Latest news with #AminHNasser
Kuwait Times
6 days ago
- Business
- Kuwait Times
Saudi Aramco profit drops for 10th straight quarter
RIYADH: Oil giant Saudi Aramco announced its 10th straight drop in quarterly profits on Tuesday as a slump in prices hit revenues, putting more pressure on the key driver of the Saudi economy. Second-quarter profits slid 22 percent year-on-year to 85 billion riyals ($22.67 billion), extending a decline that stretches back to late 2022. 'The decrease in revenue was mainly due to lower crude oil prices and lower refined and chemical products prices,' Aramco said in its quarterly report. Aramco's falling revenues come as Saudi Arabia pursues a costly revamp aimed at reducing its reliance on oil and pivoting towards tourism and business. Crown Prince Mohammed bin Salman's Vision 2030 project includes flashy resorts, sprawling entertainment complexes and NEOM, a futuristic $500 billion new city in the desert. Aramco was trading at 23.97 riyals on Tuesday, 12 percent below the 27.35 riyals price of its secondary share offering last year. Since a high point of nearly $2.4 trillion in 2022, when oil prices soared following Russia's invasion of Ukraine, Aramco has lost more than $800 billion in market value. Oil prices, currently around $70 a barrel, have remained low despite tensions roiling the Middle East, including the short-lived Zionist entity-Iran war in June. However, Aramco president and CEO Amin H Nasser remained optimistic, predicting higher demand in the rest of the year. 'Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half,' he said in the report. On Sunday, Saudi Arabia, Russia and six other key members of the OPEC+ alliance announced a production hike of 547,000 barrels per day as they unwind cuts of 2.2 million bpd that were designed to prop up prices. Last month, Saudi Arabia's Jadwa Investment forecast a widening of the budget deficit to 4.3 percent of GDP this year. Oil revenues provided 62 percent of the budget last year. Aramco's latest drop in profits was widely expected by industry analysts. 'Oil market forces are more downwards than upwards in the first half of 2025, due to OPEC+ policy shifts and economic uncertainty stemming from the US trade war,' Abu Dhabi-based Ibrahim Abdul Mohsen told AFP. 'This has impacted the profit margins of oil companies, including Aramco.' But he added: 'Saudi Arabia has strong reserves capable of defending financial stability and supporting development projects in the short term.' Government-owned Aramco listed on the Saudi exchange in the world's biggest initial public offering in 2019, selling 1.7 percent of its shares at $29.4 billion. A secondary offering of 0.64 percent of its issued shares raised a further $11.2 billion in June last year. Aramco has also transferred a 16 percent stake to the Public Investment Fund, the Saudi wealth vehicle that is driving much of Vision 2030. — AFP
Zawya
7 days ago
- Business
- Zawya
Project Updates: Phase 1 of Aramco's Jafurah Gas Plant on track for 2025 completion
Saudi Aramco, the world's largest oil producer, expects oil demand in the second half of 2025 to be more than two million barrels per day (bpd) higher than the first half, President and CEO Amin H Nasser said. 'Our long-term strategy is consistent with our belief that hydrocarbons will continue to play a vital role in global energy and chemicals markets,' he stated in the second quarter 2025 financial statement. The company said it continues to advance the projects to maintain its maximum sustainable capacity at 12 million bpd, ensuring its agility in responding swiftly to changing market conditions. Key project updates shared by the oil major on its second-quarter financial statement are as follows: Phase one of the Dammam development project was brought on stream in 2025, which is to be followed by phase two in 2027 for a total increase in crude oil production capacity of 75 million bpd Procurement and construction activities progressed for the Berri and Marjan crude oil increments, which are on track for completion in 2025 and provide additional crude oil production capacity of 250 million bpd and 300 million bpd, respectively Procurement and construction activities advanced for the Zuluf crude oil increment, which is expected to process 600 million bpd of crude oil from the Zuluf field through a central facility in 2026 Construction activities progressed for the Tanajib Gas Plant, part of the Marjan development programme, which is on track for completion in 2025, adding 2.6 billion standard cubic feet per day (bscfd) of additional raw gas processing capacity from the Marjan and Zuluf fields. Procurement and construction activities continued for the Jafurah Gas Plant, part of the Jafurah unconventional gas field development, with phase one on track for completion in 2025. Production from Jafurah is expected to reach a sustainable sales gas rate of 2.0 bscfd by 2030, in addition to significant volumes of ethane, NGL, and condensate. Engineering, Procurement, and Construction (EPC) activities advanced for the Fadhili Gas Plant expansion, which is expected to add additional raw gas processing capacity of 1.5 bscfd by 2027. (Editing by Anoop Menon) (
Free Malaysia Today
05-08-2025
- Business
- Free Malaysia Today
Saudi Aramco's Q2 profit drops 22% on lower oil prices
Saudi Aramco has now seen profits decline for 10 straight quarters since record results in late 2022. (AP pic) RIYADH : Saudi Aramco's profit slid 22% in the second quarter to SAR85 billion (US$22.67 billion) as a slump in prices hit revenues, the oil giant said today. Aramco, the world's biggest oil exporter and driver of the Saudi economy, has now seen profits decline for 10 straight quarters since record results in late 2022. 'The decrease in revenue was mainly due to lower crude oil prices and lower refined and chemical products prices,' Aramco said in its quarterly report. The Gulf oil major was trading at SAR23.91 today, 12% below the SAR27.35 price of its secondary share offering last year. Since a high point of nearly US$2.4 trillion in 2022, when oil prices soared following Russia's invasion of Ukraine, Aramco has lost more than US$800 billion in market value. Oil prices, currently around US$70 a barrel, have remained low despite tensions roiling the Middle East, including the short-lived Israel-Iran war in June. 'Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half,' said Aramco president and CEO Amin H Nasser.
Yahoo
05-08-2025
- Business
- Yahoo
Saudi Aramco profit drops 22 percent on lower prices
Saudi Aramco's profit slid 22 percent in the second quarter to 85 billion riyals ($22.67 billion) as a slump in prices hit revenues, the oil giant said on Tuesday. Aramco, the world's biggest oil exporter and driver of the Saudi economy, has now seen profits decline for 10 straight quarters since record results in late 2022. "The decrease in revenue was mainly due to lower crude oil prices and lower refined and chemical products prices," Aramco said in its quarterly report. The Gulf oil major was trading at 23.91 riyals on Tuesday, 12 percent below the 27.35 riyals price of its secondary share offering last year. Since a high point of nearly $2.4 trillion in 2022, when oil prices soared following Russia's invasion of Ukraine, Aramco has lost more than $800 billion in market value. Oil prices, currently around $70 a barrel, have remained low despite tensions roiling the Middle East, including the short-lived Israel-Iran war in June. "Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half," said Aramco president and CEO Amin H. Nasser. ht/th/kir Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
05-08-2025
- Business
- Zawya
Aramco announces second quarter and half-year 2025 results
Adjusted net income1: $24.5 billion (Q2) / $50.9 billion (H1) Cash flow from operating activities: $27.5 billion (Q2) / $59.3 billion (H1) Free cash flow1: $15.2 billion (Q2) / $34.4 billion (H1) Gearing ratio1: 6.5 % as at June 30, 2025, compared to 5.3% as at March 31, 2025 Board declares Q2 2025 base dividend of $21.1 billion and performance-linked dividend of $0.2 billion, to be paid in the third quarter Supply reliability of 100% in H1 maintains strong track record of consistency and stability Progress at Berri, Marjan and Zuluf crude oil increments, and Jafurah Gas Plant on track Phase one of Dammam development project brought onstream Global retail momentum continued with introduction of premium fuel lines in Chile and Pakistan Power purchase agreements signed to develop new renewables projects, capitalizing on the Kingdom's advantaged solar and wind resources Strong global demand for $5.0 billion bond issuance highlights investor confidence in Aramco's strong financial position, resilience and long-term strategy Commenting on the results, Aramco President & CEO Amin H. Nasser said: 'Aramco's resilience was proven once again in the first half of 2025 with robust profitability, consistent shareholder distributions and disciplined capital allocation. Despite geopolitical headwinds, we continued to supply energy with exceptional reliability to our customers, both domestically and around the world. 'Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half. Our long-term strategy is consistent with our belief that hydrocarbons will continue to play a vital role in global energy and chemicals markets, and we are ready to play our part in meeting customer demand over the short and the long term. 'We continue to invest in various initiatives, such as new energies and digital innovation with a focus on AI – aiming to leverage our scale, low cost, and technological advancements for long-term success.' For more information, please see the 2025 Aramco Second Quarter and Half-Year Interim Report. Aramco will discuss its H1 2025 financial results in an audio webcast on August 5, 2025, at 11.30am Riyadh / 9.30am London / 4.30am New York. The webcast will be available at Aramco Contact Information Media Relations: Investor Relations: @aramco About Aramco As one of the world's leading integrated energy and chemicals companies, our global team is dedicated to creating impact in all that we do, from providing crucial oil supplies to developing new energy technologies. We focus on making our resources more dependable, more sustainable and more useful, helping to promote growth and productivity around the world.
