Mon 07-08-2023 14:23 PM
RIYADH, 7th August, 2023 (WAM) — Saudi Arabia’s Aramco has announced second-quarter and half-year 2023 results, delivering strong profitability and cash flows, enabled by low-cost production and high supply reliability.
Aramco’s net income reached US$30.1 billion in Q2 bringing the H1’23 total to US$62.0 billion, while its cash flow from operating activities H1’23 soared to US$73.3 billion, with US$33.6 billion recorded in Q2.
Meanwhile, the Saudi Arabian oil company’s free cash flow reached US$23.2 billion and US$54.1 billion in Q2’23 and H1’23 respectively.
Commenting on the results, Aramco President and CEO Amin H. Nasser said, “Our strong results reflect our resilience and ability to adapt through market cycles. We continue to demonstrate our long-standing ability to meet the needs of customers around the world with high levels of reliability.
“At Aramco, our mid to long-term view remains unchanged. With a recovery anticipated in the broader global economy, along with increased activity in the aviation sector, ongoing investments in energy projects will be necessary to safeguard energy security.
“We are maintaining the largest capital spending programme in our history, with the aim of increasing our oil and gas production capacity and expanding our Downstream business — with petrochemicals projects, such as our US$11 billion expansion of the SATORP refinery with TotalEnergies, essential to meet future demand.”
Tariq Al Fahaam/ Amjad Saleh