Saudi Arabia's state-run oil giant Aramco made US$30 billion in profit in Q2 ended June 30, 2023 reflecting around 40% decline from the corresponding period the previous year due to lower crude oil prices. Cash flow from operating activities stood at US $33.6 billion during the quarter. Total sales stood at around US$106 billion, down from US$150 billion in the second quarter of 2022.

Commenting on the results Aramco President & 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. For our shareholders, we intend to start distributing our first performance-linked dividend in the third quarter. 

“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 program 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 $11 billion expansion of the SATORP refinery with TotalEnergies, essential to meet future demand.

“At the same time, we remain optimistic about the potential for new technologies to reduce our operational emissions, and our recent blue ammonia shipments to Asia highlight the growing market interest in the potential of alternative, lower-carbon energy solutions.”