Saudi Aramco says Houthi attacks had no material impact, reports $33.4b adjusted Q2 net income
Saudi oil giant maintained production and exports while posting $33.4 billion profit
Dubai: Houthi attacks on Saudi Arabia had no material impact on Aramco’s production capabilities, the state oil company’s chief executive said on Tuesday, after strikes targeted operations on the Red Sea coast and elsewhere in July.
The attacks had “no material impact on our capabilities”, Aramco President and Chief Executive Amin H. Nasser said during a call with reporters.
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His comments came as the company reported adjusted net income of $33.4 billion for the second quarter of 2026 and $67.2 billion for the first half.
Aramco also maintained production and exports despite disruption through the Strait of Hormuz, using its East-West Pipeline, storage capacity and export terminals to keep supplies moving across its network.
“Despite the unprecedented supply disruption through the Strait of Hormuz, we continued to demonstrate our ability to maintain business continuity by capitalising on our diverse asset base and multi-decade planning, including strategic infrastructure such as the East-West Pipeline, storage capacity, and export terminals." Nasser said.
The company said the infrastructure enabled it to sustain production and exports while continuing work on major oil and gas projects during a period of regional instability.
Cash flow from operating activities reached $25.4 billion during the second quarter and $56.2 billion during the first half.
Free cash flow stood at $12.3 billion for the quarter and $30.9 billion for the six-month period, with the second-quarter figure affected by a $13.6 billion working capital build.
Aramco declares $21.9 billion dividend
Aramco’s board declared a second-quarter base dividend of $21.9 billion, scheduled to be paid in the third quarter.
The company’s gearing ratio increased to 6.2% at the end of June from 4.8% at the end of March.
We have entered the second half of the year with solid financial and operating momentum with one of the strongest balance sheets in the sector, sustainable and progressive base dividend distributions, and a clear focus on our strategic growth objectives.Amin H. Nasser, President & CEO of Aramco
Even through periods of uncertainty, Aramco has stayed anchored to its long-term priorities. Our disciplined execution, combined with our lower-cost and higher-reliability operations, has supported our profitability.”
Oil and gas projects remain on schedule
The Zuluf crude oil increment remains on track for completion in 2026, while the Fadhili Gas Plant expansion is scheduled to be completed in 2027.
Phase one of the Jafurah Gas Plant maintained steady production of sales gas, while procurement and construction work continued on the second phase, which is expected to be completed in 2027.
Aramco also agreed to sell its entire equity interest in PRefChem as part of its downstream portfolio optimisation plans.
Nasser said geopolitical uncertainty and declining global inventories had increased the importance of energy security and additional production capacity.
“With geopolitical uncertainty and declining global inventories, the importance of both energy security and energy addition has never been clearer,” he said.
“Our role in swiftly responding to short-term market dynamics, coupled with our ability to ramp up production and focus on strategic investment and technology deployment, reinforce our continued position in the global economy.”
- With inputs from AFP.
