Saudi Arabian oil company Aramco reported a 22% drop in second-quarter profit on Tuesday, and the world's top oil exporter said it was cutting costs and looking to divest assets as crude prices drop and its debt mounts.

Aramco has increasingly tapped debt markets, with two issuances totalling $9 billion in the second half of 2024 and a three-part bond sale of $5 billion this year. The company's gearing ratio went up to 6.5% as of June 30, 2025, compared to 5.3% as at March 31, 2025.