Register

Peak Oil is You


Donate Bitcoins ;-) or Paypal :-)


Page added on August 15, 2022

Bookmark and Share

Saudi Aramco unveils record profits

Saudi Aramco unveils record profits thumbnail

Oil giant Saudi Aramco on Sunday unveiled record profits of $48.4 billion in the second quarter of 2022, after Russia’s war in Ukraine and a post-pandemic surge in demand sent crude prices soaring.

Net income leapt 90 percent year-on-year for the world’s biggest oil producer, which clocked its second straight quarterly record after announcing $39.5 billion for Q1.

Aramco’s massive Q2 windfall was the biggest quarterly adjusted profit of any listed company worldwide, according to Bloomberg.

The state-owned Saudi firm heads a list of oil majors raking in eye-watering sums after ExxonMobil, Chevron, Shell, TotalEnergies and Eni also revealed multi-billion-dollar profits in Q2.

“While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential,” said Aramco president and CEO Amin H. Nasser.

“In fact, we expect oil demand to continue to grow for the rest of the decade,” he added.

Net income rose 22.7 percent from Q1 in “strong market conditions”, Aramco said. Half-year profits were $87.9 billion, up from $47.2 billion for the same period of 2021.

Aramco will pay an $18.8 billion dividend in Q3, the same as it paid in Q2. It “continues to work on increasing crude oil maximum sustainable capacity from 12 million barrels per day to 13 million by 2027”, its earnings announcement said.

The quarterly profits, the highest since Aramco’s record-breaking IPO in 2019, beat a company-compiled analyst forecast of $46.2 billion.

Aramco shares closed down 0.9 percent at 40.5 riyals ($10.8) on the Saudi stock exchange. They are up 25 percent this year.

– ‘Crown jewel’ –

Aramco floated 1.7 percent of its shares on the Saudi bourse in December 2019, generating $29.4 billion in the world’s biggest initial public offering.

The “crown jewel” and leading source of income for the conservative kingdom temporarily supplanted Apple as the world’s most valuable company in March. It now lies second in the list with a market valuation of $2.4 trillion.

Saudi Arabia has sought to open up and diversify its oil-reliant economy, especially since Mohammed bin Salman’s appointment as crown prince and de facto ruler in 2017.

Despite raising production, Aramco has pledged to reach “operational net zero (carbon) emissions” by 2050. Carbon pollution is tallied in the country that uses the fuel, not where it is produced.

Saudi GDP jumped nearly 12 percent in Q2 on the back of high oil prices, the government announced last month. Abu Dhabi-based energy expert Ibrahim Elghitany said the oil bonanza was a “golden opportunity” for the country.

“Saudi Arabia has recently achieved financial surpluses that it did not achieve during the last decade, which helps to provide financing for its development projects,” Elghitany told AFP.

Nasser said Aramco recovered quickly from a series of attacks by Yemen’s Huthi rebels on its facilities earlier this year, including a dramatic strike in Jeddah that sent smoke billowing during a Formula One practice session in March.

“We were able to restore our production in all these facilities immediately. In a few weeks, all facilities were working and producing at full capacity,” he told a media conference call.

Oil prices have dropped by $30 per barrel from a peak in June due to growing supplies, but remain close to $100.

Saudi Crown Prince Mohammed bin Salman (R) meets with US President Joe Biden at Al-Salam Palace in the Red Sea port city of Jeddah

The OPEC group of oil-producing countries has been gradually raising production, despite pressure from Western leaders including US President Joe Biden — who visited Saudi Arabia last month — to pump more.

Biden’s trip was seen as a climb-down after he previously promised to make Saudi Arabia a “pariah” over the killing of Washington Post columnist Jamal Khashoggi by Saudi agents in Turkey in 2018.

British Prime Minister Boris Johnson has also visited Saudi Arabia since the Russian invasion in February.

High oil prices are contributing to the inflationary pain suffered by consumers worldwide. In June, Biden grumbled that Exxon “made more money than God this year”, advocating higher taxes on oil companies.

al-monitor



20 Comments on "Saudi Aramco unveils record profits"

  1. Hello on Mon, 15th Aug 2022 12:51 pm 

    Spain just decided to make it easy for illegal immigrants to work and come to Spain. Calling illegal imports an asset. The stupidity of the West is boundless. I have to conclude that the West is simply too stupid to continue. Maybe it’s time to close shop and just kill every european preemptivly. At least that would prevent the stupidity from spreading.

    I kid you not, the West is stupid enough to call imported sludge an “asset” and promote importing. I mean, that’s the same as if I would go to a public toilet and haul shit into my house to call it an asset. Amazing. Is there anything more stupid than a european?

  2. makati1 on Mon, 15th Aug 2022 5:03 pm 

    Of course, anything the US/West tries, fails. Russia, the Saudis, etc., are selling less FFs and making more $$$. It’s called “free trade”. I have what you need, so I set the price and conditions. Deal with it!

    The sanctions are only forcing the ‘West to East’ power reset faster and tying Russia and China tighter together. So be it. Pass the popcorn. It is going to be an interesting decade.

  3. at the precipitate on the eve of the grate reset the question before us is whether elite whitey supertards caused the melting of two miles of ice above most of canada and northern US on Mon, 15th Aug 2022 9:48 pm 

    most experts agree there were no elite whitey supertards at the time. this simply means elite whitey supertards did not cause the melting of two miles of ice.

    experts say archeological evidences show the entire expanse were full of supremacist muzzies. worldwide there were 80 billions humans at the time, all supremacist muzzies

    please change ur undies after 2 weeks

    please feel at ease among friends, we’re all lovers of supremacist muzzies here.

  4. Duncan Idaho on Tue, 16th Aug 2022 7:49 pm 

    Might be best to not take any acid before sitting here—-

    https://twitter.com/ENGlNEERlNG_/status/1559364874584612866

  5. Theedrich on Thu, 18th Aug 2022 12:35 am 

    War criminal Zelensky is using banned mines. They are EMP F2 anti-tank mines from France (another war-criminal state) which were prohibited in 1995 and are in violation of the Geneva convention of 1980.  Russian troops found over 50 of them abandoned by retreating units of Ukraine’s 72nd mechanized infantry brigade (nicknamed “the Black Zaporozhzhians”) south of Artyomovsk (Артёмовск).
    From https://life.ru/p/1516690:

    “After they are placed in a combat position, the devices cannot be removed or neutralized.  The use of these facilities is a direct violation of the requirements of the Second Protocol on Prohibitions or Restrictions on the Use of Mines, Booby-Traps and Other Devices, which is part of the Geneva Convention on Prohibitions or Restrictions on the Use of Indiscriminate Weapons, adopted in New York on October 10, 1980.”

    This crime is only one of Zelenskyy’s twisted operations.  He is also showering the state of Donetsk with “Petal” mines (which somewhat resemble butterflies in shape) which kill or injure pets or small children.  So much for the “valiant” marionette-thug running Ukraine.

  6. Duncan Idaho on Thu, 18th Aug 2022 2:35 pm 

    So many of his followers believe everything this orange simpleton says.

  7. FamousDrScanlon on Thu, 18th Aug 2022 7:27 pm 

    elite whitey supertards have indeed triggered the melting of vast amounts of global ice.

    elite whitey supertards invented science called physics and chemistry tells me so. non elite whitey supertards AKA White Trash are too fucking stupid to know one way or the other so they act like, obstinate contrarian babies in a futile bid to hide from the reality that they are living in the early decades of catastrophic runaway climate change which is one of the worst predicaments of unprecedented, once in a planet human overshoot and it was all enabled by elite whitey supertards advanced knowledge of the secrets of the universe.

    Others had dabbled here and there with a few practical uses for the mountains of fossil fuels beneath their feet, but only elite whitey supertards had the skills to unlock their full potential and now the cheque is due for elite whitey supertards and all other humans.

    It’s a fucking no-brainer that elite whitey supertard’s behaviour has caused massive amounts of greenhouse gasses to be puked up into the atmosphere. All elite whitey supertards who actually paid attention in class clearly see that there is no meaningful difference in the effect the greenhouse gasses have on the earth whether it comes from volcanic traps or too smart for their own good elite whitey supertard fossil fuel powered inventions or if God farted out climate changing green house gasses in an instant.

    If you are standing on the edge of a cliff and a big wind pushes you over you will fall and hit the ground and go SPLAT!!

    If you are standing on the edge of a cliff an I push you over you will fall and hit the ground and go SPLAT!!

    The gravity works the same regardless of how you got pushed over the cliff.

    elite whitey supertard unintentionally pushed himself and all his loved ones over the cliff…the SPLAT!! comes next and ain’t no one can avoid it……unless you can’t handle it and OD on fentanyl or eat your gun.

    Underground magma triggered Earth’s worst mass extinction with greenhouse gases

    There are parallels between today’s and past greenhouse gas-driven climate changes

    “Coincidence doesn’t prove causality, as they say, but when the same two things happen together over and over again through the vast span of geological time, there must be a causal link. Of some 18 major and minor mass extinctions since the dawn of complex life, most happened at the same time as a rare, epic volcanic phenomenon called a Large Igneous Province (LIP). Many of those extinctions were also accompanied by abrupt climate warming, expansion of ocean dead zones and acidification, like today.

    Earth’s most severe mass extinction, the “Great Dying,” began 251.94 million years ago at the end of the Permian period, with the loss of more than 90% of marine species. Precise rock dates published in 2014 and 2015 proved that the extinction coincided with the Siberian Traps LIP, an epic outpouring of lava and intrusions of underground magma covering an area of northern Asia the size of Europe.”

    https://www.theguardian.com/environment/climate-consensus-97-per-cent/2017/aug/01/underground-magma-triggered-earths-worst-mass-extinction-with-greenhouse-gases

    There are dozens and dozens of positive self reinforcing feedbacks underway that will eventually puke out more green house gasses than all of our machines and agriculture methods

    How lucky that you get to be here when the universe proves the humans as insignificant little non-super tard ants and squashes us out of existence.

    Below is a classic feedback in action…

    Tree loss due to fire is worst in far northern latitudes, data shows

    Forests in Russia are most affected, as scientists warn of escape of huge quantities of buried carbon dioxide

    “Forest fires in these regions are of particular concern, because they can result in the release of carbon buried deep within the soil, as well as the loss of the trees themselves. Trees in boreal forests take up to a century to grow back.”

    “Russia has lost about 53m hectares of tree cover to fire since 2001, an area about the size of France. Canada has lost about 27m hectares to fire in the same period.

    He said the carbon released to the atmosphere by forest fires was creating a vicious circle of climate damage. “These forests can go from being carbon sinks to being sources of carbon in the atmosphere,” he said.”

    https://www.theguardian.com/environment/2022/aug/17/tree-loss-due-to-fire-is-worst-in-far-northern-latitudes-data-shows

    ….

    When the carbon cycle gets kicked into overdrive a mass death cycle gets kicked in. It’s what this planet does. Global warming has extincted millions and millions of species at many different times in it’s history via global warming.

    So this time the humans kicked the carbon cycle into overdrive. Same cycle as far as the earth is concerned. Same shift to a much hotter world is underway and the species that adapt will carry on living and the millions that don’t are going bye bye forever.

    Glaciers in Europe are experiencing the most severe melting on record

    Researchers say the melting is ‘off the charts’ — and the season isn’t over yet

    https://www.washingtonpost.com/climate-environment/2022/08/18/glaciers-alps-europe/

    2 miles of ice is fuck-all. When the human caused hot house mass extinction is done it’ll have slaughtered more than 2 miles worth of ice.

    Global heating and hot house earth is MIGHTY.

    One thing about the human triggered hot house earth is the rate of green house gas emissions has been much faster than the rate giant volcanic traps puked out their green house gasses.

    When it comes to speed, elite whitey is MIGHTY! The mightiest in history.

    Hey if you got a planet you want ruined in under three centuries call the humans and ask for the elite mighty whitey supertards. Ain’t no sub-species can fuck up a beautiful pristine planet like them.

    Study: We Are Emitting Carbon Dioxide 200 Times Faster Than Super-eruptions That Caused Mass Extinctions

    Controlling emissions is key to averting climate catastrophe, suggests research based on the supervolcano that didn’t cause mass extinction

    “humanity is emitting carbon 200 times faster than the rate of the prehistoric super-eruptions that caused mass extinctions.

    Mass extinctions resulting from supervolcanic activity were found to be due chiefly to enormous, rapid emissions of carbon dioxide, as opposed to the gentle, glacially slow natural carbon cycle; and opposed to other phenomena related with super-eruptions. Sudden, massive release of CO2 and other greenhouse gases seem to have pushed the global environment beyond a tipping point, acidifying the oceans and lifting temperatures to deadly levels.

    “Mass extinction” technically means that at least 75 percent of all species die within a short time, geologically speaking: within a couple to a few million years. ”

    https://www.haaretz.com/science-and-health/climate-change/2022-07-31/ty-article/study-carbon-dioxide-being-emitted-200x-faster-than-mass-extinction-super-eruptions/00000182-5488-d364-abff-5d8bbb1e0000

  8. at the precipitate on the eve of the grate reset the question before us is whether elite whitey supertards caused the melting of two miles of ice above most of canada and northern US on Thu, 18th Aug 2022 8:47 pm 

    most experts agree there were no elite whitey supertards at the time. this simply means elite whitey supertards did not cause the melting of two miles of ice during the Laurentide Ice Sheet 20,000 years ago

    experts say archeological evidences show the entire expanse were full of supremacist muzzies. worldwide there were 80 billions humans at the time, all supremacist muzzies.

    it was supremacist muzzies that caused melting of 2 miles of ice

    please change ur undies after 2 weeks

    please feel at ease among friends, we’re all lovers of supremacist muzzies here.

  9. it was supremacist muzzies that caused melting of 2 miles of ice 20000 years ago on Thu, 18th Aug 2022 8:51 pm 

    at the precipitate on the eve of the grate reset the question before us is whether elite whitey supertards caused the melting of two miles of ice above most of canada and northern US

    most experts agree there were no elite whitey supertards at the time. this simply means elite whitey supertards did not cause the melting of two miles of ice during the Laurentide Ice Sheet 20,000 years ago

    experts say archeological evidences show the entire expanse were full of supremacist muzzies. worldwide there were 80 billions humans at the time, all supremacist muzzies.

    it was supremacist muzzies that caused melting of 2 miles of ice

    please change ur undies after 2 weeks

    please feel at ease among friends, we’re all lovers of supremacist muzzies here.

  10. it was supremacist muzzies that caused melting of 2 miles of ice 20000 years ago on Fri, 19th Aug 2022 8:13 am 

    at the precipitate on the eve of the grate reset the question before us is whether elite whitey supertards caused the melting of two miles of ice above most of canada and northern US

    most experts agree there were no elite whitey supertards at the time. this simply means elite whitey supertards did not cause the melting of two miles of ice of the Laurentide Ice Sheet 20,000 years ago

    experts say archeological evidences show the entire expanse were full of supremacist muzzies. worldwide there were 80 billions humans at the time, all supremacist muzzies.

    it was supremacist muzzies that caused melting of 2 miles of ice

    supertards please change ur undies after 2 weeks

    please feel at ease among friends, we’re all lovers of supremacist muzzies here.

  11. Cloggie on Fri, 19th Aug 2022 11:18 am 

    Study: if the world would take-over Dutch bicycle habits, car emissions would be reduced by 20% or 700 million ton annually:

    https://www.nature.com/articles/s43247-022-00497-4

    “Historical patterns and sustainability implications of worldwide bicycle ownership and use“

  12. Dredd on Fri, 19th Aug 2022 11:38 am 

    Jinese Aramcos live in Jina (On The Origin Of The Home Of COVID-19 – 33).

  13. it was supremacist muzzies that caused melting of 2 miles of ice 20000 years ago on Fri, 19th Aug 2022 12:13 pm 

    at the precipitate on the eve of the grate reset the question before us is whether elite whitey supertards caused the melting of two miles of ice above most of canada and northern US

    most experts agree there were no elite whitey supertards at the time. this simply means elite whitey supertards did not cause the melting of two miles of ice of the Laurentide Ice Sheet 20,000 years ago

    experts debated the posibility of time travel which keeps open the question whether elite whitey supertards caused the melting of ice.

    experts say archeological evidences show the entire expanse were full of supremacist muzzies. worldwide there were 80 billions humans at the time, all supremacist muzzies.

    did elite whitey supertards plant evidences to blame supremacist muzzies?

    it was supremacist muzzies that caused melting of 2 miles of ice

    supertards please change ur undies after 2 weeks

    please feel at ease among friends, we’re all lovers of supremacist muzzies here.

  14. Duncan Idaho on Fri, 19th Aug 2022 7:51 pm 

    The politicians who tell you
    ‘Biden is coming for your guns’
    are the politicians who are coming
    for your Social Security

  15. Islamic militants have stormed a hotel in Somalia’s capital, engaging in an hours-long exchange of fire with the security forces that left at least 20 people dead it was supremacist muzzies that caused melting of 2 miles of ice 20000 years ago on Sat, 20th Aug 2022 7:45 pm 

    at the time of the Laurentide Ice Sheet

    supertards please change ur undies after 2 weeks

    please feel at ease among friends, we’re all lovers of supremacist muzzies here.

  16. elite whitey supertard trump would not bomb serbia for the love of supremacist muzzie kosovo clinton did EU-mediated Serbia-Kosovo meeting ends without agreement on Sat, 20th Aug 2022 10:14 pm 

    supertards please change ur undies in 2 weeks

    please feel at ease among friends we’re all lovers of supremacist muzzies

  17. Daughter of Ukraine war mastermind 'is blown to pieces in Moscow car bomb': Darya Dugin 'assassinated in attack meant for her father Alexander' - one of Putin's closest aides often dubbed the Russian leader's 'brain' on Sat, 20th Aug 2022 10:16 pm 

    this is how ww starts

    please feel at ease among friends
    we’re all lovers of supremacist muzzies

  18. Biden’s hairplug on Sun, 21st Aug 2022 1:38 am 

    Typical assasination attempt by the usual suspects: SBU, CIA, Mossad.

    It is also typical that it failed, and the stupid anglos, the embarrassement of the white race and kiken kock suckers, now are stuck with a Dugin, who will dedicate the rest of his life to the planetary battle against anglo-zionism. And he has many allies, basically the entire world, minus US vassal elite in Europe, who are now going to be dealt with by the population of Europe, now that they are facing economic collapse, due to energy starvation, creating pro-Russian revolutionary conditions in Europe.

    Systematic destruction of the Five Eyes is next.

  19. Biden’s hairplug on Sun, 21st Aug 2022 2:02 am 

    Sky News Australia attacks a news kike:

    https://youtu.be/uJG5KxRoIz8

    Waddaya gonna do about it, TalmudTurk?

  20. Biden’s hairplug on Sun, 21st Aug 2022 2:23 am 

    This is how the US vassals in Europe will come to their end, shouted down by their electorate.

    https://youtu.be/fcJ6Q4uSY-0

    Note, this is still warm august. Wait till the economy really collapses and Germany goes into Weimarmode and will demand repairing relations with Russia.

    Exit NATO.
    Our 1989 seems to have finally arrived.

Leave a Reply

Your email address will not be published. Required fields are marked *