Will Saudi Aramco and Other Oil Majors Continue to Shine After Stellar Q2 Results?
Oil giant Saudi Aramco (The Saudi Arabian Oil Company) recently reported impressive second-quarter results, thanks to soaring energy prices. Aramco’s Q2 net income surged 90% to $48.4 billion, fueled by higher crude oil prices, increased volumes, and solid refining margins. Free cash flow grew 53% to $34.6 billion and helped Aramco declare a dividend of $18.8 billion for the second quarter. Like Aramco, oil majors like ConocoPhillips (COP), Exxon Mobil (XOM), and Chevron (CVX) also posted strong Q2 results. Despite concerns about the decline in energy prices over recent days amid fears of an economic slowdown, Wall Street analysts remain bullish on the prospects of oil companies.
Will Saudi Aramco and Other Oil Majors Continue to Shine After Stellar Q2 Results?
Oil giant Saudi Aramco (The Saudi Arabian Oil Company) recently reported impressive second-quarter results, thanks to soaring energy prices. Aramco’s Q2 net income surged 90% to $48.4 billion, fueled by higher crude oil prices, increased volumes, and solid refining margins. Free cash flow grew 53% to $34.6 billion and helped Aramco declare a dividend of $18.8 billion for the second quarter. Like Aramco, oil majors like ConocoPhillips (COP), Exxon Mobil (XOM), and Chevron (CVX) also posted strong Q2 results. Despite concerns about the decline in energy prices over recent days amid fears of an economic slowdown, Wall Street analysts remain bullish on the prospects of oil companies.