Aramco reported a very promising quarter that has proven to be stunning for the entire investment community. The oil giant of Saudi Arabia has posted huge gains in the second quarter of 2022.
The oil giant has even shared a very promising net income in the second quarter and the results it has generated record for half a year. The data regarding the earnings for the second quarter was shared by Aramco on Sunday.
Aramco’s Net Income Surged 90%
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Aramco has posted very promising net income results for the second quarter of 2022. It has reported that in the second quarter, its net income surged by 90%.
The reason behind the oil giant’s increased net income was the constant rise in oil prices in the second quarter of 2022.
As the demand for oil kept growing stronger, its supply became a huge challenge due to supply chain disruptions. Another negative driver for the demand for oil was the Russia-Ukraine war that has been ongoing since February.
This has proven to be a “Big Oil” situation for the oil prices and Aramco was on the best side of it.
Aramco’s Net Income for Q2 2022
Aramco has revealed that the net income they have generated for the second quarter of 2022 is almost double the net income they generated in the same quarter of 2021.
The oil giant confirmed that in the second quarter of 2022, it generate a net income of $48.4 billion. Whereas, it generated a net income of $25.5 billion in the second quarter of 2021.
This shows that Aramco was able to generate $22.9 billion worth of more net income compared to the Q2 2021 net income. For Q2 2022, the analysts had predicted that Aramco will be able to generate $46.2 billion worth of net income.
Aramco President’s Remarks
Amin Nasser, the President, and CEO of Aramco remarked on the latest achievement of the oil company. He stated that they are glad and very excited about what their company has achieved in the second quarter.
The reason behind a substantial rise in their net income is the demand that has grown tremendously for their products.
He claimed that their company has the title of being the lowest cost producer, which is also very cautious about carbon intensities.
Aramco’s Half-Year Net Income
The half-year performance of Aramco shows that in the first half, it generated a net income worth $87.9 billion.
With the latest performance, Aramco has even outpaced major oil companies. These companies include British Petroleum, Chevron, ExxonMobil, and many “Big Oil” companies.
While Aramco has generated the most amount of net income, the other oil giants have also reported huge gains for the second quarter.
On Friday, the share prices for Aramco dipped 0.74% but the recent report will definitely help push the stock prices for the oil giant on Monday trading session.
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