Saudi Aramco marked a slight drop in net income in Q2, down 3.4% to $29.07bn year-on-year as a 1.2mn boe/d drop in hydrocarbon production offset a $7/B increase in average realized prices. The firm also cites weakening refining margins as contributing to the drop, although CEO Amin Nasser was swift to ascribe these to “short-term phenomena” in a 6 August media call.
Even with the industry facing a number of headwinds, Aramco remains a money-making machine, with Mr Nasser hailing its “market leading performance,” which enables it “to maintain one of the most robust balance sheets in our industry.” (CONTINUED - 708 WORDS)
