Saudi Aramco Profit Jumps 33% on Higher Oil Prices Amid Iran War

Dow Jones08-04

Saudi Arabia's national oil company reported a 33% jump in second-quarter profit as higher crude prices offset lower sales volumes amid disruption to shipping through the Strait of Hormuz.

Saudi Arabian Oil Co., known as Aramco, the world's top oil exporter, posted adjusted net income of $33.4 billion for the three months through June compared with $25.2 billion in the same period last year.

The increase was driven mainly by higher prices for crude oil and refined and chemical products, partly offset by lower volumes sold, higher operating costs and increased taxes. Aramco's upstream earnings rose primarily because of higher crude prices, while adjusted downstream earnings nearly doubled from a year earlier on stronger refining margins.

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