Future-proofing Aramco

Record profits allow for investment drive not just in the upstream but also the downstream and in lower-carbon

State oil heavyweight Saudi Aramco’s vast $48.8bn second-quarter profit—the biggest of any listed company worldwide—came as little surprise, given the oil market’s sustained bull run. The firm’s commitment to ploughing its windfall into an upstream expansion programme, designed to ensure it is not only a key player while the world has—in its view—continued long-term need for its core product, but also the ‘last man standing’ as and when oil demand finally goes into retreat, is also familiar ground. But it is also showing awareness of the gathering decarbonisation storm clouds. And it is likewise investing heavily to armour its business. Financial metrics were predictably glittering across th