Saudi Aramco profits soar in second quarter as Iran war squeezes oil supply
Saudi Aramco on Tuesday reported a jump in second-quarter profit, following a period of severe disruption through the Strait of Hormuz amid the sprawling...
Key points
- Saudi Aramco on Tuesday reported a jump in second-quarter profit, following a period of severe disruption through the Strait of Hormuz amid the sprawling Middle East conflict.
- The world's largest oil company posted adjusted net income of 125.2 billion Saudi riyal ($33.4 billion) over the April to June period, beating analyst expectations of $31.59 billion.
- Aramco has responded to the Iran war by leveraging its 1,200-kilometer (746 miles) East-West pipeline to the Red Sea, bypassing the Strait of Hormuz, to maintain exports at a maximum capacity of 7 million barrels per day.
- Key highlights from Q2: - Cash flow from operating activities came in at $25.4 billion in the second quarter.
What happened
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Saudi Aramco on Tuesday reported a jump in second-quarter profit, following a period of severe disruption through the Strait of Hormuz amid the sprawling Middle East conflict. The world's largest oil company posted adjusted net income of 125.2 billion Saudi riyal ($33.4 billion) over the April to June period, beating analyst expectations of $31.59 billion. Aramco has responded to the Iran war by leveraging its 1,200-kilometer (746 miles) East-West pipeline to the Red Sea, bypassing the Strait of Hormuz, to maintain exports at a maximum capacity of 7 million barrels per day. Key highlights from Q2: - Cash flow from operating activities came in at $25.4 billion in the second quarter. - Aramco said it continues to utilize its East-West pipeline to increase supply flexibility. "Despite the unprecedented supply disruption through the Strait of Hormuz, we continued to demonstrate our ability to maintain business continuity by capitalizing on our diverse asset base and multi-decade planning, including strategic infrastructure such as the East-West Pipeline, storage capacity, and export terminals," Aramco President and CEO Amin H.