Saudi Aramco Q2 Profit Soars Nearly 300% to $25.5B

By Hadeel Al Sayegh, Marwa Rashad and Saeed Azhar
Monday, August 9, 2021

Saudi Arabian state oil producer Aramco reported a near four-fold rise in second-quarter net profit, beating expectations and boosted by higher oil prices and a recovery in oil demand.

Aramco said its results were supported by the global easing of COVID-19 restrictions, vaccination campaigns, stimulus measures and accelerating economic activity in key markets.  Aramco joins other oil majors who have reported strong results in recent weeks.

Exxon Mobil last month said its net income for the second quarter came in at $4.69 billion, or $1.10 per share, compared with a loss of $1.08 billion, or 26 cents per share, a year ago.

Royal Dutch Shell reported its highest quarterly profit in more than two years, with adjusted earnings at $5.53 billion, compared with earnings of $638 million a year earlier.

Oil prices, boosted by output cuts made by the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, closed at $70.70 a barrel on Friday and has gained over 35% since the start of the year.

"Our second quarter results reflect a strong rebound in worldwide energy demand and we are heading into the second half of 2021 more resilient and more flexible, as the global recovery gains momentum," Aramco CEO Amin Nasser said in a statement.

Aramco's net profit rose to $25.46B for the quarter to June 30 from $6.5B a year earlier.

Analysts had expected a net profit of $23.2 billion, according to the mean estimate from five analysts.

Aramco's CEO told an earnings call that global oil demand was expected to hit 99 million barrels a 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 day, Nasser said, reiterating a plan announced last year.

(Reuters)

Categories: Industry News Saudi Arabia Financials

Related Stories

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

ADNOC Signs 15-Year LNG Supply Deal with Osaka Gas for Ruwais Project

Shell Predicts 60% Rise in LNG Demand by 2040 with Asia Leading the Way

Six New Gas Wells in Line for BP’s Shah Deniz Field in Caspian Sea

Offshore Service Vessels: What’s in Store in 2025

OPEC+ Passes on Oil Output Increase, Weighs the "Trump Effect"

Sembcorp Signs 10-Year LNG Supply Contract with Chevron

CNOOC Brings Bohai Sea Oil Field On Stream

TVO Selects Collins to Head Australian Ops

QatarEnergy Signs Deal with Shell for Long-Term LNG Supply to China

Current News

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Valeura’s Assets in Gulf of Thailand Remain Operational After Earthquake

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Keel Laying for Wind Flyer Trimaran Crew Boat

MODEC Gets Shell’s Gato do Mato FPSO Ops and Maintenance Job

EnerMech Names APAC Regional Chief

CIP Reaches Financial Close for Offshore Wind Farm in Taiwan

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com