WASHINGTON (dpa-AFX) - State-run Saudi Arabian Oil Co. or Saudi Aramco (2222) reported Tuesday that its second-quarter profit and revenues declined from last year, with weak prices, despite growth in hydrocarbon production.
In the second quarter, net income dropped to $22.67 billion from last year's $29.07 billion.
Adjusted net income was $24.54 billion, compared to $28.45 billion a year ago.
Revenue and other income related to sales fell to $108.57 billion from prior year's $125.50 billion.
The decrease in revenue was mainly due to lower crude oil prices and lower refined and chemical products prices, partially offset by higher traded volumes of crude oil compared to the same quarter of the previous year.
Total hydrocarbon production was 12,780 mboed, higher than 12,3184 mboed last year.
Further, the Board declared second-quarter base dividend of $21.1 billion and performance-linked dividend of $0.2 billion, to be paid in the third quarter.
Looking ahead, Aramco President & CEO Amin Nasser said, 'Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half. Our long-term strategy is consistent with our belief that hydrocarbons will continue to play a vital role in global energy and chemicals markets, and we are ready to play our part in meeting customer demand over the short and the long term.'
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