Saudi Aramco: Oil Giant Makes Record $48.4B Quarterly Profit

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Image copyright: Reuters [via The National]

The Facts

  • The Saudi Arabian Oil Co. posted the biggest quarterly adjusted profit of any globally listed company, recording on Sun. a net income increase of $48.4B in Q2, up from $25.5B a year earlier.

  • Besides large increases in oil prices since the beginning of the year, earnings jumped with help from volume sold and refining margins.

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The Spin

Narrative A

As countries across the world suffer from inflation and high gas prices, oil companies, such as Saudi Aramco, are making an outrageous windfall. Russia's war in Ukraine was a blessing in disguise for Saudi Arabia, which has failed to diversify its economy and continues to rely on profits from the oil and gas sector worldwide for its income.

Independent

Narrative B

Though some said that the world would no longer rely on oil and gas, the last six months have proven otherwise. The world isn't ready for a complete transition to renewable energy yet. Oil-producing nations must continue to address the world's crucial thirst for energy and be fairly compensated for their efforts.

The National

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