Aramco Defies Hormuz Disruption with Record $32.69 Billion Profit

Saudi Aramco's second-quarter profit surged by 44% to $32.69 billion, beating its first-quarter earnings of $32.54 billion. The company's adjusted net income stood at $33.4 billion, a year-over-year increase of 33%. Despite the Hormuz Strait disruption, which restricted oil shipments through the Gulf region, Aramco was able to bypass the strait and transport oil through its Yanbu and Jizan terminals via the East-West pipeline.

Aramco's CEO, Amin H. Nasser, attributed the company's resilience to its diverse asset base and multi-decade planning, which enabled it to maintain business continuity despite the challenging regional environment. The company's storage capacity and network of export terminals also helped sustain supplies to customers during the disruption.

Higher oil prices contributed to Aramco's earnings, with a 62% year-over-year increase in realised crude oil prices helping to offset reduced production due to the Hormuz closure. Aramco's capital expenditure increased to $13.2 billion from $12.3 billion a year earlier, as the company continued investments across its oil and gas portfolio.