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.