Aramco Sees 42% Jump in Q2 Profit as Oil Prices Soar

Saudi Aramco reported a significant increase in its second-quarter net profit, despite supply disruptions caused by regional war and attacks on Saudi export infrastructure. The company's net profit attributable to shareholders rose by about 42% to 121.5 billion Saudi riyals ($32.4 billion) for the three months ending June. This jump was driven by higher prices of refined and chemical products and crude oil, which offset lower volumes sold.

The global energy sector has faced challenges in recent months due to the ongoing conflict between Iran and the US, with tensions escalating in July after a collapsed interim peace deal. Saudi Aramco's president and CEO Amin Nasser stated that the company was able to maintain business continuity by leveraging its diverse asset base and multi-decade planning. This included strategic infrastructure such as the East-West pipeline, storage capacity, and export terminals.

The realised crude price averaged $108.10 a barrel during the quarter, up from $66.7 a barrel in the same period last year and $76.9 a barrel in the first quarter. Hydrocarbon production averaged 9.46 million barrels of oil equivalent per day, down from 12.61 million barrels due to production cuts after Iran closed the Strait of Hormuz.