DUBAI: Saudi Arabian oil company Aramco reported a 22% drop in second-quarter profit on Tuesday, mainly due to lower revenue.
The world’s top oil exporter reported a net profit of $22.7 billion in the three months ended June 30, missing a company-provided median estimate from 17 analysts of $23.7 billion.
Aramco’s average realised crude oil price was $66.7 a barrel in the quarter, down from $85.7 in the second quarter of 2024 and $76.3 in the first quarter of this year.
The company, long a cash cow for the Saudi state, confirmed a previously outlined $21.3 billion in total dividends for the second quarter, roughly $200 million of which is performance-linked dividends, a mechanism introduced after a windfall from oil prices in 2022 following Russia’s invasion of Ukraine.
Aramco in March outlined total dividends of $85.4 billion for 2025 - a 37% drop from its payout of over $124 billion the previous year.
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