Benzinga Logo

IMPORTANT MESSAGE: Benzinga's internal motto is "By the People, For the People" and for this reason we are giving away our #1 options trade alerts for only $1 today only. Click Here Now to Get 2 Bear Market Beating Options Trade Alerts for $1.


Saudi Aramco Q2 Profit Soars To Nearly 300% On Global Demand Recovery

On Sunday, the world's largest oil exporter Saudi Aramco reported that its net profit rose to $25.5 billion in the second quarter of the year, compared to $6.6 billion in the same quarter of 2020, with the global easing of COVID-19 restrictions, Reuters reports. 

  • The company declared a dividend of $18.8 billion in the second quarter. It will be paid in the third quarter.
  • Aramco's free cash flow was $22.6 billion in the second quarter and $40.9 billion for the first half of 2021.
  • Aramco's Capital expenditure was $7.5 billion in the second quarter and $15.7 billion for the first half of 2021. 
  • According to the company, 2021 capital expenditure was expected to be approximately $35 billion.
  • In the second quarter of 2019, prior to the pandemic, the company posted a net profit of $24.7 billion.
  • The company's net income fell by 44.4% to $49 billion in 2020 as demand for oil was hit due to the COVID-19 lockdowns.  
  • Washington DC-based EIG Global Energy Partners is buying 49% of Aramco's pipelines business for $12.4 billion.
  • In a statement, Aramco's CEO Amin Nasser has said that global oil demand was expected to hit 99 million barrels a day by the end of the year and 100 million barrels next year. 
  • "We continue to move forward on a number of strategic programs, which focus on sustainability and low-carbon fuels, maximizing the value of our assets, and advancing our downstream integration and expansion journey," Nasser added. 
  • Other global oil giants have reported more robust profits this year. Exxon Mobil's (NYSE:XOM) net income was $4.69 billion, Royal Dutch Shell reported a quarterly profit of $5.53 billion.  
  • Last month, the company agreed to continue to modestly boost output from August, reaching a compromise after the United Arab Emirates blocked a deal. 
  • An OPEC+ meeting decided to raise output by 400,000 barrels per day (bpd) each month from August to help fuel a global economic recovery as the pandemic eases.
  • Aramco is still working to increase its capacity to 13 million barrels a day, Nasser indicated. 
  • Oil prices closed at $70.70 a barrel on Friday and have gained over 35% since the start of the year. 

See Related: Best Oil ETFs


 LIVE ON YOUTUBE:  How New Traders are Using this Secret Options Trading Strategy to Profit in a Bear Market. Click Here Now to Join the Stream


ENTER TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!

Posted In: Covid-19profitQ2royal dutch shellSaudi AramcoSecond QuarterEarningsNewsTop StoriesGeneral

If you are not using this bear market beating strategy, you are leaving money on the table...

If you are blindly looking up and trading stocks the way 99% of traders are, you are missing on HUGE potential returns especially in this crazy market. Even new traders who started following this options trading strategy instantly began seeing a new perspective in how the markets move. With even two trades per month with this strategy, you will start seeing the difference in your trading strategies. Don't waste any more time "guessing" and "getting lucky". Click Here Now to See if You Qualify!


If you are a new trader then you need to read this...

Most new traders struggle at first to make sense of the markets and how to put their portfolio in a position to flourish. Many try to start on their own and quickly end up with a string of losses, slowly seeing their accounts dwindle to what it started off as... Don't let this happen to you. By joining a vetted educational platform built for new traders, you will be taken step by step by a former hedge fund trader who managed billions of dollars. This is exactly what Benzinga Trading School is doing by helping traders overcome the initial challenges and to help them thrive and to learn how professionals earn a consistent profit in any market condition. For today only, you can try Benzinga Trading School yourself for 7 days risk free.