Aramco Q2 Profit Rises 33% to USD 33.4 Billion as Exports Reroute Around Hormuz

Saudi Aramco reported adjusted net profit of USD 33.4 billion for the three months to June, up from USD 25.2 billion a year earlier, a 33% increase the company attributed to higher crude prices. The quarter coincided with disruption at the Strait of Hormuz, through which the producer normally ships the bulk of its barrels.

Aramco said roughly 5 million barrels per day of exports kept moving through alternative routes, out of total production of about 9.5 million barrels per day. The company credited its East-West pipeline, storage capacity and export terminals with maintaining business continuity during the Hormuz interruptions.

The Red Sea port of Yanbu was repositioned as a strategic hub for shipments. Aramco said the alternative network limited the impact of the Persian Gulf interruption but could not fully replace the volumes normally sent through Hormuz.

Higher prices for crude, refined products and chemicals drove the earnings increase, partially offset by lower sold volumes, higher operating costs and increased taxes. The rise in oil prices is attributed to the war with Iran, according to NieuwsBreak.nl, citing Telegraaf.

Some of the company's facilities and those of its affiliates in Saudi Arabia were targeted during the quarter and again in July, Aramco said, adding that the incidents had no material effect on its financial position, operations or cash flows.

Chief Executive Amin H. Nasser said that even if the Strait of Hormuz reopened immediately, rebuilding declining global oil stocks would take up to 18 months at an average of 2.1 million barrels per day, sustaining crude demand into 2027.

The quarterly dividend to the Saudi state stands at close to USD 22 billion, earmarked largely for innovation. Dow Jones Newswires and Estadao published the earnings account on August 4, in content generated with the assistance of artificial intelligence and reviewed by the Broadcast newsroom.

Alongside the earnings, Aramco is in late-stage partnership talks in the Turkish fuels market. Negotiations with Guzel Enerji, a subsidiary of the OYAK group, have reached their final phase, according to Gundem Enerji in an article published on July 30, 2026. Contacts began a few months before publication, and Aramco officials inspected Guzel Enerji's facilities in Turkiye in the preceding weeks, coming away with positive impressions.

Accounts of the likely structure differ. Corridor information points to a sale of 49% of the shares, with the majority stake remaining with the Oyak group rather than a full disposal. Turkinform, in an article by editor Zehra Aligul published on July 31, 2026, described a 30% Aramco stake as the most probable outcome, with the parties targeting completion before year-end. Ugur Dogan, chairman of the board of OYAK's energy companies, said the previous month that formal discussions were under way with Aramco on partnership, commercial cooperation and strategic investment opportunities, telling the ANKA agency the talks covered partnership and trade.

Guzel Enerji runs fuel and LPG storage facilities with a combined capacity of 550,000 cubic metres at Gebze, Aliaga, Tekirdag Marmara Ereglisi, Ankara, Yarimca and Samsun, plus a lubricants plant at Cigli in Izmir province. Its distribution network exceeds a thousand stations, with 8.54% of the diesel market and 7.47% of the gasoline market, ranking fourth in the sector. The EPDK report of March 2026 also places the company fourth in diesel and gasoline market share.

OYAK assembled the business by buying the fuel distributors TOTAL Oil Turkiye and M Oil from Demiroren Holding in 2020 and consolidating them under Guzel Enerji. Sources cited by Turkinform said finalisation of the partnership could see the TotalEnergies brand replaced by the Aramco brand in the Turkish fuels market.

If the parties reach agreement, completion depends on approvals from the Turkish competition authority, the SPK and the EPDK.

Saudi Arabia will also invest in solar plants totalling 2,000 MW in the Turkish provinces of Karaman and Sivas. Turkiye will supply the land and infrastructure, while EUAS will buy the output for 30 years on a euro-cent basis. The solar investment will be exempt from various taxes, according to Turkinform.