Saudi Aramco Joins Big Oil Peers on Rising First Quarter 2022 Profits
Posted on 05/15/2022
Oil giant Saudi Aramco reported a more than 80% boost in net profit. Saudi Aramco disclosed net income rose 82% to US$ 39.5 billion in the first three months of 2022, up from US$ 21.7 billion over the same period last year. Oil companies like Saudi Aramco, Exxon Mobil Corporation, and Chevron Corporation have benefitted from a rapid rise in oil and gas prices.
“During the first quarter, our strategic downstream expansion progressed further in both Asia and Europe, and we continue to develop opportunities that complement our growth objectives,” Aramco President and CEO Amin Nasser said in the earnings release Sunday.
“Against the backdrop of increased volatility in global markets, we remain focused on helping meet the world’s demand for energy that is reliable, affordable and increasingly sustainable.”