Saudi Aramco saw its adjusted net income jump by 33% for the second quarter from a year earlier as high oil prices and the oil giant’s ability to re-route most crude exports more than offset the constrained flows at the Strait of Hormuz.
The state giant Aramco on Tuesday reported an adjusted net income of $33.385 billion for the second quarter, up by 33% from the $25.19 billion for the same period of 2025 and beating an analyst consensus of about $31 billion.
Saudi Aramco’s average realized crude oil price jumped to $108.1 per barrel for April to June, the period in which Brent oil prices averaged $97 a barrel.
The oil giant’s average realized price compares with $76.9 per barrel realizations for the first quarter of the year and $66.7 a barrel for the second quarter of 2025.
Aramco kept its Q2 2026 base dividend of $21.9 billion, to be paid in the third quarter to shareholders, the majority of which is the Kingdom of Saudi Arabia.
Despite the major disruption to flows in the second quarter, Aramco benefited from its diverse asset base, including strategic infrastructure such as the East-West Pipeline, storage capacity, and export terminals, President and CEO Amin Nasser said.
“That enabled us to sustain production and exports while advancing key projects, despite the challenging regional environment,” the executive noted.
Ziad Al-Murshed, Aramco’s Executive Vice President and CFO, commented, “Our resilience stems from decades of long-term planning and our strategic domestic and international infrastructure that provide flexibility and optionality.”
Saudi Aramco has re-routed its crude oil exports to the Red Sea port of Yanbu to avoid the Strait of Hormuz constraints. But this new route was challenged two weeks ago when the Iran-aligned Houthis threatened to block Saudi-linked shipments in the Red Sea and the Bab el-Mandeb Strait, prompting dark transits through Bab el-Mandeb and new re-routing of oil exports northward to Egypt and the Suez Canal.
By Tsvetana Paraskova for Oilprice.com
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