Saudi oil giant reports $33.4bn profit while sustaining production and exports.
Dubai: Houthi attacks on Saudi Arabia in July did not have a material impact on Aramco’s production capabilities, the state oil giant’s chief executive said on Tuesday, despite strikes targeting facilities along the Red Sea coast and other locations.
“The attacks had no material impact on our capabilities,” Aramco President and Chief Executive Amin H. Nasser told reporters during a media briefing.
His remarks came as Aramco reported adjusted net income of $33.4 billion for the second quarter of 2026, bringing its first-half adjusted earnings to $67.2 billion.
The company also maintained uninterrupted production and exports despite disruptions in the Strait of Hormuz, relying on its East-West Pipeline, storage facilities and export terminals to ensure a steady flow of supplies across its network.
“Despite the unprecedented supply disruption through the Strait of Hormuz, we demonstrated our ability to maintain business continuity by leveraging our diversified asset base and decades of strategic planning, including critical infrastructure such as the East-West Pipeline, storage facilities and export terminals,” Nasser said.
Aramco said this infrastructure enabled it to sustain production and exports while continuing to advance major oil and gas projects despite heightened regional tensions.
The company reported cash flow from operating activities of $25.4 billion in the second quarter, bringing the first-half total to $56.2 billion.
Free cash flow reached $12.3 billion in the second quarter and $30.9 billion for the first six months of the year. Aramco said the quarterly figure was affected by a $13.6 billion increase in working capital.
Aramco declares $21.9bn dividend
Aramco’s board approved a second-quarter base dividend of $21.9 billion, which is scheduled to be paid during the third quarter.
The company’s gearing ratio rose to 6.2 per cent at the end of June, up from 4.8 per cent at the end of March.
“We have entered the second half of the year with solid financial and operational momentum, backed by one of the strongest balance sheets in the sector, sustainable and progressive base dividend distributions, and a clear focus on our strategic growth objectives,” said Amin H. Nasser, Aramco’s President and Chief Executive.
“Even through periods of uncertainty, Aramco has remained focused on its long-term priorities. Our disciplined execution, combined with our low-cost, highly reliable operations, has continued to support our profitability,” he added.
Oil and gas projects remain on track
Aramco said work on its major oil and gas developments continues to progress as planned, with the Zuluf crude oil increment project on track for completion in 2026 and the Fadhili Gas Plant expansion expected to be completed in 2027.
The company added that the first phase of the Jafurah Gas Plant continues to deliver steady sales gas production, while procurement and construction are advancing on the second phase, which is scheduled for completion in 2027.
As part of its downstream portfolio optimisation strategy, Aramco also agreed to sell its entire equity stake in PRefChem.
Nasser said ongoing geopolitical uncertainty and declining global oil inventories had reinforced the importance of energy security and maintaining additional production capacity.
“With geopolitical uncertainty and declining global inventories, the importance of energy security and additional production capacity has never been clearer,” Nasser said.
“Our ability to respond quickly to short-term market dynamics, ramp up production when needed, and continue investing in strategic projects and technology reinforces our role in supporting the global economy,” he added.
