Aramco, 5 oil majors post $110.9 bn Q2 profit
Sopuruchi Onwuka
Five multinational oil majors and one international national oil firm jointly posted whopping $110.9 billion profit in second quarter of the year, amplifying the role of the companies in meeting ever rising global energy demand.
The record profit which represents a 164 percent jump from the $42 billion profit recorded in the same period in 2021 also points at the intense demand pressure that sustains record prices in the international energy markets at a time global sentiments for energy transition.
According to a table of the world’s biggest petroleum industry earners in the second quarter of 2022 compiled by the Forbe’s magazine, the national oil firm of the Kingdom of Saudi Arabia, Aramco, led the profit chart with staggering $48.4 billion, a massive 89.8 percent improvement on last year’s second quarter profit figure of $25.5 billion.
The Oracle Today reports that Saudi Aramco is not just leading the profit chart, it is also the only national oil company in the list, exemplifying house state owned enterprises compete with private multinational private entities on commercial performance, transparency and resource accountability.
According to the chart, Shell’s second quarter financial performance also galloped from $3.4 billion in 2021 to enormous $18 billion in 2022, posting significant 429.4 percent profit increase.
ExxonMobil followed closely with $17.9 billion second quarter profit for 2022, leaping from $4.7 billion recorded in the same period in 2021. The 2022 Q2 profit for ExxonMobil translates to 280.9 percent improvement in profit performance.
Chevron also went bullish with its profit figures in the second quarter of 2022, growing its margins by massive 274.2 percent from $3.1 billion in 2021 to $11.6 billion.
BP enters the list with significant $9.3 billion profit for second quarter of 2022, boosting margins by 200 percent from $3.1 billion posted in the same period in 2021.
French supermajor, TotalEnergies, made the list with second quarter profit of $5.7 billion in 2022, improving its earnings by 159.1 percent from the $2.2 billion it posted for the same period in 2021.
On the whole, combined second quarter income for the six companies jumped by 164 percent from $42 billion in 2021 to $110.9 billion in 2022.
The position of Saudi Aramco in the list makes it an outstanding company not just in financial performance but remarkably for its commitment to best practices and resource accountability in a country ruled by an absolute monarch.
The Oracle Today reports that Saudi Arabia is the world’s second biggest oil producer, after the United States and followed by Russia. It currently pumps 12.4 million barrels per day and leads the Organization of Petroleum Exporting Countries (OPEC) and its allies.
Despite sitting on one of the largest oil and gas reserves on earth, the country is leading investments in renewable energy, building green cities and positioning for eventual energy transition.
Saudi Aramco also owns some of the world’s largest refining and gas liquefaction plants, making it a compelling global energy factor.
