Saudi Arabian oil giant Aramco reports $30B in Q2 profits, down nearly 40% from last year

Saudi Arabia’s state-run oil giant Aramco made $30 billion in profit in the second quarter, a nearly 40% decline from the same period the previous year, which it attributed to lower crude oil prices.

Total sales stood at just over 400 billion riyals (about $106 billion), down from 562 billion riyals ($150 billion in the second quarter of 2022. In an earnings report filed with the Saudi stock exchange Monday, Aramco said the decrease “mainly reflected the impact of lower crude oil prices and weakening refining and chemicals margins.”

Last week, Fortune magazine ranked Aramco, officially known as the Saudi Arabian Oil Co., the second biggest company in the world by revenue, behind only Walmart and ahead of Amazon and Apple. That came after the oil company reported a profit of over $160 billion in 2022, the largest ever recorded by a publicly traded firm.

Those kinds of earnings will