Saudi energy giant Aramco witnessed a 44% increase in its Q2 2026 profits, as it faced windfall from higher crude oil prices, refined products and chemicals while forced to reroute shipments to avoid the war-hit Strait of Hormuz.
The world’s top oil exporter posted net profit of USD 32.69 billion in the three months ended June 30, compared with USD 22.67 billion a year earlier.
Aramco said it maintained a supply reliability rate of 98.4% during the quarter despite continued geopolitical uncertainty in the wider Gulf region.
The energy major’s adjusted net income during the quarter stood at USD 33.4 billion. For the H1 (first half) of 2026, the total number was USD 67.2 billion.
Cash flow from operating activities stood at USD 25.4 billion and USD 56.2 billion for Q2 and H1, respectively. Free cash flow, on the other hand, was at USD 12.3 billion and USD 30.9 billion at the same timeframes.
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Gearing ratio (company’s debt to its equity), by June 30, 2026, was registered at 6.2%, compared to 4.8% as of March 31, 2026.
While announcing its results, Aramco also informed its investors and key stakeholders about the energy giant’s board declaring a Q2 2026 base dividend of USD 21.9 billion, which will be paid in the third quarter.
“Aramco’s first half performance in 2026 has been defined by the remarkable resilience of our people and the agility of our business and operations to withstand and respond to rapidly changing market conditions. Despite the unprecedented supply disruption through the Strait of Hormuz, we continued to demonstrate our ability to maintain business continuity by capitalizing on our diverse asset base and multi-decade planning, including strategic infrastructure such as the East-West Pipeline, storage capacity, and export terminals. That enabled us to sustain production and exports while advancing key projects, despite the challenging regional environment,” said Amin H. Nasser, President and CEO of Aramco.
“With geopolitical uncertainty and declining global inventories, the importance of both energy security and energy addition has never been clearer. 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,” Nasser remarked.
“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. 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,” he added further.
While Aramco, amid the ongoing regional disruptions due to the Iran war, has continued the utilisation of the strategically important East-West Pipeline to secure flows across the network, it also kept the Zuluf crude oil increment and Fadhili Gas Plant expansion on track for completion in 2026 and 2027, respectively.
Phase one of the Jafurah Gas Plant maintained steady production of sales gas and condensate, and phase two continued with procurement and construction activities, with an expected completion in 2027.
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Exports through the East-West Pipeline to the Red Sea port of Yanbu, which Nasser previously called a critical lifeline for the Middle East’s energy trade, have now also come under threat. In July, Iran-backed Houthi rebels announced a blockade of the Kingdom’s oil industry in the Red Sea, extending the disruption to a second major waterway.
Still, Aramco has reportedly offered additional crude cargoes for loading from Egypt’s Mediterranean port of Sidi Kerir, according to five trading sources cited by Reuters.
The cargoes, first shipped to Egypt’s Red Sea port of Ain Sukhna and then carried by the Suez-Mediterranean Pipeline to Sidi Kerir, by the last week of July, were being offered on a spot basis, supplementing supplies to Aramco’s term buyers.
Aramco already supplies its European and North American customers from Sidi Kerir. The additional volumes suggest the company is seeking greater flexibility in reaching its markets after Houthis vowed to attack the Kingdom’s crude exports travelling through the Bab el-Mandeb strait at the southern end of the Red Sea.
The Houthis have already attacked two Saudi oil tankers in the Red Sea, with Saudi state media confirming one of the vessels received fire damages. The rising security threat has already forced oil tankers to change course in the Red Sea to head towards the Suez Canal at the north exit.