The Saudi oil company “Aramco” announced record results for the first quarter of 2022
Saudi Aramco announced record results for Q1 2022 with a net income increase of 82 per cent, driven by higher volumes and pricing.
Aramco announced that Net Income increased 82 per cent in the first quarter of 2022 compared to the first quarter of 2021. The statement said from $21.7 billion in 2021 to $39.5 billion in 2022, due in part to soaring oil prices, higher sales volumes, and improved downstream margins. It also says cash flow from operating activities increased 44.1 per cent to $38.2 billion in Q1 2022 (Q1 2021: $26.5 billion), and capital expenditures were $7.6 billion.
“Energy security is vital, and we are investing for the long term, expanding our oil and gas production capacity to meet anticipated demand growth and creating long-term shareholder value by capitalising on our low lifting cost, low upstream carbon intensity, and integrated downstream business.“ Aramco President & CEO Amin H. Nasser
It is essential to highlight the following important information from the press release:
- Aramco has also approved the distribution of one bonus share (for every ten shares held) to shareholders.
- The Hawiyah and Haradh compression projects (raw gas) are expected to begin full operation by the end of 2022.
- The company highlighted its commitment to tackling emissions through the Middle East and North Africa region’s voluntary carbon market (VCM), in line with Aramco’s goal of achieving zero net greenhouse gas emissions by 2050
“As we collaborate with domestic and international partners to explore new and emerging technologies and solutions, from developing cleaner transport technologies to establishing low-carbon hydrogen and ammonia value chains, I am more optimistic than ever about the positive contribution we can make, both to our customers and to the ongoing global energy transition.” Aramco President & CEO Amin H. Nasser
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