Saudi Aramco Posts $25 Billion Profit

Saudi Aramco Posts  Billion Profit
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Saudi Aramco Posts  Billion Profit

Saudi Aramco Posts $25 Billion Profit

DUBAI – Saudi Aramco, the world’s largest oil company, reported a nearly four-fold increase in second-quarter net profit on Sunday, supported by rising oil prices and a recovery in demand for oil.

Aramco said its results, which exceeded analysts’ forecasts, were supported by the global easing of Covid-19 restrictions, vaccination campaigns, stimulus measures and acceleration of economic activity in the markets. keys.

Aramco’s net profit reached 95.47 billion riyals ($ 25.46 billion) for the quarter ended June 30, from 24.62 billion riyal a year earlier. Analysts had expected net income of $ 23.2 billion, according to the average estimate of five analysts.

Saudi state oil producer Aramco joins other oil majors who have reported strong results in recent weeks.

Exxon Mobil said last month that its second-quarter net profit was $ 4.69 billion, down from a loss of $ 1.08 billion a year ago. Royal Dutch Shell posted its highest quarterly profit in more than two years, with adjusted profit of $ 5.53 billion, compared to profit of $ 638 million a year earlier.

Oil prices, helped by production cuts by the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC Plus, settled at $ 70.70 a barrel on Friday and rose more than 35% since the beginning of the year.

“Our second quarter results reflect a strong rebound in global energy demand and we are heading into a more resilient and flexible second half of 2021 as the global recovery accelerates,” said Aramco CEO , Amin Nasser, in a press release.

Mr Nasser said on a results conference call that global oil demand is expected to reach 99 million barrels per day by the end of the year and 100 million barrels next year. Aramco is still working to increase its own capacity to 13 million barrels per day, Nasser said, reiterating a plan announced last year.

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Aramco declared a dividend of $ 18.8 billion in the second quarter, in line with its own target, which will be paid in the third quarter.

Aramco’s capital spending was $ 7.5 billion in the second quarter, an increase of 20% from the previous year.

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