Saudi Aramco’s profits already $88B as oil prices stay high


DUBAI, United Arab Emirates (AP) — Saudi oil company Aramco’s half-year profits peaked just shy of $88 billion for the first half of the year as oil prices remain high globally, the company said Sunday.

The oil and gas company, which is nearly entirely state-owned, said it also saw a 90% surge in the second quarter of 2022 compared to last year at this time.

Aramco said the results set a new quarterly earnings record for the company since it floated around 5% of the company on the Saudi stock market in late 2019. Aramco said the profits were driven primarily by higher crude oil prices and volumes sold, and higher refining margins.

The Associated Press

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