Saudi energy giant Aramco reported a quarterly profit of approximately $32 billion, according to the company's financial statement, and stated that attacks on its facilities had no material impact on its financial position.
Saudi energy giant Aramco reported a quarterly profit of approximately $32 billion, according to the company's financial statement, and stated that attacks on its facilities had no material impact on its financial position. The report comes amid a series of attacks on Aramco's infrastructure by Iran-backed Houthi rebels in Yemen. As The Zioneer reported on July 28, a Houthi strike on Aramco's Jazan refinery forced a shutdown that removed 14% of the Kingdom's domestic refining capacity, with repairs expected to take until mid-August. The company's statement that such attacks had no material financial effect suggests that its core revenue stream from oil sales remained robust, likely supported by elevated global oil prices amid the ongoing regional conflict. The profit figure reflects strong operational performance despite the security challenges facing the Kingdom's energy sector.
2 developments
- ConfirmedSaudi Aramco's Jazan refinery shut, repairs expected by August 15 after Houthi strike
- DevelopingExxonMobil posts $14.5 billion profit on war-driven oil price surge
- DevelopingSaudi Aramco resumes oil loading at Ras Tanura after four-month Strait of Hormuz pause
- DevelopingOil prices top $100 for second time in two days after Houthis target Saudi vessels in Red Sea
Source and signal
- Open-source intake