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Tags: Saudi | Aramco | Earns

Saudi Aramco's Profits Already $88B as Oil Prices Stay High

Sunday, 14 August 2022 03:00 AM EDT

DUBAI, United Arab Emirates (AP) — Saudi oil company Aramco’s half-year profits peaked just shy of $88 billion for the first half of the year as oil prices remain high globally, the company said Sunday.

The oil and gas company, which is nearly entirely state-owned, said it also saw a 90% surge in the second quarter of 2022 compared to last year at this time.

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.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Saudi oil company Aramco's half-year profits peaked just shy of $88 billion for the first half of the year as oil prices remain high globally, the company said Sunday.The oil and gas company, which is nearly entirely state-owned, said it also saw a 90% surge in the second...
Saudi,Aramco,Earns
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2022-00-14
Sunday, 14 August 2022 03:00 AM
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