The net income of Saudi Arabia鈥檚 state-backed oil company Aramco increased by around 39.4% during the third quarter of 2022, according to the company's financial results on Tuesday.
Aramco reported a profit of around $30.4 billion in the third quarter of the year, against nearly $42.4 billion in the same quarter of 2021.
The statement said the profit was the result of the "ability to generate significant value through its low-cost upstream production and strategically integrated downstream business."
The company also increased its nine-month income by more than 67% to $130.3 billion.
Its revenue for the third quarter of 2022 was around $95.7 billion, up by more than $49.2 billion compared to its revenue for the same quarter of 2021.
It also reported $419.4 billion in revenue in the nine months of 2022, relative to $251.6 billion in the same period of last year.
"Against the backdrop of global underinvestment in our sector, we are extending our long-term oil and gas production capabilities while also working towards our previously stated ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions from our wholly-owned operated assets," company CEO Amin Nasser was quoted as saying in the statement.
- Aramco sees oil demand recovery for rest of decade
According to Aramco鈥檚 long-term view, oil demand will likely continue to grow for the rest of the decade, as will the world鈥檚 need for more affordable, reliable, and sustainable energy.
Aramco intends to meet this growing demand "by capturing unique growth opportunities and expanding its Maximum Sustainable Capacity (MSC), while enhancing integration of its Upstream and Downstream businesses and growing its liquids-to-chemicals capabilities.鈥�
By Sibel Morrow
Anadolu Agency
energy@aa.com.tr