According to reports, Saudi Arabian National Oil Company (Saudi Aramco) announced on the 14th that the net profit of the company in the second quarter of this year reached 48.4 billion US dollars (about 326 billion yuan), an increase of 90% over the same period last year, once again refreshing its quarterly revenue record since its listing in 2019, and continuing to maintain its status as the "world's most profitable company".
Saudi Aramco's stock price has risen more than 20% so far this year, and its market value once surpassed that of Apple in the United States in May, becoming the world's most valuable company. Saudi Aramco's current market capitalization is about $2.4 trillion, ranking second in the world.
In fact, in addition to Saudi Aramco, ExxonMobil, Chevron, Shell and Total all recorded profits in the second quarter of this year. Among them, ExxonMobil's net profit in the second quarter was nearly $18 billion.
↑ Oil companies' profits are rising all the way
International oil prices have risen, and oil company profits have risen all the way
According to reports, due to factors such as the Russian-Ukrainian conflict, energy is in short supply, and oil prices have exceeded $100 per barrel, resulting in a surge in refining profit margins, while Saudi Aramco has also made a lot of profits from high production and high selling prices. It is understood that in the first half of this year, Saudi Aramco's net profit reached $87.9 billion, also a record high, up nearly 90% from $47.2 billion in the same period last year.
Saudi Aramco CEO Amin Nasser said that while there is still uncertainty in the global economic market, the situation in the first half of this year supports his view that continued investment in the industry is critical, which helps ensure that the market remains well supplied. He added: "Despite downward pressure on the global economy in the short term, we expect oil demand to continue to grow over the next decade. ”
There are reports that the profit value for the quarter could be a high for Saudi Aramco. Affected by the Russian-Ukrainian conflict, the price of Brent crude oil futures in London briefly exceeded $120 a barrel in June, but oil prices later fell due to the slowdown in the US and European economies.
↑ In 2016, a man works at a gas station in Riyadh, Saudi Arabia. Picture according to Xinhua News Agency
CEO: Capable of producing 12 million barrels per day
Despite the fall in oil prices, Saudi Arabia is still working with other OPEC+members to increase production. Soaring oil prices have prompted many Western leaders to call on Saudi Arabia to increase oil production to help combat global inflation. US President Biden has personally traveled to the Middle East to "ask for oil", but the alliance "OPEC+", which is composed of OPEC and non-OPEC oil producers, has not made any obvious moves, and only agrees to "symbolically" increase production.
Nasser, on the other hand, said the company has enough capacity to produce 12 million barrels of crude oil per day if the Saudi government asks for it. In addition, Saudi Aramco is committed to increasing the maximum sustainable production capacity of crude oil from 12 million barrels per day to 13 million barrels per day by 2027. It is also reported that Saudi Arabia hopes to replace crude oil power generation with natural gas power generation and renewable energy, and release another 1 million barrels per day of crude oil for export by 2030 by reducing crude oil consumption in power generation.
Nasser also said in the interview that as part of its goal of achieving "net zero carbon emissions" by 2050, Saudi Aramco is seeking partners to co-invest in renewable energy and hydrogen production.
Red Star News reporter Li Jinrui Intern Li Zhaoxin
Editor-in-charge Deng Xuguang Editor Wang He
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