Saudi Aramco Q2 profit rose 33% to $33.4 billion on oil-price surge
What's next: Aramco kept its $21.9 billion base dividend even as Red Sea tanker threats add fresh risk to exports.
Saudi Aramco posted a 33% jump in second-quarter profit as the U.S.-Iran war drove oil and fuel prices higher and disrupted flows through the Strait of Hormuz. Adjusted net income for April through June rose to 125.2 billion riyals, or $33.4 billion, topping analyst estimates. The company said it kept exports moving by routing crude through its 1,200-kilometer East-West pipeline to the Red Sea, with capacity of 7 million barrels a day. Aramco said higher crude, refined-product and chemical prices lifted revenue, though sales volumes fell. Liquids production dropped 28% to 7.57 million barrels a day. The company maintained its quarterly base dividend at about $21.9 billion, while gearing rose to 6.2% from 4.8% at the end of the first quarter.