Aramco Soars Past Strait of Hormuz Disruption with 33% Profit Hike
Aramco's Q2 profits soar by 33% to $33.4 billion, driven by elevated oil prices and the company's ability to bypass the Strait of Hormuz through its East-West pipeline.
The Saudi state-owned oil giant's revenue for the second quarter rose to $139.146 billion, mainly due to higher prices of refined and chemical products and crude oil, partially offset by lower volumes sold.
Aramco's CEO Amin H. Nasser attributed the company's resilience in the face of regional disruption to its diverse asset base and multi-decade planning, as well as its operational flexibility and extensive infrastructure.
The company maintained exports at a maximum capacity of 7 million barrels per day (mb/d) through the East-West pipeline, which runs from the Abqaiq oilfield in Eastern province to Yanbu on the Red Sea.