Saudi Aramco's Q2 Profit Hits $33.4 Billion, More Than Exxon and Chevron Combined

Saudi Aramco reported second-quarter adjusted net income of $33.4 billion on Tuesday, August 4, up 33% from $25.2 billion a year earlier, according to the company's own statement and confirmed by CNBC, Morningstar and the Business Times. That figure beat analyst expectations, which ranged from $31.1 billion to $31.59 billion depending on whose estimate you check.

$33.4 billion from one Saudi state company is more than Exxon's $14.5 billion and Chevron's $12 billion combined for the same quarter, a comparison flagged by Ground News. Trump spent Monday hammering Exxon and Chevron for profiteering off the Iran war, telling reporters at the White House that the companies were "making too much money based on a shortage" and that he didn't like it. Aramco made more than both of them put together and got zero mention from the White House.

If the complaint is that oil companies are gouging Americans during a supply crisis, the biggest beneficiary by far is a foreign state-owned company that answers to the Saudi royal family, not a Houston boardroom.

Where the money came from

Aramco sold its oil at roughly $108.10 a barrel in the second quarter, versus $66.70 a year ago, according to the Business Times. Brent crude averaged nearly $97 a barrel over the same stretch, driven by what the outlet called the biggest oil supply disruption in history after the Strait of Hormuz effectively closed.

Liquids production actually fell 28% to 7.57 million barrels a day and natural gas output dropped 16%, per the Business Times. Aramco made more money selling less oil, purely on price. CEO Amin Nasser said the East-West Pipeline, which runs 1,200 kilometers to the Red Sea and bypasses Hormuz entirely, let the company keep exports flowing at up to 7 million barrels a day, according to CNBC.

Ground News reported Aramco is maintaining full production capacity of 12 million barrels a day and is exploring enlarging that pipeline for future flexibility. The company also leaned on refined product sales, jet fuel and diesel, where margins reportedly stayed elevated even after Brent briefly dipped below $75 following a temporary US-Iran truce.

The new threat: Houthis in the Red Sea

The pipeline that saved Aramco during the Hormuz shutdown now runs straight into a new problem. Yemen's Houthi militants are threatening tankers using the Red Sea route, according to the Business Times, which called this a new front that could threaten millions of barrels of Saudi crude and products.

Nasser told reporters the threats haven't yet affected export volumes and said the kingdom is developing contingency plans, per Ground News. Aramco also said Tuesday that July attacks on its own infrastructure caused no material impact.