Saudi Aramco’s quarterly profit up 39.5%

In the third quarter, the profit of oil company Saudi Aramco grew by 39.5% compared to the same period in 2021 and reached $42.4 billion. As reported in reporting of the company, behind the growth of net profit are “primarily high oil prices and an increase in its sales volumes.” In the third quarter, Saudi Aramco sold produced oil for an average of $101.7 per barrel, while a barrel was sold for $72.8 a year earlier. At the same time, compared with the second quarter of this year, in the third quarter, net profit even fell by 12%.

In the first nine months of this year, the company’s profit amounted to $130.3 billion, a year earlier for the same period this figure was $77.6 billion. In the third quarter, the company had a record high free cash flow of $45 billion. the previous level – $18.8 billion, this is the largest amount of dividends in the world.

Saudi Aramco predicts that “until the end of the decade, the demand for oil in the world will grow along with the demand for more affordable, reliable and sustainable energy.” With this in mind, the company is actively ramping up production to bring production up to 13 million barrels of oil per day by 2027. Now Saudi Aramco produces 12 million barrels of oil per day. In addition, the company intends to increase gas production by 50% by 2030.

Alena Miklashevskaya