MILAN – Saudi Aramcoan oil giant controlled bySaudi Arabia, records a record quarterly thanks to inflation and the surge in raw materials, starting with crude oil. In the second quarter, the energy giant made 48.4 billion dollars in profit, 90% more than in the same period of 2021, and 7% more than in the first half of last year (47 billion dollars) and equal to full profit for 2020. This is a very high level of profits, and which alone even exceeds the entire capitalization of Eni (equal to 41.79 billion euros). In the first half of the year, the energy giant has already put 88 billion dollars in profits on the farm, while the shares of the listed group in Riyadh since the beginning of the year they have risen by 25%.
Oil, that’s why the US and EU embargo didn’t work
by Luca Pagni
Despite the jump in earnings, Saudi Armaco decided to keep the third quarter dividend unchanged (equal to $ 18.8 billion), continuing to invest in external growth. Just two weeks ago, the company had taken over from Valvoline, Global Products, a US company that produces chemical additives for lubricants, with an investment of 2.65 billion dollars. “While volatility and economic uncertainty remain in the global market – said the group’s CEO Amir Nasser – the events of the first half of the year support our view that continued investments in our sector remain essential. With the Covid restrictions easing in China and the aviation sector recovering again, demand should start to grow again “.
Exxon Mobil, Chevron and BP also posted a record quarterly, and crude from a record $ 120 a barrel in June fell to $ 98 a barrel on Friday. Commenting on the results of the semester of Exxon Mobil, the US president Joe Biden he joked “they make more money than God”.