#Saudi Aramco Q2 profit soars on higher prices, demand recovery | Reuters

Saudi Aramco Q2 profit soars on higher prices, demand recovery | Reuters

Saudi Arabian state oil producer Aramco (2222.SE) reported a near four-fold rise in second-quarter net profit on Sunday, beating expectations and boosted by higher oil prices and a recovery in oil demand.

Aramco said its results were supported by the global easing of COVID-19 restrictions, vaccination campaigns, stimulus measures and accelerating economic activity in key markets.

Aramco joins other oil majors who have reported strong results in recent weeks.

Exxon Mobil (XOM.N) last month said its net income for the second quarter came in at $4.69 billion, or $1.10 per share, compared with a loss of $1.08 billion, or 26 cents per share, a year ago. read more

Royal Dutch Shell (RDSa.L) reported its highest quarterly profit in more than two years, with adjusted earnings at $5.53 billion, compared with earnings of $638 million a year earlier. read more

Oil prices, boosted by output cuts made by the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, closed at $70.70 a barrel on Friday and has gained over 35% since the start of the year.

"Our second quarter results reflect a strong rebound in worldwide energy demand and we are heading into the second half of 2021 more resilient and more flexible, as the global recovery
gains momentum," Aramco CEO Amin Nasser said in a statement.

Aramco's net profit rose to 95.47 billion riyals ($25.46 billion) for the quarter to June 30 from 24.62 billion riyals a year earlier.

Analysts had expected a net profit of $23.2 billion, according to the mean estimate from five analysts.