Aramco Surges Amid Mideast Tensions, Net Profit Hits $32.7 Billion
Saudi Aramco reported a significant increase in its second-quarter profit, rising 44% year-on-year to $32.7 billion. The company's net income of 122.6 billion Saudi riyals for the April-June period was boosted by higher oil and gas prices due to the Middle East conflict. Despite facing disruptions and attacks on some of its facilities, Aramco maintained reliable crude oil supplies through its integrated logistics network.
The company credited its resilience during the Strait of Hormuz disruptions since the start of the Iran war to its East-West Pipeline, storage capacity, and export terminals. The 1,200-kilometer pipeline has become a crucial export route as shipping through the Gulf chokepoint remains heavily disrupted. Aramco said it kept production and exports on track by relying on this system.
Aramco's results are part of a wave of stronger earnings across the global energy sector, with oil majors such as Exxon Mobil and Chevron also reporting significant increases in profits. U.S. President Donald Trump accused these companies of making 'too much money' while American drivers face higher gasoline prices.