Saudi Aramco sees highest profit since 2018 as economies reopen

CEO said he remains ‘extremely positive’ about the second half of 2021, but struck a cautious note about COVID.

Saudi Aramco followed its Big Oil competitors with bumper earnings, boosted by a recovery in oil and chemical prices. The world’s biggest energy company made net income of 95.5 billion riyals ($25.5 billion) in the second quarter, the highest level since the end of 2018. Free cash flow rose to $22.6 billion, above the state-controlled firm’s quarterly dividend of $18.8 billion for the first time since the start of the coronavirus pandemic. The reopening of major economies has triggered a surge in commodity prices, with crude up around 35% this year. In the past two weeks, oil companies such as BP Plc, Chevron Corp. and Royal Dutch Shell Plc have said they will increase share buybacks and payouts, confident the worst of the pandemic is over.