Saudi Aramco’s profits surged 82% in first quarter

Saudi Aramco has reported the highest quarterly profits since its listing in 2019 as the world’s largest oil exporter, taking advantage of Russia’s soaring oil prices after its invasion of Ukraine.

The net income of the state-sponsored group increased to $ 39.5 billion in the first three months of this year, an increase of 82% over the same period last year. Record revenues exceeded the company’s average analyst estimate of $ 38.5 billion, up from $ 30.4 billion in the last three months of 2021.

All Saudi oil companies and international rivals such as BP, Shell and ExxonMobil Benefited The turmoil in the global energy flow caused by the war in Ukraine has pushed up oil, gas and refining prices.

Brent crude, an international benchmark, reached a 14-year high of $ 139 a barrel in March and is currently trading at around $ 110 a barrel, about two-thirds of what it traded a year ago. It’s getting higher.

Last week’s Aramco Overtaken Apple As the world’s most valuable company, he said the results were underpinned by higher oil prices and sales, and improved refining margins.

As Saudi Arabia and other members of the Opec Producer Group have eliminated the production cuts introduced at the start of the coronavirus pandemic, the group’s total production, including gas, will reach 13 million barrels per day in oil terms. Increased.

Aramco’s Chief Executive Officer, Amin Nasser, said:

Saudi Aramco’s capital spending in the first quarter was $ 7.6 billion. State-backed groups say capital spending in 2022 is expected to increase from $ 31.9 billion last year and grow further by mid-2010.

Saudi Aramco has a maximum oil production capacity of 12 million b / d to 13 million b, unlike its international peers, who promise to gradually reduce oil production to reduce emissions. We are in the process of increasing to / d.

We also want to increase natural gas production by 50% by 2030. The company announced on Sunday that it would complete the Hawiyah and Haradh gas projects by the end of the year, achieving an additional 1.3 billion cubic feet of production capacity per day.

Saudi Aramco added that it is expanding its international downstream operations. In January, it acquired a 30% stake in a Polish refinery, highlighting a new joint venture with BP to sell jet fuel in Poland. The Saudi Group also said it has agreed to invest in a 300,000 barrel / day refinery and petrochemical project in China.

The company has promised to maintain one of the world’s largest dividends, a dividend, and return an additional $ 18.8 billion to shareholders in the second quarter. This payment is an important source of income for the Saudi Arabian government, which directly owns 94% of Saudi Aramco’s stake. Listed a little less than 2% of the company’s stock in December 2019, with an additional 4% Saudi Sovereign Wealth Fund This year.

Saudi Aramco shares listed on Riyadh have risen by more than 27% this year.

Saudi Aramco’s profits surged 82% in first quarter

Source link Saudi Aramco’s profits surged 82% in first quarter

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