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7mo ago

Saudi Aramco Records Tenth Consecutive Profit Decline as Q2 Revenues Fall

Lower crude and chemical prices drove revenue down, prompting the company to secure fresh debt financing, uphold a US$21.3 billion dividend, plan for an output boost once OPEC+ cuts unwind in September.

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An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Picture taken May 21, 2018. REUTERS/Ahmed Jadallah
The world's biggest oil exporter has now seen profits decline for 10 straight quarters since record results in late 2022.
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Overview

  • Q2 adjusted net income stood at 92.04 billion riyals ($24.5 billion) with revenues of 378.83 billion riyals, down from 425.71 billion riyals a year earlier.
  • The slump reflects a tenth straight quarter of declining profits driven by lower crude, refined products and chemical prices.
  • Base and performance-linked dividends totalled US$21.3 billion, underscoring the company’s support for Saudi state finances.
  • Aramco has raised debt through $9 billion in late-2024 bond issues and a $5 billion sale earlier this year to shore up liquidity.
  • It plans to ramp up production when OPEC+ unwinds the last 2.2 million barrels per day of voluntary cuts in September to meet expected second-half demand growth.