jarekji/Reuters Photos)
Aramco’s net profit for the quarter rose to $48.39 billion, beating expectations of $46.2 billion, according to the average estimate of 15 analysts.
OIL GIANT SAUDI ARAMCO’S FIRST QUARTER PROFITS UP 80%
It declared an $18.8 billion dividend during the quarter, which will be paid in the third quarter.
The Saudi Aramco logo is seen at the 20th Middle East Oil and Gas Conference and Exhibition. (REUTERS/Hamad I Mohammed/File Photo/Reuters Photos)
Aramco joins other major oil companies that have reported strong results in recent weeks.
ARAMCO’S PROFITS REACH 110,000 MILLION DOLLARS AS THE SAUDIS GO TO EXPAND INVESTMENTS
A man walks past a Saudi Aramco complex. (AP Photo/Amr Nabil/Associated Press)
On July 29, Exxon Mobil Corp reported its biggest quarterly profit ever, net income of $17.9 billion.
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Aramco shares have risen more than 25% this year as oil and natural gas prices climbed to multi-year highs after Western sanctions against major exporter Russia squeezed a global market that already was insufficient.
Reuters contributed to this report.