Saudi Aramco posted the biggest profit of any listed company, recording an incredible $48.4 billion in the second quarter of 2022.
Bloomberg reports the company’s profit nearly doubled from the $25.5 billion it recorded a year earlier.
The Saudi-state-owned company is using the cash generated to reduce its debts and fund a massive expansion of its production capacity.
The company is gambling that demand for its oil and chemicals will remain high, even though governments are looking to move away from using fossil fuels.
CEO Amin Nasser, whose pay is a relatively modest $5 million a year, said he “expects oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts”
Energy companies have all reported huge profits since the Russian invasion of Ukraine sent oil prices above $100 a barrel.
BP and Shell have already recorded their own massive profits since the start of the crisis.
Aramco is also looking to work with partners to invest in carbon capture, renewable energy, and hydrogen production, as part of a goal to reach net zero carbon emissions by 2050.
At the same time, it’s looking to increase its maximum oil production capacity to 13 million barrels a day and gas production up by 50 percent.