Saudi Aramco Q2 2026 Net Profit Jumps 33% to $33.4 Billion; Maintains 7 Million bpd Export Capacity

Saudi Aramco's net profit for the second quarter of 2026 reached $33.4 billion, up 33% year on year. First-half net profit was $67.181 billion, up 29% year on year. Revenue for the period was $139.146 billion, up 28.2% year on year, while operating costs were $81.506 billion, up 27.3%. The earnings growth was mainly driven by higher international crude prices, but partly offset by lower sales volumes.

The average crude oil selling price in the second quarter was $108.1 per barrel, up 62% year on year and 41% quarter on quarter. Brent crude averaged about $97. Liquids production fell 28% to 7.57 million barrels per day, while natural gas production fell 16%. The company said crude supply remained high despite continued uncertainty in Middle East geopolitical conditions.

Due to the blockade of the Strait of Hormuz, Saudi Aramco used the East-West pipeline to bypass the strait, maintaining export capacity of 7 million barrels per day. The company continues to improve export infrastructure on the Red Sea coast to enhance supply flexibility, and uses all available export routes, including the Bab el-Mandeb Strait, the Suez Canal and the Suez-Mediterranean pipeline.

The board declared a second-quarter base dividend of $21.9 billion, to be paid over three months. Despite free cash flow of $12.3 billion for the period, the company maintained its dividend level. The leverage ratio rose to 6.2% from 4.8% in the first quarter, reflecting the impact of continued dividend payments on its financial position.

President and Chief Executive Officer Amin Nasser said the Strait of Hormuz blockade has removed about 100 million barrels of oil from global markets per week, calling it the largest oil supply shock in history.