World
Updated: May 15, 2022

Oil & Gas: Saudi Aramco’s First-Quarter Profits Surge 80 Percent

By Quadri Adejumo
May 15, 2022
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Oil giant Saudi Aramco has said its profits soared more than 80 percent in the first three months of the year.

This is as the state-backed company cashes in on the volatility in global energy markets and soaring oil prices following Russia’s invasion of Ukraine.

The bumper first-quarter earnings by the firm show a record net income of $39.5bn, up from $21.7bn during the same period last year.

The Saudi Aramco said in a press release on Sunday that the surge was primarily driven by higher crude oil prices and volumes sold, and improved downstream margins.

It added; “Energy security is vital and we are investing for the long term, expanding our oil and gas production capacity to meet anticipated demand growth."

In March, Aramco reported a 124 percent net profit surge for 2021.

Aramco also overtook Apple as the world’s most valuable company as higher oil prices pushed its shares to record levels last week.