Saudi Aramco posted a record first-quarter net profit of riyal (SR) 148bn (USD39.5bn), up by about 82% year on year, thanks for strong crude oil prices and sales volumes, as well as improved downstream margins, said the company.
The energy giant’s total hydrocarbon production in the first three months of the year stood at 13m boe/day (barrels of oil equivalent per day), Saudi Aramco said in a statement on 15 May. Capital expenditure in January-March 2022 was USD7.6bn, it said.
“Aramco continues to expect capital expenditure to grow until around the middle of the decade, to support the company’s long-term strategy realization,” it said. During the quarter, Saudi Aramco made a final investment decision to jointly develop a major integrated refinery and petrochemical complex in China with North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group.
The joint venture to be called Huajin Aramco Petrochemical Company (HAPCO) plans to build a 300,000 bbl/day refinery and petrochemicals complex. Saudi Aramco expects its full-year 2022 capex of USD40bn-50bn, which was 25-57% higher than the USD31.9bn spent in 2021, amid elevated oil prices.
At 11:42 Singapore time (03:42 GMT), Brent crude was trading at USD109.65/bbl, while WTI was at USD108.74/bbl.
As per MRC, Aramco is exploring further collaboration with Thailand’s national oil company PTT, as it expands its downstream presence in Asia. The two companies signed a memorandum of understanding at a ceremony in Bangkok on May 11. The companies aim to strengthen cooperation across crude oil sourcing and the marketing of refining and petrochemical products and LNG. Other potential areas of activity include blue and green hydrogen and various clean energy initiatives.
Saudi Aramco, officially the Saudi Arabian Oil Company, is a Saudi Arabian national oil and natural gas company based in Dhahran, Saudi Arabia. Saudi Aramco's value has been estimated at up to USD10 trillion in the Financial Times, making it the world"s most valuable company. Saudi Aramco has both the largest proven crude oil reserves, at more than 260 billion barrels, and largest daily oil production.
mrchub.com