Saudi Aramco reported an adjusted net income of 125.2 billion Saudi riyal ($33.4 billion) for the second quarter, surpassing analyst forecasts of $31.59 billion. This increase in profit comes amid rising fossil fuel prices driven by the ongoing conflict between the U.S. and Iran, which has expanded to involve additional countries in the region.
To mitigate the impact of disruptions in the Strait of Hormuz, Aramco has effectively utilized its East-West pipeline, allowing it to maintain export levels at a maximum capacity of 7 million barrels per day. The company also reported cash flow from operating activities of $25.4 billion and a gearing ratio of 6.2% at the end of June, up from 4.8% in the previous quarter. CEO Amin H.
Nasser emphasized the company's ability to sustain production and exports through strategic infrastructure and planning, despite the challenging environment. Additionally, Aramco's board announced a base dividend of $21.9 billion to be distributed in the coming months