Oil giant Saudi Aramco unveils record profits of $48.39 billion in the second quarter of 2022, propelled by higher oil prices, volumes sold, and refining margins
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.
Aramco's net profit rose to 181.64 billion riyals for the quarter to June 30 from 95.47 billion riyals a year earlier. Aramco shares have risen over 25 percent this year as oil and natural gas prices have scaled multi-year highs after Western sanctions against major exporter Russia squeezed an already under-supplied global market.Aramco said its average total hydrocarbon production was 13.6 million barrels of oil equivalent per day in the second quarter.
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