Aramco’s net income in the past quarter was the highest since the company’s listing in 2019
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
Also in this section
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
19 November 2024
Energy minister says country is delaying first oil production until pipeline and refinery are ready
