00:00 Benzinga and here's what's on the block. Saudi state oil giant Aramco reported a net profit of
00:05 112.8 billion rials or nearly $30 billion in the second quarter, marking a nearly 40% drop compared
00:11 to the same period last year, attributed to lower hydrocarbon prices. Despite this decline, the
00:16 second quarter profit exceeded analysts' expectations of around 29.8 billion. The company cited lower
00:21 crude oil prices and weakening refining and chemicals margins as the main factors behind
00:25 the decrease in profitability. Aramco's CEO Amin Nasser highlighted the oil industry's resilience
00:31 in the face of economic challenges, citing robust global demand and signs of recovery in the aviation
00:36 sector. The company is following its peers by raising dividend payouts, maintaining a $19.5
00:41 billion base dividend from the first quarter and declaring a second quarter dividend of the same
00:45 amount. For all things money, visit Benzinga.com.
