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Oil giant Saudi Aramco recently released a report showing that the net profit in the second quarter was 48.
44 billion US dollars, and the net profit in the first half of the year was 87.
91 billion US dollars, which made Saudi Aramco the "profit king"
of the global listed company in the first half of the year.
Saudi Aramco currently has the world's largest onshore and offshore fields
.
As economies recover from the COVID-19 shock, oil demand recovers further, oil prices continue to rise, and Saudi Aramco's profits go up
.
Following the company's net profit in the first quarter of the year-on-year increase of more than 80%, the second quarter once again refreshed the company's quarterly earnings record
after the listing in 2019.
Saudi Aramco said that the profit increase in the second quarter was mainly due to higher crude oil prices and sales volumes, as well as higher
margins in the refining processing and sales sectors.
At the same time, Saudi Aramco is also expanding its natural gas projects, including the design and construction of new facilities such as gas plants to meet energy demand
.
Since the beginning of this year, due to the continuous impact of geopolitical conflicts, the global energy market has been disrupted, oil and gas prices have been continuously pushed up, and international oil prices have shown a volatile upward trend
.
Brent crude oil futures prices once hovered in the $100 to $120 range, resulting in soaring refining margins, coupled with companies to further control costs, in addition to Saudi Aramco, several other oil majors, such as ExxonMobil, Shell, Chevron and other second-quarter earnings are very strong
.
ExxonMobil's second-quarter net profit was $17.
85 billion, up more than
threefold sequentially.
Shell's second-quarter net profit reached a record high
of $11.
47 billion.
Chevron's second-quarter net profit of $11.
622 billion also achieved its most impressive report card
ever.
In short, almost every oil giant has appeared in the second quarter of this year's earnings report with the words
"record-breaking".
Industry insiders have called the second quarter a blowout moment for the oil industry, however, high energy prices have exacerbated inflation, put pressure on consumers, raised the risk of recession, and whether the oil industry's economic cycle can last remains to be seen
.
On the one hand, oil companies say that energy prices will still rise
sharply in the coming period as the supply and demand side will remain tight.
On the other hand, some insiders warned that the risk of recession is piling up, global oil demand may be suppressed, oil giants will face weak demand, and the prosperity of the oil industry will peak in the second or third quarter, after which it will decline
slightly.
Although it seems that the second-quarter earnings of many oil giants exceeded market expectations, as the energy transition gradually advances, it is no longer feasible for energy giants to rely entirely on traditional fossil energy business, and the future development of the oil industry will still face great challenges
.