Saudi Aramco Q2 Profit Soars To Nearly 300% On Global Demand Recovery - Exxon Mobil (NYSE:XOM)

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.

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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.

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