3D printed natural gas pipeline on February 8, 2022.
Dado Ruvic | Reuters
State oil giant Saudi Aramco reports $29.1 billion net profit in Q2, down just over Down 3% year-on-year as crude oil production remains low.
Aramco reaffirmed its Q2 basic dividend of $20.3 billion and declared a performance dividend of $10.8 billion to be paid in Q3.
Saudi Arabia produced 8.99 million barrels per day in the second quarter, according to a report. OPEC Report July cite secondary sources
“We have once again delivered market-leading performance, with strong earnings and cash flow in the first half of the year,” Aramco CEO Amin Nasser said in a company press release.
“Leveraging this strong earnings stream, we continue to deliver a sustainable and progressive base dividend, along with a performance dividend to share profits with our shareholders.”
Many forecasters expect the oil company’s revenue to be largely flat. Analysts at Riyadh-based brokerage Al Rajhi Capital wrote in a July 22 report that they “expect Saudi Aramco’s revenue in Q2 2024 to be roughly flat year-on-year, as lower production is largely offset by higher Brent prices compared to Q2 2023.”
The kingdom’s gross domestic product growth has fallen for four consecutive quarters, which economists say is largely due to oil production cuts. The country’s General Statistics Office reported that the overall decline in the second quarter was due to an 8.5% contraction in Saudi Arabia’s oil sector.
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