The oil reporting season will reach a climax next week with the announcement of first half results from the biggest company in the sector, Saudi Aramco.
With strong crude prices for most of the six months to June 30, and rising output as OPEC+ constraints were steadily lifted during the period, analysts are expecting a big increase in profits from the Saudi oil giant.
Analyst Christian Malek at JP Morgan is forecasting around $23.7bn of net income, a huge jump on the $6.6bn Aramco reported last year after the oil price collapsed as the COVID-19 pandemic severely hit demand.
“Against a positively trending demand/price backdrop, we expect a robust quarterly net income print from Aramco,” Malek said in a recent report to investors.
Higher oil prices, seasonally higher gas volumes, strong conditions in the petrochemical business and higher throughput from the start up of the Jazan facility will contribute to a strong first half performance, he added.
With strong crude prices for most of the six months to June 30, and rising output as OPEC+ constraints were steadily lifted during the period, analysts are expecting a big increase in profits from the Saudi oil giant.
Analyst Christian Malek at JP Morgan is forecasting around $23.7bn of net income, a huge jump on the $6.6bn Aramco reported last year after the oil price collapsed as the COVID-19 pandemic severely hit demand.
“Against a positively trending demand/price backdrop, we expect a robust quarterly net income print from Aramco,” Malek said in a recent report to investors.
Higher oil prices, seasonally higher gas volumes, strong conditions in the petrochemical business and higher throughput from the start up of the Jazan facility will contribute to a strong first half performance, he added.
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