It represents a 288% increase, and was affiliated with higher oil prices and a recovery in global demand, supported by the easing of COVID-19 restrictions, vaccination campaigns, stimulus measures, and accleerating activity in key markets, the oil giant said in a Tadawul filing.
This was slightly above median economist estimate of $24.7 billion:
- Bank of America predicted $24 billion
- JPMorgan estimated $23.7 billion
- while Alrajhi Capital forecast $25.3 billion
- Our 2nd quarter results reflect a strong rebound in worldwide energy demand and we are heading into the 2nd half of 2021 more resilient and more flexible, as the global recovery gains momentum
- While there is still some uncertainty around the challenges posed by COVID-19 variants, we have shown that we can adapt swiftly and effectively to changing market conditions
The price of a barrel of Brent crude, the international benchmark, has risen about 40% this year and closed at $70.70 on Friday after its biggest weekly decline in 4 months.
The oil giant also benefitted from its strategy to optimize its portfolio, announcing billion dollar deals in recent months.
A. Nasser said:
- Our historic $12.4 billion pipeline deal was an endorsement of our long-term business strategy by international investors, representing significant progress in our portfolio optimization program
- Our landmark $6 billion Sukuk reinforced our robust balance sheet, further diversifying our funding sources and expanding our investor base
- And, once again, we delivered a dividend of $18.8 billion for our shareholders