Saudi Aramco Q1 2022 earnings exceptional; working to achieve growth targets: CEO

Amin Nasser, President and CEO of Saudi Aramco

Saudi Arabian Oil Co. (Saudi Aramco) continued its progress, achievements and interaction with the markets, which led to exceptional earnings in Q1 2022, President and CEO Amin Nasser said in a statement.

The oil giant set a new quarterly earnings record since its initial public offering (IPO) in 2019, Nasser said, adding that the Q1 2022 earnings were, in fact, among the strongest worldwide.

“Against the backdrop of increased volatility in global markets, we remain focused on helping meet the world’s demand for energy that is reliable, affordable and increasingly sustainable,” the CEO said.

He added that energy security is vital and the company is investing for the long term, expanding its oil and gas production capacity to meet anticipated demand growth and creating long-term shareholder value.

“During the first quarter, our strategic downstream expansion progressed further in both Asia and Europe, and we continue to develop opportunities that complement our growth objectives,” Nasser said.

He indicated that Aramco collaborates 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,” the CEO noted.

Aramco reported an 82% surge in Q1 2022 net profit after minorities to SAR 143 billion, compared to SAR 81.44 billion a year earlier, according to data available with Argaam.