Drilling for oil and gas (illustration)
Drilling for oil and gas (illustration)Flash 90

Saudi Arabia’s state-owned Aramco oil company recorded a 90 percent increase in second quarter profits, it said on Sunday.

The oil company, which is 95 percent owned by the Saudi government, announced a $48.4 billion net income for the three-month quarter ending in June, one of the largest quarterly profits ever, UPI reported.

The earnings announcement was double the figure the company reported during the second quarter in 2021 and surged past the $46.2 billion that experts had predicted.

Aramco also announced its half-year income was $87.9 billion, significantly more than its competitors, including Chevron, BP and ExxonMobil.

The Saudi government will receive the majority of an $18.8 billion dividend that will be distributed in October.

A main driver in the record earnings was the surge in oil prices, with oil rising as high as $130 a barrel earlier in the year.

“Our record second-quarter results reflect increasing demand for our products – particularly as a low-cost producer with one of the lowest upstream carbon intensities in the industry,” Aramco CEO Amin Nasser said.