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.

In its second-quarter breakdown, the Saudi Arabian Oil Company said it earned $22.7 billion in net profit. The firm also declared a base dividend of $21.1 billion and a performance-linked dividend of $219 million, both slated for payment in the third quarter.

Aramco pumped more oil but lower prices hurt its top line as crude on average fell to $66.7 a barrel from $76.3 earlier this year.