The oil and gas company, which is nearly entirely state-owned, said it also saw a 90 per cent surge in the second quarter of 2022 compared to last year at this time.
"In the world of digital business, if you wait until you need to make a change in your technology infrastructure, you’ve waited too long."
Aramco, which recently became the world’s most valuable company, could sell a 30% stake in the division
The bumper first-quarter earnings by the firm formally known as the Saudi Arabian Oil Co. show a record net income of $39.5 billion, up fom $21.7 billion during the same period last year.r
Aramco traded near its highest level on record on Wednesday, with a market capitalization of about $2.43 trillion, surpassing that of Apple for the first time since 2020. The iPhone maker fell 5.2% to close at $146.50 per share, giving it a valuation of $2.37 trillion.
The Saudi Arabian national petroleum and natural gas company, billed as the largest oil producing company in the world, was valued at $2.42 trillion based on the price of its shares at close of market.
The Saudi Arabian firm, like rivals such as BP Plc and Chevron Corp., has experienced a sharp turnaround from 2020, when the coronavirus pandemic hammered energy demand and forced it to shelve several projects.
The results followed news of the overnight attacks by Yemen's Iran-backed Huthi rebels, which caused no reported casualties but hit targets including Aramco facilities and a water desalination plant.
By 2027, Aramco hopes to increase crude oil "maximum sustainable capacity" to 13 million barrels per day, and bump up gas production by more than 50% by 2030.
Saudi Aramco and other investors have shown initial interest in investing in Reliance's clean energy unit.
Analysts reckon the decision would not have any material repercussions on Reliance's fundamentals
RIL will, however, continue to be Saudi Aramco’s partner for investments in the private sector in India and will collaborate for investments in Saudi Arabia.
Brent crude was up by 90 cents or 1.1% at $83.64 a barrel, after dropping nearly 2% last week. U.S. oil gained 87 cents or 1.1% to $82.14, having declined almost 3% through Friday.
Saudi Arabia’s majority state-owned oil giant Aramco said its net income more than doubled from $11.8 billion during the same three-month period a year earlier. Last year’s figure came after profits plunged dramatically as global coronavirus lockdowns slammed oil prices
Saudi Arabia's Energy Minister Abdulaziz bin Salman said that a major portion of gas from the $110 billion Jafurah development will be used for blue hydrogen.
Saudi Arabia, the world's top crude exporter, said it would also join a global effort to cut methane emissions by 30 percent by 2030.
Disclosing the results of shareholder votes on the appointment, Reliance in a regulatory filing said 98.03 per cent of votes were cast in favour of the resolution to appoint Al-Rumayyan for three years.
Demand for energy is picking up, despite the ongoing coronavirus pandemic’s continued toll on travel and other key gas-guzzling sectors.
The California State Teachers’ Retirement Fund, a shareholder of the Indian conglomerate, had last week decided to vote against the move based on U.S. proxy advisory research firm Glass Lewis’ recommendation, BloombergQuint had reported.
Sensex was up 0.3% at and Nifty ended 0.2% higher led by gains in metals and FMCG stocks. Reliance Industries led the rally today as it surged over 2 percent after a report suggested Saudi Aramco is in advanced talks to acquire a stake in its oil refining business.
Saudi Aramco said its net profit rose to $25.5 billion in the second quarter of the year, compared to $6.6 billion in the same quarter of 2020, owing to a stronger oil market and higher refining and chemicals margins.
Reliance Industries announced the induction of Saudi Aramco chairman Yasir Al-Rumayyan as an independent director to its board. The move signals that the deal between the two companies is back on track. Al-Rumayyan will replace YP Trivedi on the board, RIL Chairman Mukesh Ambani said at the company’s AGM on June 24.
The refiners - Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd - normally buy 14.8 million-15 million barrels of Saudi oil a month.
Saudi Arabia was in discussions to sell 1% of Aramco to a leading global energy company and could sell further shares including to international investors within the next year or two, Crown Prince Mohammed bin Salman said in televised remarks on Tuesday.
If the deal is finalised, it would also be the first time when Saudi Aramco would pay for a transaction using shares.