Amid a turbulent second quarter of the year, Saudi Aramco’s downstream segment produced a robust performance (see p8). In marked contrast to the firm’s core upstream business, downstream revenues and earnings have increased since the start of the year as the firm capitalized on improved refinery margins.
Downstream revenues edged up sequentially to $61.2bn last quarter (see chart 1), while adjusted earnings before interest and taxes (Ebit) more than doubled to $2.59bn (see chart 2). This adjusted Ebit figure is the highest on record (to 1Q 2024) and the non-adjusted Ebit figure of $560mn was the highest since 1Q 2024’s $1.23bn. (CONTINUED – 886 WORDS)
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