DUBAI, United Arab Emirates (AP) — Saudi oil company Aramco’s half-year profits peaked just shy of $88 billion as oil prices remain high globally. The oil and gas company, which is nearly entirely state-owned, said Sunday it also saw a 90% surge in net profits for the second quarter of 2022 compared to the same time last year. 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.
High Oil Prices Helping Saudis
August 14, 2022 7:59 am