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.

Oil giant Saudi Aramco announced its 10th straight drop in quarterly profits on Tuesday as a slump in prices hit revenues, putting more pressure on the key driver of the Saudi economy."The decrease in revenue was mainly due to lower crude oil prices and lower refined and chemical products prices,