Aramco profits up 33% on higher prices as Trump says US majors 'making too much money'

(Sharecast News) - Saudi Aramco reported a 33% jump in secondquarter profit on Tuesday as surging oil and refined product prices lifted earnings amid the Iran war, allowing the world's largest oil company to beat analyst expectations.

Adjusted net income rose 33% yearonyear $33.4bn, comfortably ahead of forecasts of $31.6bn, as the conflict continued to squeeze global supply.

The state-owned producer said the increase in revenue was driven primarily by higher prices for refined and chemical products and crude oil, reflecting the broad upswing in fossil fuel markets since hostilities intensified. This was partially offset by lower volumes sold, but pricing strength more than compensated for the decline.

Aramco's operations have been heavily affected by the disruption through the Strait of Hormuz, a critical chokepoint for global oil flows. To maintain exports, the group has leaned heavily on its 1,200kilometre EastWest pipeline, rerouting crude to the Red Sea and bypassing the conflict zone.

The company said this strategic infrastructure allowed it to sustain output at up to 7 million barrels per day despite the turmoil.

Chief executive Amin Nasser said Aramco's ability to maintain business continuity reflected "multidecade planning" and a diverse asset base, including storage capacity and export terminals. However, he warned that the war "continues to aggravate the biggest supply shock in history," noting that more than 2.6 billion barrels of oil destined for industries worldwide had been lost since the conflict began.

Nasser added that even if the Strait of Hormuz were to reopen immediately, it would take up to 18 months to rebuild depleted inventories at an average replenishment rate of 2.1 million barrels per day. He said Aramco's pipeline network and global stocks had helped reduce the net loss to around 1.8 billion barrels but warned that supply conditions remained extremely tight.

Aramco's results come as global oil majors report blowout quarterly profits, benefiting from the same wartime price surge. Exxon Mobil's secondquarter earnings more than doubled to $14.5bn, while Chevron's profits soared nearly 400% to $12bn, underscoring the scale of the sector's rebound.

The strong performance has drawn political attention in Washington, where President Donald Trump on Monday criticised US oil giants ExxonMobil and Chevron for making "too much money" off higher fuel prices during the Iran conflict. "They're making too much money based on a shortage. I don't like it," he told reporters, renewing pressure on producers to lower pump prices.

Trump's remarks add a contentious backdrop to the sector's earnings season, with the White House signalling frustration over wartime price dynamics even as companies cite supply disruption and geopolitical risk.

The US oil companies made more than $26bn in the three months to June as they cashed in on energy market disruption triggered by the US-Israeli war on Iran.

Chevron posted a record quarterly profit of $12.2bn, five times higher than a year earlier, while ExxonMobil reported secondquarter earnings of $14.5bn - double the level from the same period in 2025 and its strongest quarterly performance since Russia's 2022 invasion of Ukraine.

"Chevron: too much money. ExxonMobil: too much money," Trump said. "They're going to give some of that back to the public and they better cut the retail price, the consumer price."

Reporting by Frank Prenesti for Sharecast.com