Saudi Aramco profit jumps as oil prices soar
Soaring oil prices, boosted by sanctions on Russian oil has helped Saudi Aramco shares rise 25% so far this year
Soaring oil prices has led to big profits at Saudi Aramco.
The Saudi state oil company reported a 90% rise in second-quarter profit on Sunday, beating analyst expectations.
Besides higher oil prices, earnings jumped with help from volumes sold and refining margins.
The company expects "oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts," Aramco chief executive Amin Nasser said in the earnings report.
An oil tank is seen at the Saudi Aramco headquarters during a media tour at Damam city. (REUTERS/ Ali Jarekji / Reuters Photos)
Aramco's net profit for the quarter rose to $48.39 billion, topping expectations of $46.2 billion, according to the mean estimate from 15 analysts.
SAUDI OIL GIANT ARAMCO'S FIRST-QUARTER PROFITS SURGE 80%
It declared a dividend of $18.8 billion in the quarter, which will be paid in the third quarter.
Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference. (REUTERS/Hamad I Mohammed/File Photo / Reuters Photos)
Aramco joins other oil majors that have reported strong results in recent weeks.
ARAMCO PROFIT HITS $110 BILLION AS SAUDIS SEEK TO EXPAND INVESTMENTS
A man walks past a Saudi Aramco compound. (AP Photo/Amr Nabil / Associated Press)
On July 29, Exxon Mobil Corp posted its biggest quarterly profit ever, a net income of $17.9 billion.
CLICK HERE TO READ MORE ON FOX BUSINESS
Aramco shares have risen over 25% this year as oil and natural gas prices have scaled multi-year highs after Western sanctions against major exporter Russia squeezed an already under-supplied global market.
Reuters contributed to this report.