Saudi Arabian majority state-owned energy giant Saudi Aramco on Tuesday reported Q2 total hydrocarbon output of 9.46 million barrels of oil equivalent per day, down from 12.78 mmboe/d in the corresponding quarter last year.
Total liquids production for the quarter ended June 30 stood at 7.57 mmboe/d, which compares with 10.48 mmboe/d in the year-ago period.
Total gas output for the quarter stood at 9.921 billion standard cubic feet per day, down from 11.85 billion scf/d last year.
Saudi Aramco said it maintained downstream supply reliability of 98.4% in Q2, despite continued geopolitical uncertainty in the region and historical supply constraints due to the use of its integrated global network, flexible logistics, storage infrastructure, alternative export routes, and enhanced infrastructure, including the East-West Pipeline and Yanbu export terminal.
"During the quarter, Aramco also continued to progress its downstream major projects, and remains prepared to rapidly resume exports from the eastern region when regional conditions improve, supported by contingency planning, strategic inventories, and its integrated logistics network," the company said in its earnings statement.
Upstream capital expenditures in Q2 stood at $10.33 billion, up from $9.85 billion a year ago, mainly due to ongoing strategic gas projects and crude oil capacity expansion projects to maintain maximum sustained crude oil capacity at 12 million barrels per day, the company said.
In Q2, Aramco said it continued to advance projects, with the Zuluf and Dammam developments, expected to add 600,000 bbl/d and 50,000 bbl/d production capacity in 2026 and 2027 respectively.
The downstream segment utilized about 52% of Aramco's crude oil production in H1, optimizing crude processing across the group's refining system, the company said.
To increase sales gas production capacity by 80%, Aramco is also progressing the Jafurah gas field development, which is expected to reach 2 billion standard cubic feet per day by 2030, along with significant volumes of ethane, natural gas liquids, and condensate. Phase 2 of the project, which includes construction of the greenfield Riyas NGL Fractionation Plant, is expected to be completed in 2027.
Expansion work at the Fadhili Gas Plant, expected to add about 1.15 billion cubic feet per day of sales gas capacity by 2027, also continued to progress, the company said.
In Q2, revenue from the crude oil segment stood at 188.12 billion ($50.24 billion) riyals, up from 174.57 billion riyals in the corresponding quarter last year.
For the quarter ended June 30, the refined and chemical products segment reported revenues of 246.13 billion riyals, compared with 185.81 billion riyals.
Meanwhile, the natural gas and NGLs segment reported Q2 revenues of 16.1 billion riyals, down from 16.33 billion riyals in the year-ago period.